1. 3 Ways to Self-Fund Your Business
lifecoach2women.com /successstore/blog/success-in-business/self -f und-your-biz/
There are many aspiring entrepreneurs looking for more revenues and more resources, with no idea how to make it
happen. I get letters every day that say… “I’m an entrepreneur, and I want to start my business—but I’m not making the
money that I need to make!” Some try borrowing from friends and family, others look for investment capital opportunities.
Even though getting capital for your business is hard to come by these days, all hope is not lost. You can still build your
dream business on your own through self- funding.
Many notable business owners have built their business using their own money. One of the benefits of using your own
hard- earned cash is you’re much more responsible and creative on how to spend and make that money stretch. It may
require you learning a few new skills to offset expenses, but in the end you’ll be better for it.
I built all of my companies using my own funds. There’s a sense of accomplishment, freedom and responsibility that
comes over you when you’ve invested into your idea with hope that it will turn a profit for you one day. When you put your
own funds in, you become more committed to the project, more motivated to succeed.
Sara Blakely invested $5000 of her own cash into Spanx and marketed her business only through word of mouth, selling
Spanx from her apartment, speaking at local events and trades shows. Her hard work has paid off tremendously. She
now has one of the most successful privately owned billion- dollar companies.
My client and friend Michele Hoskins, when she started her syrup business, couldn’t get a bank to loan her a dime.
When Michele approached an organiz ation that helped people to set up businesses, they advised her to raise the
capital for the business herself. Since the bank wouldn’t give her a loan, Michele did whatever she could to get funding.
She had only one small line of credit at the time so she sold most of her property including her home, car, furniture
and jewelry and moved her family back home with her parents.
Michele and her daughters worked out of the basement making the syrup and pouring it into bottles. She pitched and
presented her syrup for several neighborhood grocery stores, with hope that they would stock her products on their

2. shelves. Her tenacity paid off when she landed a $3 million contract with Denny’s in 1993. By 2004 the company
grossed $10 million and now her product can be found in major food chains nationwide. Michele went from being a
divorced mother of 3 with a big dream of being a business owner, to becoming a wealthy entrepreneur with a milliondollar business.
When you couple your drive and determination with your imagination, you’ll find plenty of ideas to raise capital for your
business.
Here are a few ways to get you started…
1) Use what you have t o get what you want . Look around your home for valuable items to sell and raise capital, it
can be anything from used clothing, jewelry, electronics, a car. Like Michele, you have to be willing to trade it all in when
you believe in your dream.
2) Generat e income using your dominant skill set t o raise money. Consider your new gig as a means to an end.
What can you do easily that can generate some extra income? Whether it is tutoring, a newspaper route, teaching a
course or creating a how- to product and selling it online, try selling your skills and services. Just remember once you
start bringing in the money, that you have a bigger dream that you’re working for.
3) Borrow f rom f amily. While this may not be the best option for all, sometimes it’s your best shot at getting a jump
start on your business. When Rebecca Minkoff was struggling with her accessory brand, she called her dad for help.
Although he turned her down, he directed her to see her brother, a successful entrepreneur and owner of Fortis Software,
LLC. Uri Minkoff decided to go into business with his sister and provided the financial support she needed to build and
market her now very successful Rebecca Minkoff brand, which is now worth over $35 million.
Remember, no one cares more about the success of your business than you. Give all of your energy to building the
business you want. Traditional funding methods are not the only way to go. You don’t have a money problem, you have
an idea problem. Take time to journaliz e and think of more creative ways to raise the money you need for your
business and get started right away.