For many people all around the world, having a job that pays the average salary and doesn’t suffice to their individual and career’s growth can lead to quite the unhappy individual, as well as a ton of regret.
Due to the fact that we only get to live one life and are taught to go to school for about 12 years, before we have to attend more school in order to receive a higher education, which will then ultimately land you your ‘dream’ job, is the reality we are faced with today.
What usually follows after the entire experience of being educated and getting a job, the next step would be to work towards promotions, eventually get to the highest position in your field if you work hard towards it and then, when you’re old enough, retire with a good amount of savings.
This is the average life of those who choose it, but what about the entrepreneurs of the 21st century? I mean, thank your technology, because if we didn’t have the opportunity to explore as much information as we wanted on the internet, the average lifestyle would’ve been all we were left with.
There has been a massive shift in society. Just because you got good grades, does not mean you’ll make it the way you want to make it, that is unless you break the average set of rules.
Starting Your Own Business and E-Commerce Store
Might we just emphasize for a moment the importance of the internet and its innovative abilities to turn our ideas into something spectacular and the opportunity to create a legacy?
If you’re the one that took the leap of not going to college, exploring different grounds, paying attention to the growth of the internet, the digital space, marketing, social media and communicating effectively with your audience, then you’re on the track to becoming an entrepreneur and if you are planning on starting your own brand, company and website, as well as sell your products/ services online, just how will you go about doing it?
One of the biggest factors to consider, is getting your business financed, as with any but with tremendous risk involved, just how can you fund your online store and presence effectively?
How to Fund Your E-Commerce Store
- Personal Savings – A wise man once said, that you should live a basic and minimalistic lifestyle in your 20’s and put all the money you saved into one savings account and leave it. Could you imagine if you didn’t buy anything unnecessary and saved money for let’s say, 5 years? You’d have quite the nest if you’re dedicated to funding it and not spend impulsively.
- An Interest-free Loan from Your Family – Now, while most people don’t like the idea of borrowing money from their families, it might be your best option as taking out a loan at the bank could come with up to 20-25% interest rates that you have to pay back. If you’re starting your own business, you’ll have to use all of your profits in the first few years to pay the bank back which I don’t know about you, but that’s not a good option for an entrepreneur.
- A Peer-to-Peer Loan – One can now make a loan through an online network. These loans are usually unsecured business loans and can lend you up to $100,000 at interest rates starting as low as 6% with the duration of one to 5 years to pay back. These rates can increase to up to 29%, depending on how big the loan is and how fast you pay the network back. Some of the best online networks for trusted loans include Lending Club and Prosper.
- Traditional Bank Loans – Although difficult to obtain, taking out a loan from your bank usually includes fees that are charged with interest and might even require collateral. Interest rates can vary from 6% to 9% and usually have a duration-payback period of 5 years.
- Credit Cards – Although creating debt is considered not the best way to go about funding your business, it is an easy and quick way to access funds immediately for your business. The downside, however, takes us back to massive interest rates.