Power up your startup with these 3 great tips

Seriously, who doesn’t want to be a millionaire? As a teen entrepreneur you won’t be phased by South Africa’s battles with high unemployed youth figures. In fact, you could just be part of the solution as a job creator.

Yet, while many are motivated to become teen entrepreneurs, you don’t often hear how to actually go about acquiring the capital you need to break up the fallow ground. If you are at a crossroad and were wondering about the same thing, all is not lost. Here are 3 ways (that actually work) to fund your own startup.

Bootstrapping

Many startups are self-funded (also referred to as bootstrapping). While it can take you a bit longer and perhaps necessitate in you getting a job or two along the way, as well as acquiring new skills; you have a lot of control as to what actually happens in your startup if you go this route. A bootstrapped business typically ploughs any money made from customers, directly back into the business rather than reaching out for loans.

Angel and seed investors

Do you have a really great idea with a rock solid business plan that allows others to visualize your dream, and can walk them through it as though it has already happened? Then you may have what it takes to convince angel and seed investors to give you a shot. They can be found almost anywhere, from your personal networks to the internet, and can open up an entryway to an established network of business expertise.

Crowdfunding

Crowdfunding allows you to share your idea with others who in turn help you fund your startup (often through multiple donations). There are various local and international crowdfunding platforms. The community not only funds, but also takes an interest in your products and/or services.

At the end of the day, the power lies in your hands. Do just what you need to do to birth your dreams for they will sustain you and generations to come. Go for it!

 

2017-02-02T12:35:37+00:00 August 12th, 2016|Articles for Teens, How To Articles|