Seeking finances for a new business could be challenging considering that it could be difficult to convince financiers how viable an idea is and chances of success. One of the ways I would seek for financing is via visiting business incubators centers (Millette et al p57). The notion that business incubators only finance high-tech sector is not true considering that they also assist low economic development incubators that share services and offer job opportunities. Another way of seeking financing is via applying loans from banks and other financially viable institutions.
I am planning towards establishing an online shoe selling shop. Some of the financial needs that I should satisfy are included herein. Firstly, I need at least $1000 to pay for a website designer, which is extremely vital for an online business. Furthermore, I need $1500 to pay for advertisement ads and other promotional platforms that would likely be viable. While that is not enough, I need $3000 for the initial stock, and $500 for other expenses that could come along the way. I believe that my local bank will lend me at least half the total budget, which is roughly $3000.
I have been thinking and planning for this business for the last three years. Working under busy shifts, I have managed to save $2000. In case the incubation centers fail to fund the remaining amount, I am sure that my loving family and friends would help. Under the unforeseen circumstances that I am unable to meet all the required amount to kick start for the project, I am sure amongst my colleagues, I can get a partner who we can be shareholders with and run the project. Overall, I am optimistic that all the financial needs will be met.
Work Cited
Millette, Sherwyn, Clyde EirĂkur Hull, and Eric Williams. “Business incubators as effective tools for driving circular economy.” Journal of Cleaner Production, 266, 2020, 121999.