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Ethical Ways to Start a New Business as a Christian

Mon, Sep. 11, 2017 Posted: 01:00 AM

If you are thinking of starting up your own business, you will have a lot of work and challenges ahead of you. One of the things that you need to do is work out how you will fund your new venture. As a Christian, you naturally want to find ethical ways of funding your new business – and think about ethical ways of running it.

There are various options that you can consider when it comes to raising funds for your business. Your financial situation, credit, and circumstances will play a big part in which of these potential solutions is going to the one that is best suited to your needs. First off, you need to work out how much you will need to get your venture off the ground. Once you have done this, you will have a better idea of the route you need to take in order to raise the funds required.

Some of the options to raise funds for your new venture

Depending on the amount that you need to raise for your new business venture, there are various solutions that you can consider. You need to look at the most cost effective options for your business to keep costs down. For example, you could opt for buying second hand office furniture and equipment if this is something that you need to invest in. You can also consider lease vs buy a car to keep initial costs down if you need a vehicle for your business. Once you have worked out how much you need, you can consider one of these funding options:

Borrowing from the bank: The first port of call for many people starting up on their own is a small business bank loan. Most major banks offer these loans providing you meet the criteria and produce a good business plan. It is therefore worth arranging a meeting with the loans or bank manager to see whether they can help.

Government grants: Depending on the type of business you are starting, you may find that you are eligible for grants and funding from the government. While this may not cover the full amount you need, it could be hugely helpful if you are eligible. This is therefore another option that you should look into.

An equity loan: If you are a homeowner you may have some level of equity in your property. If this is the case, you could look at borrowing against that equity in order to raise the money you need to start your business. However, you need to remember that your home could be at risk if you fail to keep up with repayments on the loan, so make sure you think carefully about this option before you take the plunge.

One other option you could consider is asking for help from family and friends. They may be happy to invest a small amount each if you don’t need a huge sum to get the business started.

Lara Sen