Starting a new business is challenging in itself but if you add up the pressure of repaying the student loan then the dream of entrepreneurship will go down the drain for many. But this need not be the case, there are ways in which you can pay off your student loan as well as raise funds for your start-up.
- Raise Money from All Possible Options:
When it comes to applying for funds via banks, it may get tricky as banks prefer candidates who have experience and not carrying a loan already. Hence, the most obvious way to raise funds is asking for help from your immediate family and friends. This way you can start your business immediately without the pressure of repaying interests.
Start working on a contractual job or take up a part-time job somewhere to raise more money. For a few years, till you can pay off your debts, you will have to juggle between preparing for the initial set-up of your business and paying off your existing loan. The faster you pay off debt, the quicker you can work full-fledged in your own company. Once you are able to collect the required seed money for the business, you will see a growth in the lending options as well.
- Learn to Manage Money:
Whatever money you get from all your jobs, you need to learn to manage it to be able to fend for yourself, pay off loans and save for the business. If you miss out on anything mentioned here, you will have to say goodbye to your entrepreneurship dream.
- Raise Money Through Investors:
Raising money through investors by pitching your business idea via a presentation to these investors is a great idea to gain funding from interested investors. Networking in the business will help you gain more contacts to reach out to such angel investors to invest their money in your business solving your funding issues. Visit entrepreneur meet-ups held every month to learn about such funding opportunities.
Finding investors online and mailing them your ideas may also be a great way to reach out to many such people interested in taking a chance in your business. The most difficult part is finding the first investor, it is great if you can get a recommendation from someone about your work efficiency to create a sense of trust amongst the investors to get successful funding.
- Invest in Profitable and Fast Business:
Your core business idea maybe something else but a part of the funding you are collecting to start up the business can be used to invest in a side business which will give fast and lucrative returns. Trading is on the rise nowadays due to the ease with which you can get into the business with the help of a reliable broker by choosing one after reading broker reviews 2019. The broker will provide a secure environment for you to trade from. Trading can help you invest a part of the capital and achieve higher returns through which you can pay off your student loans bit by bit.
The sum of money you will need to start a business along with adding up the student loan you have to pay may seem downright scary but it is not impossible if you plan, earn and spend the money wisely, and in turn, you can keep your entrepreneurship dream alive.