It can be frustrating to have a business idea that you think would do well, but not be able to finance that idea. If you really do believe in your business idea, then raising money to get started shouldn’t be so hard. Here is the 4 F hack that you can use to raise money for your new business.
Founder here refers to you yourself. It’s only natural that you invest in your own business if you’re asking other people to invest in it too. You can start by tapping into your own personal savings or even setting a savings target to invest in your business. If the bill ends up being too big anyway, you can get a cofounder to get into business with.
Family And Friends
You can get funding for your business by accessing the personal connections that you have. It makes sense to ask family and friends who have the capital for help to get your business of the ground. You don’t need any collateral for these kind of loans, and there might not even be any interest on a loan from these people in your life.
Finally, you can get funding for your business from fools. The word ‘fools’ here is not used offensively. Instead, it’s just a term being used to refer to people who will invest in a business without thinking about the risk. These people will invest as a result of an emotional/personal attachment to you. They’ll give you the money because you’re the one asking and not necessarily because of your pitch deck.
Source: Kofi Ayisi Aboagye, CA(GH)