Cash Loan

Unless you can borrow from a close relative or friend, you may also want to consider getting a loan from a bank. Have you ever received a call from accredited service providers of major banks, offering cash loans without collateral? With minimum requirements such as Certificate of Employment and payslip and with the ease of phone transaction, your loan can be processed within a week.  Just be careful on the pieces of information that you give over the phone.  They may use these for other purposes.  When in doubt, go directly to a bank and inquire.  The loans officer will gladly assist you with your needs.

Getting a loan is the fastest way that you can put up the capital to start your own business. One burden though, this comes with an interest rate from 1% to as high as 3.5% per month or 42% per year. For a loan of Php 50,000 at the rate of 3.5%, you may have to shell out Php 1,750 per month for interest payment.

Liquify your Assets

How much is too much?

You have to answer this for yourself, as you look around the house and inside your closet. Take a look and check the things that you can sell. You may have appliances that you think you can live without, old clothes that you have not worn for over a year, old bags that have been gathering dust in the corner of your bedroom, your son’s used school books in previous levels, anything of value which you can dispose.

Then, get your digicam or even your cellphone with camera and take pictures of these possessions. Assess their values and e-mail to everyone in your address book. You can also post these items for sale in the net, thru www.sulit.com.ph , www.olx.com.ph or other vendor sites.  The source of capital for your own business may just be within your reach.

Money for Business

The first thing that you must consider in putting up your own business is your capital. In common language, capital refers to cash and properties that you can set aside and use for investment. You may have a lot of business concepts in mind, but your capital dictates the scale of things that you can start up with. It may not pose much of a problem if you plan to put up a small business, if you have enough savings in the bank, maybe a hundred thousand pesos at least, but to those who will start from scratch, you may consider ways to build up your much needed capital.