This Article is for You if:
- You want to Start a Fashion Business and You want to ask for a Loan.
- You have already a Loan for your Fashion Business and you are thinking to buy also a Home, but you are worried about Mortgages.
- You don't want to ask for a Loan, but you don't know other ways to fund your Fashion Business.
Do you want to Start a Fashion Business, but you don't have money and you need to ask for a Loan ?
Do you have already a Loan for your Fashion Business, but you dream to have your own Home, too?
Do you want to Start a Fashion Business but you don't want to ask for a Loan and you don't know where to find money?
If you see yourself in one of the above situations, then this article will be definitely helpful for you.
Starting a Fashion Business from Zero, is not easy and finding the Money to Start it seems impossible, if you don't know the right steps to take.
That's why this Article will help you to choose the best way to finance your Fashion Business and create the life of your Dream.
But before starting out, I want to Introduce You my Certified Online Course: Start4Fashion - Start a Fashion Business from Zero.
Start4fashion is a step by step guide to Start the Right Fashion Business in the next 90 Days.
It's divided in 8 Modules + 2 Super Bonuses + 1 FREE Coaching Session 1:1 of 30 min (value $497) .
Want to know more? Check this out.
And now, let's start!
What are the Top 3 Ways to Get Money for a Fashion Business Startup?
In this blog post, I want to focus the attention on 3 Resources to get Money for Your Fashion Business Startup that in my opinion are the most reasonable to acquire:
- Ask for a Loan.
- Reach out to Investors and Business Angels.
- Create a Crowdfunding Campaign.
Let's dive in!
1. Ask for a Loan
When you ask for a bank loan, the bank will lend money to you and charge interest on the loan so that when you pay the loan back, you will also be paying the interest rate back too.
Your loan application is more likely to be accepted by the bank if you have a good reputation and a high credit score.
If you already know that you have a poor credit score, or perhaps a non existent one if you have never had a credit card or direct debit, then you’ll need to find ways of building credit to show that you’re a trustworthy borrower.
You’ll also need to prove that your business idea and your finances are stable.
There is a variety of documentation to show to the bank, when you ask for a loan:
* A business plan
* Your financial statements
* Your credit status
Once the bank analyze your documentation, will decide if you are a good candidate to apply for a loan.
You can definitely ask for a bank loan, but make sure you know very well the risks and the interests you must pay back to the bank.
If you need to write a business plan easily, I strongly recommend to check my guide EASY FASHION BUSINESS PLAN IN HOUR - EBOOK.
This Ultimate Special Package contains an easy template and questions to answer to create your Fashion Business plan in just 1 Hour, whether you are a Product or a Service based Business in Fashion.
If you are asking for a Loan, I also recommend you to check the bank rates for a fashion business startup and to evaluate the right loan to choose through this very helpful website: Bank Rate.
With Back Rate you can compare rates, crunch numbers and get expert guidance for your life's pivotal financial moments.
Bankrate is a personal finance company that can guide you through pivotal steps of your financial journey. Bankrate provides accurate rate information, intuitive calculators and curated editorial content to help you reach your goals.
While you are reading this article, you are maybe thinking get a mortgage for your Home, too.
Do you want to buy also a Home, while you have a Loan for your Fashion Business Startup? Is it possible?
Yes, it is definitely possible, but you must be careful and you must know how to calculate the right rates for both of the loans.
A very useful website to check Mortgage Rates and the Home Loan Options is Mortgage Calculators.
Use Mortgage Calculators to estimate your monthly mortgage payment.
You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.
In the website you will find: basic calculators, advanced calculators, money saving calculators, home loan options, real estate investors and property sellers.
There is also a very useful Free Resources section for current and prospective homeowners.
The free resources section help current and prospective homeowners manage major financial issues surrounding the homeownership process.
If you are unsure that having a loan for your Fashion Business Startup and at the same time a Mortgage for your Home, you can read the article about Rent vs Buy a Home.
I bought an Apartment in Arona, Lake Maggiore in Italy with a loan and I decided to rent it for holidays, so I could payback my loan and get new source fo income, too.
2. Reach out to Investors and Business Angels.
An angel investor is an affluent individual who provides capital for a business
start-up or for an existing business, usually in exchange for convertible debt or ownership equity.
Today many angel investors invest online through crowdfunding or angels networks.
You can find angel investors online or you can look for them in your local area.
One of the most popular platform where to find Angel Investors is Angel.co.
Another platform where you can find Investors is: Angel Investment Network.
3. Create a Crowdfunding Campaign.
It is the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the Internet.
Crowdfunding is a form of crowdsourcing and of alternative finance.
You can use it for your Fashion Business in 2 ways:
- You can raise money before producing your fashion products or creating your fashion services.
- You can test your designs or services to the market and understand if it works.
Want to know more about Crowdfunding? Check my ebook: How Use Crowdfunding for Fashion Business.
- What is Crowdfunding for Fashion Business.
- Which are the best Crowdfunding Platforms for Fashion Business.
- How to start a Crowdfunding Campaign for your Fashion Business.
- What to do after your Crowdfunding Campaign is ended.
These are my Top 3 Ways to Get Money for your Fashion Business Startup.
Hope you enjoyed this article and if you have any questions, please feel free to write them in the comments below!
Thank you so much and speak soon,