Typical ways to get funding
The typical ways entrepreneurs use to fund their businesses are personal savings, partnerships, pre-sales, donations and credit. They are the preferred method of funding because they help you get off the ground without ever having to take money from a third party. They are the old “DIY” version of funding your business. Even if you do end up needing to raise more money to grow your business, getting as far as you can on your own is beneficial for many reasons. You retain control, ownership, and you’re responsible only to yourself. As soon as you have someone else’s money, that whole dynamic changes.
Donations: Ask for monetary donations, volunteer time, or in-kind donations.
Partnerships: When you’re in a small business partnership, that truth presents additional questions: Who will be contributing financially? How much capital will be expected from each partner? When does that investment have to be made? If financial capital is all your partner is bringing to the table, that’s not a business partner—that’s an investor. Make sure you understand the difference, and structure your business relationship accordingly.
Personal savings: Personal savings are the money that a person, rather than a business or organization, keeps in an account in a bank or similar financial organization.
Pre-sales: A targeted sale before your product actually goes live. You sell the idea of your course to a small portion of your audience BEFORE you've created all of your course content.
