What can I do if I don't have the capital to start a business?
Starting a business requires capital.
A big or small, more or less, depending on the type of business you want to start and how fast you want to run it.
If you're reading this, you're interested in starting a business. Something that allows you to make a living from your passion, sports.
The capital required to start a Sportmadness franchise in your country, wherever you are, will always be affordable. Our goal is that the right entrepreneurs, wherever they are in the world, can join our community and that money is not a barrier to entry.
If despite the accessibility of the model, you do not have enough capital to represent Sportmadness in your area, there are ways to deal with this situation.
Before we share any ideas with you, we want to make it clear that you should NOT start a business if it will jeopardize your well-being and/or that of your family. If this is your case, we recommend that you look for a job that can provide you and your family with these guarantees and consider to the idea of entrepreneurship when you are ready.
While no one is likely to go bankrupt by starting a Sportmadness franchise, we want to make things clear. By starting a restaurant, gym, or any other type of franchise that requires a large initial investment, you risk making losses that will haunt you for the rest of your life. With our franchises, because of our business model, fortunately, this will not happen to you.
In summary, and to emphasize this idea: if your well-being and your loved ones depend on risking everything to start a business, DO NOT DO IT.
If you have some savings that allow you to start a business and you don't have all the capital available, there is always a way to find it:
Government funding.
There are different types for different segments of the population. Increasingly, governments are recognizing that entrepreneurship can be a way to generate more jobs, and there are generally grants that support and encourage business creation. These can be non-repayable grants or guarantees that allow you to access risk-free financing.
Loans.
We are not going to recommend that you go into debt to start a Sportmadness franchise, but sometimes asking for a loan, if the conditions are interesting, can give you the necessary help to start your business. In addition to the banks, which traditionally finance businesses, there are new alternative financing formulas that support entrepreneurs in their early stages.
Support from family and friends.
You can allow them to be a part of your project and, in return, reap the rewards of their long-term investment. If you choose this route, you must consider the emotional conflicts that can arise and the fact that, in a negative scenario, you will have to tell them that their investment has been lost. They need to be aware of the risk they are taking and know that this can happen.
Other formulas.
Be creative. There are always ways and proposals that can be in the interest of all parties.
A final option is to gradually save enough money to meet the initial investment you need to start your business. This is not a short-term solution, but it may be the wisest decision if the other options do not work for you.
