Filipinos dream of becoming their own boss. But raising capital remains the biggest block in their quest to put up their own business. However, a number of established entrepreneurs will tell you that if one wants something bad enough, there's a way to get it.
These entrepreneurs shared tips on raising capital and how to find them even in unlikely places:
1. Garage sale
Marga Rey, a publicist, who buys and sells imported products, says a garage sale is actually a good way to fund your startup. “We started this business by doing a garage sale of the clothes and accessories that we no longer use but are still in good condition. We also sold recyclable materials just to raise the capital we needed for our business,” Rey said, adding that by just looking around the house, you may find items that you no longer have value for but is something other people may be looking for.
2. Family and friends
“I sourced initial capital from my family and some friends who believed in the business. At least with family and friends, they can give you the most flexible payment terms compared to banks and loan institutions,” Chris Cahilig, owner of public relations firm, said.
However, even if the loan is payable in flexible terms, payment should still be made on time to keep your family and friends' trust.