The OPM (Other People’s Money) strategy aid in getting business started with fast startup capital. Get all the info you need here.
As goes with its name, getting business started with other people’s money is what entrepreneurs do today to gain great success; it can be hard to get resources other than that.
Benefits of Using OPM:
1. OPM gives you freedom to do what you want; it allows you to take part in deals of which your own resources may not be helpful.
2. OPM allows you to make your own choice, and do it.
3. OPM saves time - that means shorter time to develop a business and run it well, rather than using your own financial support which requires a longer period.
4. Potential of gaining wealth is no longer limited to your savings and investments of profits made.
Where to Get OPM Resources:
1. Government grants. Getting help from government may not require you to pay it back. Find out more information about it. Be ready with all legal documents and a business plan, if you must.
2. Family and friends. Getting financial support from family and friends may be the most convenient way. However, it may end up being a success or a failure as well. Make it professional by returning the money to them as soon as you gain profit.
3. Investors. Investors such as angel investors and venture capitalists are willing to make high-risk investments, providing they can foresee a great future and growth potential of your business. Angel investors are generally wealthy and experienced, and may be involved with your business. Venture capitalists are professional funders; they have no experience in your business and may find more resources to support your business financially.
4. Crowd funding. Crowd funding involves a network of people, generally through the internet, to pool their money together to help one financially. Crowd funding reaches a larger audience and broader area to raise funds.