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5 tips on being a self-funded entrepreneur

Discussion in 'Business & Startup Funding' started by Simon Hampel, 4th Oct, 2016.

  1. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    24th Aug, 2016
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    158
    Location:
    Sydney
    Anthill magazine: 5 bootstrapping tips on becoming a self-funded entrepreneur

    Most of the people I know who have started a small business are self-funded, although interestingly my recent venture with PropertyChat and InvestChat is bringing me in contact with more and more venture capital or equity funded businesses, so I'm learning a lot about that side of things as well.

    Curious to know more about the business funding origins of our members here - I'm assuming most are self funded (only because most Australian businesses are)?
     
  2. RPI

    RPI Well-Known Member

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    31st Aug, 2016
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    Location:
    Brisbane
    Liked this one Sim
     
  3. Moyjos

    Moyjos Member

    Joined:
    25th Sep, 2016
    Posts:
    24
    Location:
    Caloundra, Qld
    Business 1 (1995); Vendor finance.
    Business 2 (1999): Had the cash in mortgage and redrew
    Business 3 (1999): Same redrew mortgage
    Business 4: (2006) Needed more :) Business loan with house as security
    Business 5 (2009) Bootstrapped - started with $2000 and have been reinvesting ever since.
     
  4. 2 Dollar

    2 Dollar Active Member

    Joined:
    30th Aug, 2016
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    Location:
    Here
    Current biz started 12 years ago with 12k.
    Current val about 3 mil.
    Val is not very significant compared to the profits made over the years, which have been used to leverage into even greater profits through property.
     
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  5. pinkboy

    pinkboy Member

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    29th Aug, 2016
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    10
    Location:
    Mackay
    Like most, I secured a LOC against my house for $123,000 to buy plant and equipment, and working capital.

    I ended up winning a decent job 6 months into business, and 5 months after that when I got paid the last payment, I paid the whole $123,000 off.


    Currently working on a start-up at the moment, JV. Will be using saved personal funds to bankroll this one. We think we have a national and international idea which is exciting, especially as it will be funded by a very low base.


    pinkboy
     
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  6. Srini Ranganathan

    Srini Ranganathan Active Member

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    5th Sep, 2016
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    Location:
    Melbourne
    We're the same, using funds borrowed from a LoC against an IP.

    Congrats @pinkboy that's impressive!
     
  7. RPI

    RPI Well-Known Member

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    31st Aug, 2016
    Posts:
    74
    Location:
    Brisbane
    I used property to buy several businesses, start developments etc.

    My professional services businesses were started almost purely on sweat equity.
     
  8. bob shovel

    bob shovel Active Member

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    2nd Sep, 2016
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    Location:
    Straya
    Wow! Is this in your current business field? Or something new?

    Good luck with it!