We have gathered some tips for you – so read on and find out more.
- Borrow from your 401(k) plan. If you have a 401(k) retirement savings account, you should know that you can borrow up to 50% of its entire value (or approximately $50,000 – whichever is less). Still, be aware of the fact that the IRS tends to be very strict when it comes to the rules of borrowing from 401(k) plans. Also, keep in mind that, depending on your age, you might have to pay penalties for early withdrawal.
- Borrow from friends and family. Your close relatives and friends can be the best help you can find when you’re in need – and they would surely be more than willing to lend you a helpful hand when it comes to your wedding business. To make sure you don’t ruin your personal relationships with them, remember to create actual written agreements – just as you would do if you borrowed money from a bank.
- Alternative sources of financing. Microloans, midprime lenders and other alternative sources of financing can all be viable options for many startup businesses. However, before you sign on the dotted line, do make sure to run a proper research and find out everything there is about these sources of financing, so that you know exactly what you are engaging in.
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Photo source: flickr.com/ Tax Credits
AUTHOR: Bridal Marketing Group