5 Ways to Start Your Own Business

My career started at the age of 15 when I worked as an paid intern on Wall Street for JP Morgan Chase. However, I always wanted to start my own business and didn't really know how or what to do. The first thing I did was researched some books at the local library on different industries. Since I am a creative person, I thought about writing a screenplay, so I picked up a book called The Screen-writer's Workbook by Syd Field. This book gave me some exercises and step-by-step instruction for Creating a Successful Screenplay.

Although, I didn't get any offers for my Screenplays, I was able to use some of that knowledge to write my first book titled "Who is This Jesus" - A 31-Day Journey to knowing the Son of Man." That's only a portion of what I have done in starting my own business. Today, I'd like to share with you my Top 5 Ways to start your own business once you've identified what industry you would like to be in.

1. COUNT THE COST - The first business that I started was a DJ business in the 90's. I started this business because I was already a radio announcer on one of the top radio stations in Virginia. Therefore, I already had a fan based which allowed me to promote myself for free, so my investment was minimal as most people that hired me, hired me as an MC which did not require any equipment or advertising.

2. RE-INVEST in your BUSINESS - If you start a business that has a minimal investment like I did, then take the earnings from that business and re-invest in your business. So instead of buying something such as the latest IPhone or sporting equipment, invest in something that will allow your business to earn more revenue. In my case, I invested in a some great portable equipment that allowed me to do more DJ gigs which paid substantially more than my MC jobs.

3. BORROW from your 401K - If your business requires a larger investment then perhaps you can consider tapping into your 401K. The key is to BORROW from your 401K, which means that you can take a lump sum out at one time and repay yourself back over the course of 1 to 2 years. This is a win-win situation because it allows you to have the capital that you need to fund your business and you're able to take time to re-pay yourself back which will benefit you in the future.

4. PERSONAL LOAN - Most banks still have programs where you can take out a signature loan based on your credit history. The pro to taking out a signature or personal loan is the fact that it's not secured by any real property or personal assets. The con to taking out a signature or personal loan is the fact that the interest rate is typically a little higher because of the risk involved in borrowing money that's unsecured.

5. GRANTS - I think one of the best ways to obtain resources to fund a business is through Grants. Grants are great because its free money and disbursed by a Government agency, Corporation, Foundation or Trust. Most grants are for non-profits, but not all. The downside to Grant money is the fact that the grants are very specific and someones difficult to qualify for as they typically require meeting some type of Government compliance or grant writing skills.

It doesn't matter which way you start your business as long as you do your research and mitigate your risk and feel comfortable with your decision. Then by all means, proceed!