Asset Financing

Many young entrepreneurs rely on asset financing. Sonya Trakhtenberg, a 14-year old from Brooklyn, NY, wanted to start a business selling “magic magnets” that display “life-saving, meaningful, and expressive messages.” Her business concept was very unique, so she didn’t face a lot of competition, but she needed start-up money. How did she get it? She made and saved $1,200 from a part-time modeling job.

Of course, not everyone is lucky enough to be a model. Maybe you’re more like 14-year-old Kenya Jordana James, whose raised money by starting Kenya Jordana Cakes - a baking business that enabled her to sock away $1,500. Then she started her current business, Blackgirl magazine. “You can’t set your hope on only one approach,” says Kenya. “You should always look for multiple ways to accomplish your goal.”

What other assets do you have besides your time and talent? Take a look around you. How many things are laying around your bedroom, basement, or garage that you simply don’t use or care about any more? Most young people today have hundreds of dollars of material possessions that are unneeded or outdated. Well, here’s your chance to kill two birds with one stone. Gather up all your excess possessions and have a yard sale or sell it on eBay . Turn your trash into cash — and use it to start your business!    

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