If you really can’t get a hold of cash raising methods such as angel investing, banks and even venture capitalists, you can always fund your Price per Head Bookie business from your own wallet, what is commonly known as bootstrapping.
Even though you might want to get some financial help, if you are just getting started as a Bookmaking Agent, it might be difficult to get others to back you up, which means that you’ll need to rely on your own pocket or “bootstrap” for a while.
To be on your own as a Price per Head Bookie is not necessarily a bad thing; in fact, some agents actually refuse external help as they prefer to work in an independent way.
The financial situation of every Price per Head Bookie out there is certainly different from their colleagues, so here are some general options that can help you decide which one is the most convenient one for you.
If your bank account is in a healthy condition, then this is the best option for you as a Pay per Head Agent.
You can also opt for tapping into your retirement funds. As long as you can meet certain requirements, you can withdraw cash from your IRA (individual retirement account) or even your 401(k).
The big advantage of spending your own money on your Price per Head Bookie business is that there is no extra cost for you, except for the fact that you are losing the chance of gaining some interest.
Since business loans are sometimes difficult to come by, some Sports Betting Agents tend to rely on personal debt, including making use of credit cards, mortgage refinancing or even getting some credit using a home equity line.
If you use this method to fund your Price per Head Bookie business, you can easily free up some cash (this is of course assuming that you have a healthy credit history) but we recommend you to be cautious and to always have an eye on the interest rates from every credit card that you utilize.
Of course, it is also advisable not to borrow more cash that you pocket can afford, so, even though you might find some options very attractive, remember that more sooner than later you will need to start paying the cash that you owe.
Family and Friends
If for some reason you can’t make use of the previous two methods, there is always the option of working with a partner that can be either a friend or even a family member.
Although this sounds like a great option because you are partnering with someone that is close to you, if things don’t go as expected, then your relationship between you and the other person can get tense.
If none of your friends or family members wants to go into a partnership, you can also borrow the money from them.
Once you’ve started your Price per Head Bookie business, it is likely that you’re going to start perceiving profits right away (that is, if you apply yourself), so you also have the option of plowing some of that hard-earned money back into your Sports Betting operation.
If you’re doing really well, this cash flow is going to be enough to continue to fund your business in the future.
Indeed, this is the preferred strategy of working for many professional Bookmaking Agents because they are using the cash that they’re producing, which means that this is a low-cost, low-risk method.
On the other hand, if you are experiencing slow growth, it might be a good idea that you combine cash flow with other methods.X`