No matter what type of business you want to start, you’ll need financing. There is a multitude of ways to approach the fundraising phase, but not all are going to work. You may have to get creative with your options
If you are looking to get enough funding together to bring about a new startup, you’ll need to explore tried and true financing solutions that are working today.
If you have decent credit, then you can max out your credit cards to start your business. There are many individuals who have gone this route.
The only problem with this is that you will need to pay high-interest rates. However, if you have an idea that is going to profit fast, this can be a quick way to invest in your company and get started from the ground up in no time.
Chances are you have things of value in and around the home. If you have any electronics, vehicles, or other junks you no longer need, sell them!
If you sell things outright, you can use the money to invest in your business. This is not going to net you five figures, but it can help pay salaries and expenses.
Startups should have a business plan. With a solid business plan, you can go to any bank and request a business loan for amounts starting at $10,000 and up to $500,000 depending on the scope of your business needs.
You will need to create a presentation that highlights every aspect of your business, and how you’re going to pay back the loan. If you do not get a five-figure loan, the bank may give you a lower quote, which is still worth exploring.
There are groups of individuals who invest in businesses. You can meet with them and get investors to bankroll your beginning stages, and even hire fundraising partners to help you with continued income protocol.
Ever watch the show “Shark Tank”? Venture capitalists exist in nearly every industry today, and if you have a good business plan, you have enough to get their attention.
Crowdfunding is a way to harness the power of asking. With this solution, you ask for people to invest in marginal ways – with the promise of delivering goods, services, and digital content exclusives.
This can be done on online platforms – such as Kickstarter and GoFundMe – to set up a digital piggy bank with milestones and more. If you have a sizeable audience, as little as $1 can be donated, and your business ventures can be funded.