Do you dream of owning your own business someday? Maybe you’re a fashionista who is looking to open up the hottest new boutique in town. Maybe you’re the next Steve Jobs just trying to make a living in his parents’ garage as he develops the tech that will overtake Mac. Or maybe you have a knack for DIY and want to take your Etsy shop to the next level by outsourcing some of your work.
Whatever the dream, each and every business needs some capital investment from time to time. The following are just some ideas of ways to find your funding in quick, manageable ways.
Evaluate Your Need
Make a list of all your bare essentials to launch your business or your next idea. What kinds of materials do you need? What kinds of marketing software? Do you need an education of any kind?
Take all of this into account and then downsize. Then downsize again and again and again until you have the bare bones. Add up the cost. Do you still need funding?
Whether the answer was yes or no, this process surely helped you realize the difference between your needs and your wants. Focusing your main idea is always essential before you throw money at a project. Focus is the difference between an impulse buy and an investment.
Good rule of thumb: every business purchase you make should be an investment.
1. Side Hustles
Before you go seeking investors or fast loans of your own, consider what kind of work you can do to already build captial on your own. Do you moonlight as a hostess? Do you have a skill you need to build for your business? Market it on Fivver! Not only will you be getting practice, but you’ll be getting paid to practice! Talk about a win-win.
Find something you’re good at or want to improve at and use it to build captial for your business!
If you already have a solid following, Kickstarter campaigns and Patreon accounts are viable ways to brands to build funds. Tie an incentive to the donations, like free concert tickets, a meet-and-greet luncheon, or a free sample of your entire new line of product to a lucky donar. Not only will this generate interest among your followers, but it will get people talking about your latest idea and sharing it with their friends.
Crowdfunding usually will not fund your entire project, but it is a fantastic way to engage your consumers and really connect with them on your brand and what you’re all about.
3. Bank loans
At the end of the day, there are always business loans offered by banks to provide quick solutions to your financial needs. If your business is in a place where you are ready to launch something new, but you just don’t have the extra time to put in the money yourself or find an Angel or Venture investor, a loan is the most efficient way to go.
However, when dealing with a lender, considering the bank’s reputation, APR, and customer service are paramount for choosing which lender to work with. Research and interviews are required on your part to ensure you are making an informed decision.
At the end of it all, funding can be a fun opportunity to build your skills, your following, and even your business credit score. There are endless possibilities