In order to venture into starting your own business, you need…. creativity, imagination, a network, some good profileaccess, a plan, a mentor, some funds and a strategy. Most of all you need the right mindset.
Thats right if you are surrounded by the negative nelly that keeps informing you lack of funds means, no business for you, its time to start stepping beyond your comfort zone and start making new friends. It is more than passion to start a business, It is insight that comes from experience, experience which comes from taking risks and most of all you need stubborn self belief. Get inventive, Get strategic and get those goals lined up here are my top creative and very inventive strategies in order to raise funds and inject capital into starting your first business. Dont’ just talk about it, do it. come on Let’s go!
CrowdfundingCrowdfunding is a great way to utilise your interactive network, get your business story out there and get your audience active and engaged. Turn your community into active supporters but even more importantly turn them into investors.Their donation meansThey have a say in the working model of your business,Its functionalityIts developmentThey will help heighten engagement for the story.Crowdfunding helps give your business profile. Free marketing, think of all those shares, your looking at a potentially viral campaign, sponsors, the most powerful tool is word of mouth. It creates simultaneous success, advertising, profile, connections, links, building the business funds and strengthening the platform of the business.You remain as the omnipotent force within your business and the heightened profile continues to spiral.
Get An Angel investor
Angel investors are individuals with a huge amount of capital and are willing to invest it on business ideas.Angel investors sometimes come together in groups to scrutinize business proposals, in order to select the perfect candidate to invest in.
Seek Venture Capital for your StartupVenture capitals have fundswhich are managed by professionals that have a keen eye for seeking out companies with great prospects.They offer mentorship and expertise which help develop and sustain a business.
Business Incubators and AcceleratorsBusinesses that are just starting out can access funds provided by business incubators and accelerators.The programs offered by them can be found in major cities across the globes.
Raise Money through Bank LoanGo to the Bank and raise funds through a bank loan.
FundingThis involves providing a business plan and detailed information of the value, alongside the project report on which the loan was sanctioned.
Acquire Loans from Microfinance Providers or NBFCsMicrofinance was set up to give access to capital to small-scale entrepreneurs that lack access to conventional banking capital or loans. Individuals with poor credit ratings see microfinance institutions as a respite whenever they are out of favor by conventional banks.Non-Banking Financial Corporations (NBFCs) give out loans to individuals who seek loans, without necessarily imposing any legality like conventional banks and credit repair services do. Government Programs that Offer Startup CapitalGovernment programs that offer startup capital are an excellent way to source funding for your business. You are required to submit a plan that can be accepted by the grant committee. Once your plan has been scrutinized and approved, you will be provided with the funds to start up your business.
Other Ways you can Raise Money for your StartupProduct Pre-Sale: An amazing way of raising funds for your business is through product pre-sale before launching your products officially. This builds consumer confidence in your brand and allows you to size up the demand for your product before its official launch.Companies like Apple and Samsung adopt this procedure, allowing consumers to make pre-purchases before the official release of their products.Selling Assets: Doing away with assets in your possession that have high financial value, can effectively serve as an immediate source of funding for your startupCredit Cards: Business credit cards are an instant source of funding. New businesses that incur heavy expenditure can utilize credit cards as long as they fulfill the minimum payment requirement.https://www.finextra.com/blogposting/15065/10-funding-options-to-raise-startup-capital-for-your-business