Do you have a small business idea, but can’t seem to get it up and running? Starting a new business requires hard work, a great idea, and a financial plan for launching your vision into reality. If money matters are your biggest hurdle or fear, there are a number of ways to find funding for a new business plan! With the global reach of the internet, it is easier than ever to find people interested in funding a creative business idea.
How Can you Make Your Business Dream Financially Feasible?
Here are some options to consider if you don’t have the money to put on the table right away:
Share the Idea with Friends and Family – Really!
Many small business owners get started by talking their idea to family and friends. By getting friends and family excited about your concept and plan, you might just find your first pool of investors willing to give your idea some money.
Friends and family want to see you succeed more than strangers and once you have a good plan in place and show your enthusiasm, you will be able to get a good portion of your seed money simply by talking up your idea to those around you.
Look for a Grant that is Specific to the Business Idea
Grant money is the best kind of start-up money because grant money is given to the business without having to pay it back. Grant money is available to many types of businesses, but the application process will be a tedious one. After finding an appropriate grant for the new business idea, be sure to follow the directions of the grant application explicitly.
Apply for a Small Business Loan
One of the more traditional ways of getting the money together to fund a new business is to apply at a bank for a small business loan. Acceptance of a small business loan will depend on an excellent credit score and a solid business plan. So, one of your first steps should be reviewing your credit rating and history. Banks want to know that the business they are investing in is both credit worthy and has a plan in place to implement the idea once they have funding.
Consider Raising Funds through Crowd Funding Social Media
There are numerous sites that allow users to request money based on an idea they are trying to fulfill. Kickstarter, Indiegogo, Fundly, Gofundme and youcaring all offer users the ability to raise money for something – and track the donations in order to reward those who contribute. Make sure to outline your plan clearly so that average viewers and investors alike understand what they are giving their money to. You may have a great business idea but if you are not clear to your investors it will be hard to raise the capital necessary to get the idea off the ground.
Whether through the internet and social media, small business loans, grants or friends and family, finding money to fund a new start-up business takes a lot of work. It’s important to have a solid plan in place, to provide clear and honest information to all investors and to work hard at developing the concept. There are many entrepreneurs throughout the world and to shine above the rest, you’ll need to have a thorough strategy for funding and business development.
From All the Frugal Ladies, best of luck!