When the lightbulb moment of wanting to start a business hits you, you begin brainstorming and coming up with a list of things to do, to get, and so on.
But have you thought about how you’ll get the money to cover all these things?
If you’re able, you can go the traditional routes. Some entrepreneurs have enough in savings or elsewhere to fund the business themselves. Some are able to reach out to friends and family for monetary gifts or loans.
And speaking of loans, bank loans and microloans are another great option. But, for many reasons, these options don’t work for everyone.
If you’d like to think outside of the “traditional” box to fund your business, here are a couple creative ideas that can have your business up and running in no time.
Sometimes the opportunity to get in front of the right person at the right time is all you need to secure capital for your business. There are individuals out there who are just waiting to hear the right pitch about the right product or service and will hand over the money you need to get it going.
Not for naught, of course. These “angel investors” give you the money in exchange for an equity stake in your business.
So how exactly do your find an angel investor to pitch your business idea to? Thankfully, there are plenty of organizations that can connect you with such a person or company. Here are a few examples:
How about trying to appeal to the masses to give you the money needed to start your business?
Crowdfunding is one of the newer ways individuals are raising money for their ventures.
The key to this approach is getting your pitch or story in front of as many people as possible. And your pitch needs to be convincing enough to make these people open their wallets in support of your vision.
What better place to do that but the internet?
There are several platforms available to get your crowdfunding project started:
The only possible downside to this option is that certain platforms will hold you to a specific fundraising goal. If you don’t reach the goal, you can’t touch any of the money collected. It will all go back to the donors.
So, in conclusion, if the traditional methods of fundraising for your business don’t work for you, you do have other options. Do the research to find an angel investor or try crowdfunding on the internet.
Truthfully, your fundraising method could end up being a combination of any methods listed.