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September 4, 2017

Tips for Funding a New Business



Funding a business is one of the biggest challenges to an entrepreneur. But don’t let the challenge of funding stop you from creating a successful business. There are several ways that you can secure funding, and all of them are attainable.


Consider crowdfunding

Don’t be afraid to harness the power of crowdfunding. You might be amazed at what it can do for you. When you have a great idea for a business, people usually want to show you support. They may be willing to give you money to support your business goals. In addition to raising money, crowdfunding can build up your brand awareness. Many successful crowdfunding campaigns end up getting featured in popular publications and have their business name plastered across social media. The brand awareness alone is great for business, but the capital is what you need to get your business up and running.

The best thing about crowdfunding is the fact that it takes almost no money to get started. Many platforms like Indiegogo and Kickstarter make it simple to post your campaign with no money. You can offer investors shares or gifts for their support. Although the platforms will take a percentage of your profits, it’s often a small price to pay for the funding that you need.

Consider your loan options

There are many types of business loans available to you. Before you choose one, you need to have a firm understanding of your business goals and how much capital you need. You might consider a tribal loan, personal loan, or a line of credit. In some cases, you may be able to get a very quick loan that can let you get started immediately. To learn more about the fastest business loans, check out this post.

Whatever type of loan you choose, do so carefully. Consider all of your options and weigh out the benefits and the drawbacks. Pay close attention to the fine print before you sign any paperwork. The right loan can make your business, but the wrong loan can break it.

Consider grants

Many people overlook grants when they’re searching for business funding. But there are many grants available, and they can help you get your business going. The first place that you should look is the government. With plenty of government grants available, you just need to choose the one that’s right for your business. Make sure that you meet all the criteria for a grant before you apply for it. It’s also important to keep track of the deadlines, or you may miss the application deadline for an important grant. The more grants you apply for, the better your chances of getting one.

Grants can be quite competitive, but that’s no reason to rule them out. Spend time making your application perfect. Don’t try to get away with one generic application for all your grants. Make sure each one is unique and tailored for that specific grant. If you spend enough time on your applications, you may be rewarded with funding for your new business.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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