5 Creative And Unique Ways To Get Your Business Funded
When you start a business, there’ll usually be a period when you’re investing lots of time, effort and money before you start making a profit. Before you do this, it’s important to research your market to make sure your customers will really pay for your product or service. Once you’re confident they will, explore sources of funding to help with the costs of starting up your business. So , here are 10 creative and unique ways to get your business funded…..
1. Consider Friends and Family
Asking your friends and family for money might seem like a daunting prospect—but tapping those closest to you is often a good first step before getting external funding. And hey, it can never hurt to ask. Before you ask your friends and family for money, though, you should have a business plan at the ready.
2. Sell some shares
If you need more investment, you might be able to raise money to fund your growth plan by selling shares in your business. You can do this by getting friends and family to invest. Any outside investors will own the company jointly with you and the other founders. They have a say in the running of the company, and are entitled to get a share of the profits, known as ‘dividends’.
3. Government schemes
You might be able to get help from a government-backed support scheme if you need some initial funding to test and develop your business idea. Search for business finance using the Finance finder tool to see which schemes you may be eligible for.
4. Business incubators
If your business is new, it can get seed money, mentorship and other similar services to get started. These types of organizations have a great track record of success which include Excelerate Labs and TechStars. There is a lot of competition to become part of an incubator these days so focus on a handful of organizations which match up best with your goals.
5. Partake in competitions
Business plan competitions or other contests. When all else fails, try to win the money! There are a lot of regional and national competitions giving away substantial amounts of money. This is really show business that loves a great idea and very competent team. You also need to be a good presenter.
