You do not always have to head to the bank with an airtight business plan if you want to. Nowadays there are plenty of other alternatives which can soon see you with enough capital to achieve all you need. Let’s take a look at some of the options available to you.
This unusual digital currency might just be the key to funding for your business thanks to a process called ‘initial coin offering’. Hopeful entrepreneurs can sell crypto tokens to potential investors much in the same way they would sell shares traditionally. This is a relatively new way of raising funds, but it has proven to be extremely effective for some start-ups and if you are looking for advice in this particular area, be sure to approach a specialisedsolutions.
Crowdfunding has been incredibly popular over the last few decades, and it will remain so for a very long time. With the choice of many different sites open to them, entrepreneurs can appeal to the public to fund their business. They can select different levels of rewards in exchange for money pledged. For example, someone designing a new computer game might offer a digital download key upon the game’s completion if $10 is pledged.
These sites can either hold the money until funding is complete, like Kickstarter or can release it in monthly subscription instalments like on Patreon. Both are excellent options depending on your business circumstances.
There are a number of competitions available to entrepreneurs which can land you the capital you need. It may seem a little out there, but if you can put forward a stellar business plan, then you may find yourself walking away with some investment. These contests can often have restrictions on them in the same way grants do, for example, they may be looking to target a female-owned business. Have a look to see if there are any competitions which you could potentially benefit from. Even if you don’t win, you could catch the eye of someone who could give you a helping hand.
Angel investors have been in the business for years. In exchange for some of the equity of the company, you will receive the money you need for the business and the knowledge of an experienced entrepreneur to guide you. Many industry titans like Google got their first leg-up from an angel investor. They are constantly on the lookout for what might be the new big hit, and their expertise might be able to help you achieve heights you never thought you could.
As you can see, there are many avenues of fundraising which don’t involve a loan application. If you are thinking of alternative financing options for your business, there is no reason why one of the solutions above cannot help you. Consider looking into one of them today and start working towards the funding your business needs and deserves now!