Tag: business Funding

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Five Ways to Get Funding for Your Business Idea

Funding is a key part of the business. Only a few profitable business ideas can get started without funds or minimal funds. If you aren’t in the entrepreneur world, be sure your finances and funding are transparent and planned out first. Otherwise, you will fall into the many other businesses that fail in the first year due to poor cash flow or finances.

 

Here are five ways to get funding for your business ideas and avoid becoming a common statistic:

 

Use Your Own Funds

Keep a full-time or part-time job until you are fully ready to make the leap. The most common way people get funding for their business is to save as much of their current funds as possible. Once you have proper savings and can replace your bills through your business, it is safer to transition from a full or part-time position.

 

Ask Friends and Family for Donations

Friends and family will be happy to help if you don’t spam it. Allowing them to invest for a portion of the future profits can also show your appreciation, even if it’s a small percentage.

 

Preorders

If your business model uses products to grow your profits, then utilizing a preorder model can fund the creation of the product and show your customer’s interest. This is a common way to test if a specific product is viable or not. If the pre-orders are too low to produce the final product, you can return the funds and start a new idea.

 

Crowdfunding

Crowdfunding is another common way to find funds as an entrepreneur. Platforms such as GoFundMe and Kickstarter allow you to share your business idea and products to reach global investors. Crowdfunding offers one of the best ways to reach many different people around the world and avoid using bank loans. The idea is to provide additional rewards in exchange for an investment. If they reach their investment goals, the business will honor the rewards usually in a product. Users can also provide a donation without anything to support the business idea.

 

Small Business Bank Loans

Lastly, another way to get funding is by asking a bank. The small business microloan program offers up to fifty thousand dollars to help with start-up costs.

 

When you first get started, funding will be difficult to find. However, it will get easier as you take action towards your business plan. Furthermore, using other options such as a small business bank loan can also be a great way to get your business idea up and running faster.

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Six ways to Fund your “New Economy” Business

Entrepreneurs are Kind of the New Economy.

Many People would like to Ditch the 9-5 and live a life with more Purpose.

It is often said if you are working for someone you are Building there Dreams.

Entrepreneurs think outside the box and are willing to work hard and do things others won’t for the opportunity to live life on their terms.

According to the Motley Fool:

It’s Official: Most Americans Are Currently in Debt

And they need to do something about it before the problem gets worse.

Maurie Backman
(TMFBookNerd)
Feb 15, 2018 at 7:32AM
It’s no secret that America is a nation that runs on debt, but it may surprise you to learn that the overwhelming majority of U.S. adults owe money in some way, shape, or form. According to new data from Comet, here’s how many Americans have debt at present:

  • 80.9% of baby boomers
  • 79.9% of Gen Xers
  • 81.5% of millennials

While many Americans owe more in mortgage and student debt than any other type, they also carry credit card, auto, and medical debt, the latter of which is the No. 1 cause of personal bankruptcy filings in the country.

You Can read the Full Article here!

Is it any wonder more and more couples have two incomes plus second jobs.

It is more evident the Entrepreneurs are on the Right Track looking to start a Side business and Plan Grow that business into a Full-time income and a Freedom Lifestyle.

When looking for Funds it sometimes Becomes quite Tricky.

Here a 6 Ways to you may find helpful to Fund your Business

One:  Bootstrapping also know as Self Funding: This means using savings or Leveraging Assets such as your House to get the business running. When you believe in your project your passion can push you through the hard times and show potential investors you are worth investing in.Two: Family and Friends may be willing to invest some money into your Vision. People who are close to you may often believe in your Vision and know you have a strong work ethic and ability to have Success with the ProjectThree: Angel Investors: Invest in the Entrepreneur rather than a Proven Business Model. Keeping the Angel investors focus on the support of the Entrepreneur timing and leverage contacts is the key to finding Angel investors.Four: Small Business Loans: Banks are looking for a Good Business plan with solid Projections. They are also looking for you to have some skin in the game so don’t expect 100% financing. You may want to seek out the help of companies who specialize in helping Small Businesses. Although pursuing loans may take time it is a way of keeping your business whole without without giving a percentage away to an investor who may not always have your passion and Vision.Five: Using Credit cards responsibly and building a large Credit line you can use for company assets or business capital to help keep your company running smoothly. Building a good strong personal credit can help when looking for future lines of Business Credit.Six: Crowd Funding is an Option you should seriously Consider.  When launching your campaign to ask for your funding you are also starting to validate your Project in the process.Crowd Funding has brought a new way for an Entrepreneur to get funds while giving the project exposure to the market.

CROWD FUNDING

Exploring Communities of people with Entrepreneurial Spirit can help Propel your business idea into a meaningful project.
Check out this site it may be the very thing that will help with Funds needed.
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