Nurturing a business idea is always a good thing. Translating that idea into a reality is a big step in the direction of building a business empire but you and I know we cannot dissociate talking about the need for money. Some people believe that you don’t need money to start a business, all you need is the courage to step out of your comfort zone then things will fall in place. Well, I can neither agree nor disagree but there comes a point in your business where you have to scale up or you need seed money to patent a product.
Let’s look at 5 ways we can get funding for your business:
Trust me I have heard this several times and so have you but we can’t deny that there’s no element of truth in it. From inception of your business plan with projections to take the business to the next level (you should have one, if you don’t, then create one) you can actually forecast rough estimates to how much extra you need. If you start saving 10% from either salary, tips or bonuses; you pretty much won’t realize how buoyant you could be unless you try it.
Support from platforms such as Indiegogo, Kickstarter, Gofundme which is not limited to your physical location can be a great booster for you. Someone in Mumbai India could buy into your business and no idea is ridiculous to put out there. I once saw a guy put out a Go fund me campaign to attend a concert. Zack Brown did a kickstarter campaign to make potato salad and guess? He raised $55,493! If people could put out such requests how much more your business idea. Go for it. Don’t hold back. Be sure to read the fine print of various platforms before signing up.
Statistics have shown that small and medium businesses are the bedrock of every functioning economy. Therefore governments in different countries now have grants available for business owners. Do your research, your country might have one.
Win a Competition
Your lucky stars may just come out to shine if you win in a competition. There you’ll have the seed money you’ve been looking for. Make sure the competition is in consonance with your brand. You don’t want to enter for a cooking competition when your business is not in any way associated with food, nutrition, health etc. But hey, then again you might just use the prize money (if there’s any) for your new business.
Friends & Family
This is usually one of our first options but I saved it for last because most times these people usually have expectations about what we should be doing, and how we should do it. You can’t blame them, they are probably showing concern in the best way they know they know how. And it’s a great feeling when you have tried any of the above options before going to your friends and family with how much progress you’ve made and you just the extra push from their end.
Whichever route you decide to take, remember that every business needs accountability and communication with various stakeholders so that the chances of growing the business to be a mega player in your industry is a smooth transition.
As you continue the journey don’t forget to share your fundraising stories here, do you have any?
Written by Tracy Oyekanmi