As you work on your business plan that will guide and direct your start-up, there are countless things to consider and be aware of. A start-up is faced with a number of unique obstacles that can be rather tricky to overcome and provide solutions for, which is why it takes such dedication and hard work as a business owner. One of the biggest issues a start-up will face is coming up with the cash to fund your venture in the first place.
Unfortunately, a lack of cash can spell disaster for a new company, and it may even be enough to scare entrepreneurs from trying in the first place. Rather than get too stressed about your lack of funding, we’ve gone ahead and put together a list of options you can use, some of which you may never have even thought of. So, let’s take a closer look.
Start a Crowd-Funding Campaign
Here’s a solution that has really grown in popularity over the past couple of years and is not only becoming the trendy way to get cash but is also proving to be very successful for many businesses.
Crowd-funding campaigns through online platforms such as IndieGoGo and Kickstarter allow new businesses to raise money through supporters online. What this means is that your campaign can reach out to people on a global level. The key to the success of this route is to make sure that you put together a compelling campaign and ensure you market it extremely well so that it trends.
A Quick Loan
While most people are familiar with the traditional small business loans through the bank or other leading financial institutions, they don’t always think of a quick loan as a solution. As its name suggests a quick loan is meant to provide you with quick access to funds that are meant to help you in an emergency situation. With a brand-new start-up, these emergencies could happen at any time.
Because you can’t afford to just sit around and wait days or even weeks through the traditional approval process, this style of loan can make more sense. According to CashLady.com, you can often receive small cash loans as quickly as the same day For a new start-up that is just barely staying above water, this can make a massive difference.
As for how much you can borrow through a quick loan, typically, it will be less than the traditional bank-style small business loan, but in an emergency, this may be more than enough.
Look to Family and Friends for a Little Help
This tip is one that can be a bit of a touchy topic, as not everyone likes the idea of mixing business with friendship and family. If you do choose to go the route of borrowing money from friends and/or family, you can do so in a way that is legitimate and shows you are serious about repayment. You can have a professional contract drawn up that outlines the terms of repayment.
The nice thing about borrowing from friends and family is that you may be able to repay them without interest, or at least a much lower interest rate than a traditional loan.
Each of these tips can help provide you with the cash you need to get your business up and running.