A recent article, 4 Reliable Options for Funding Your Small Business by Steven Scheck describes business startup as an exciting venture— once you have the idea of what kind of business you want to establish, next is how you would finance it. This doesn’t only involve the initial outlay but also how to keep your business afloat during the hard years and for when you want to expand.
Listed below are four financing options for funding your new business.
A business that funds itself is called bootstrapping; it uses personal sales to fund growth. Because of this you remain in control of your business and don’t have to surrender important decisions to those funding you. However, it’s vital to involve your customers with your business idea because they are your investors.
With your startup idea, crowdfunding allows you to directly appeal for and solicit funding to a large number of prospective investors. It is largely web-based and uses technology to efficiently connect business owners and investors. Due to this you will need a good WiFi connection in order to make your sales pitch to potential investors.
A business incubator helps connects you with investors, mentors, and even other startups in an effort to help you gain momentum and be self sustaining. Incubator’s provide support financially and make avaiable multiple business services such as you would need for legal needs or infrastructure.
A business angel provides capital for startups “usually in exchange for ownership equity or convertible debt”. It’s crucial to have your business idea tested for market feasibility to build relationships with the right investors. If your startup idea is captivating, they may make an investment.
Each of the options mentioned above involves commitment and determination. You must have a good business plan to receive the funding that your business deserves. A good business plan should include the location of your office, so if you’re looking for an office in NC, then you can visit Ballantyne coworking office space or SouthPark virtual office space for your business. YourOffice features a network of world-class business addresses, and our offices are move-in ready and equipped with top furnishings and technology that are guaranteed to leave a lasting impression.
What funding options would best fit for your startup? We’d be glad to see your comments below. You can also visit us on Twitter and Facebook.