Whether you’re looking to get a brand new business idea off the ground from scratch or facilitate your next big investment in an existing business, it takes money to make things happen. Sometimes it’s possible to go the grassroots bootstrap route when it comes to getting your funding together, but not always, so it’s important to understand what your other options are.
The following are some good tips to keep in mind if you’re looking to open, expand, or otherwise attain funding for a small business.
1. Consider Small Business-Specific Funding
Whether you’re having trouble qualifying for a traditional bank loan or simply prefer to look into some alternatives first, you’ll definitely want to look at lending avenues designed with small businesses in mind. If you and your business meet the criteria, a Small Business Administration loan might be an appropriate option.
There are also other government-supported options to consider, including but not limited to the Small Business Lending Fund and various government-funded small business grants.
2. Look into Alternative Funding Options
If you or your business already has something of a following that can be leveraged, especially online, an alternative funding option like crowdfunding might be an appropriate choice for you.
People love feeling like they’re part of something big and will readily contribute a few bucks to a Kickstarter or IndieGoGo campaign that sounds worthwhile, especially if they truly believe in the person or company running the show.
Craft some sparkling copy for your campaign page and sweeten the pot with a few desirable perks for donors to increase your chances of success even further. It won’t be long before you’ve got the funds you need.
3. Get Funding Fast With an Expedited Loan
Sometimes you need funding as quickly as possible to cover an emergency or act on an opportunity that simply won’t be there for the taking later on.
That’s when a cash advance or online automated term loan from a trusted lending site like www.quickloansdirect.com is worth looking at. The process of applying and getting approved if you qualify is quick and painless, so you don’t have to worry about being buried in paperwork for days. In fact, you can know within minutes whether or not you’re approved for the funds you need. Many applicants even wind up with access to their funds the same day they apply.
4. Explore Local Funding Opportunities
If you’re launching or funding a local small business that could enrich the community where you live, check with the small business development center where you live and ask what’s available. The staff there may be able to connect you with opportunities to obtain funding or support that you wouldn’t have access to otherwise.
Think local angel investors looking to get involved with a business exactly like yours or seek out special grants you may qualify for. You’ll likely enjoy lots of opportunities to network and mingle with other entrepreneurs in your area and meet potential business partners.
5. Ask Friends or Family for Assistance
While no one loves the idea of imposing on friends or family members for money, you should consider whether you know someone who actively wants to get involved in what you’re looking to build. In most cases, an uncle or a family friend probably won’t be able to hand you the cash to launch a start-up from the ground up, but quite a few are more than happy to help you get the ball rolling with a crowdfunding campaign or help you upgrade your computer equipment. It never hurts to ask, right?
6. Have a Detailed Business Plan Ready
Whether you ultimately do decide to approach a traditional lender about a term loan or decide to ask Uncle Monty to invest in your company, a detailed business plan is always an excellent idea. Most traditional lenders will definitely want to see one, so taking the time to put one together that covers all the bases could really increase your chances of getting approved. Even in Uncle Monty’s case, a business plan can go a long way toward making him feel really good about investing in what you’re doing. It’s always exciting to see a family member or other loved one taking initiative on that level.
At the end of the day, securing funds for emerging, developing, or growing a small business is easier than it probably seems on the surface. You just need to know where to look when it comes to the options available to you. Which option sounds like the right fit for your business, and what amazing things will you do with your funds once they’re yours?