A great thing about the business world today is that anyone with just a bit of entrepreneurial spirit can start a small business. But even in the case you don’t lack ideas, you are still going to need a significant amount of money in order to be able to start a business. You can save or borrow some money, but there are more creative solutions out there as well. Here are 5 of them you can use when starting your new small business.
Presale is a great way you can earn some money for your startup. Even if you haven’t finished setting up your new business, you can still sell your product. If your product seems promising enough, preselling it shouldn’t be too much of a trouble. You can set up an online store and sell your products on the web until everything else is prepared. Even though there is a risk of not living up to the expectations, this strategy can do wonders for your finances.
The most common reason why people choose to start their own businesses is that they are fed up with their current jobs. Even if this is the case with you, you should consider not leaving your job for the first few months of running a startup. If you don’t like your current job, you can still benefit quite a lot from earning some money aside. The money you earn during these first few months can later be invested into your business and help it grow
Selling Your Assets
Even though this is quite risky, many new entrepreneurs still decide to sell their assets in order to finance their startups. Take a look at it this way – if you sell your car in order to start a business, you can easily buy another one once your business starts making profit, while this isn’t the case other way around. If you have some other properties besides your home, you can also think about selling them and investing the money in your new business.
Participating in a Contest
If you are looking for a quick way to get some money for your startup, you can always participate in a contest that offers money as a reward. There are numerous contests you can find today that offer quite a lot of money to the winner. Even though there is always a risk of not winning anything, you should try to participate in as many contests as you can. Anything you manage to earn can be of great importance for your startup.
A great thing about invoice funding is that you don’t have to indebt yourself or your business. In this case, you will get an opportunity to sell the money that is yours but you still haven’t gotten the chance to receive it. Another reason why you should opt for invoice finance is that fees for these services almost never exceed 5%. If you choose invoice funding, you will also be able to present your customers with better payment options.
Going to a bank and taking a loan is no longer the best way to get some money for your new business. That is why you should give some of the above-mentioned ways a go and try to fund your business in a more creative way. Have in mind that running your business will get easier after the first few months pass.
This article has been written by Dan Radak . Dan Radak is a marketing professional with ten years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.