So. You have an amazing idea for a business and you’ve decided you want to make it happen. That’s awesome, but what’s the next step? It’s likely that you’ll need to find funding to get the wheels in motion. Here are a few of the options you might want to look into:
Use your own money
Sure, it’s a risk, but it can’t be that much of a risk if you have an amazing idea and you’re really confident that it’ll work. It’ll mean you stay completely in control of your business and there’s nobody who’s going to kneecap you because you owe them money (although if you’re borrowing money through legit means we’re sure there’s only minimal kneecapping anyway). It’s the kind of funding that provides the most freedom from other peoples’ opinions.
Ask your friends/family/connections
If you know somebody who has money and who’d be willing to chip in to support you on your way to living the dream, then let them help you. It can be awkward, but it’s worth it if it gets you where you want to be. If you have connections with people who are open to investing, exploit those. Starting a business is no time to start feeling shame, and lots of people would be very excited about funding a loved-one’s dream.
It can take a while to research all of the business grants available and whether your project fits their criteria. The application process can also be equally long and dull. However, if you can find a suitable grant and end up getting it you’ll be glad you took the time. After all, free money is the best kind of money.
If you think you could benefit from more than just an injection of cash, an incubator could be the way to go. Depending on the company involved they could offer to provide office space, advice, help with marketing, and networking opportunities along with their financial offering. It does require giving up a degree of control, though, so it might not be the dream option for everybody.
Loans are a classic option and, while there’s some suggestion that they’re more difficult to get in today’s financial climate, if you have a well-thought-out business plan and a clear idea of what your revenue will look like, you still might be able to convince a bank to sit down with you and talk it over. The crucial thing to remember is that you’ll have to pay it back eventually, whether or not the business works out.
If you’ve got a simple idea, you might not need to be put off by complicated methods of finding funding. Say you were launching a consultancy business: You could work from home, set up a simple website, and get networking. There doesn’t always need to be a big financial outlay, and as you being to bring money in you can reinvest it to help your business grow at a sustainable rate.
It’s not necessarily hard to launch and grow a successful business, but it does take a lot of work to keep it running. If you’ve managed it, you’re already kind of our idol. Do you fancy guiding other people through the process? Sign up today to become an Expert with HowNow. And if you’re just at the beginning of your journey, keep an eye out for some advice from our experts.