We’ve all sat at work and dreamt of the day we can leave for a more flexible venture. It doesn’t even matter if you love the job that you’re in – if you’re nine until five and are working under someone else, then chances are some days you’re going to get sick of the same old routine, and having to answer to the same person. Everybody has those days!
It might even be the case that you’ve always dreamt of working for yourself, and starting your own business venture. It could even be that you’ve started setting the wheels in motion, but you’ve come across one big obstacle along the way – funding.
It takes a lot to be a successful entrepreneur. First things first you need an idea, a business plan, a marketing campaign and to keep close track of your finances. But before you can do any of that, you need the funding to make it happen.
If you’ve found yourself in this predicament or are simply just putting feelers out there at current, then listen up, because today we’re going to be sharing our top tips that will help you to fund your small business.
Business Loans and Grants
One of the most popular methods of funding start ups is without doubt, applying for small business loans. In order to do this, you’ll have to contact your bank or financial institution and go through the application process in order to see whether or not you’ll be granted the loan. Of course with this method of funding, you’ll be required to pay it back in time and they are likely to conduct a full credit check on you too.
Another great way acquiring funding for your business, is by applying for a business grant from the government – and there are quite literally thousands of different types available out there. You’ll still have to go through an application process to see whether or not you’re eligible, but if you’re struggling in the financial department then a business grant could be just what you need to get your idea off the ground. These grants have helped so many people over the years, so why not apply? You could be next.
Loan from a Family Member
If you’re not a fan of the sound of going to the bank or a financial institution for help, why not go to the bank of Mum and Dad and instead, take out a family loan?
Now, when this works, it works. If your parents, grandparents or another family member have the money to loan you and you know you’ll be able to pay it back in due course, then there’s no harm done. However, money lending has been the cause of many, sometimes irreparable, family rifts.
If you borrow a large amount which you then aren’t able topay back, then you put your family member in a very difficult position, and it could cause a lot of tension among you. Our advice would be only to do this if you know it’s perfectly viable. Otherwise, leave your loved ones out of it.
Start While You’re Still Employed
If you don’t want to ask for money or take out a loan, and therefore would rather be entirely self-dependant, then you could start up your business while you’re still employed at your current job.
We can’t lie to you, this option includes a lot of work, but if you can pull it off, it’s well worth it in the long run.
So many people leave their current jobs to start a business, without figuring out the logistics. Really, if they’d just hung on at their nine ‘til five that little bit longer, they’d have been able to save and fund their business on their own terms. This way you pay for it out of your own pocket, and don’t owe a dime to anybody else. Sometimes it’s worth it for the peace of mind.
Crowdfunding
Last of all, we come to Crowdfunding.
Now you might be surprised to see this as a viable option for businesses, but Crowdfunding is no longer used for charity only!
Crowdfunding actually gives you a chance to share your story, and what you’re trying to achieve with your friends, family and acquaintances. Furthermore, it enables them to donate what they feel is appropriate for them to donate on their own time. No awkwardly asking people directly, simply sharing your goals and allowing people to support if they wish to.
On top of Crowdfunding, you could also look into setting up fundraising events and so on. The options are endless.
