While planning, managing and executing a proper business plan is hard work, actually finding money for running your business is an entirely other headache. It’s the number one problem for small businesses in growth, and it’s often the one thing that’s stopping us from growing at a phenomenal rate.
Here are a handful of great ways to find the kind of funding you need for your business. Some of them will help you out a bit quicker than the others, but they all come with their ups and downs. Spend some time considering what’s actually best for your particular company, and you’ll be much better off in the future.
#1 Try bootstrapping
The slow and steady way of bootstrapping has proved to be a success for many small businesses. While it won’t get you where you’d like to be very quickly, it will limit the debt you accumulate - and when you have saved up the money you need, your business can finally take off like a rocket.
You’ll have no debt, no investors to answer to, only your business and the hard-earned money you managed to save up.
It’s a favourite way of raising funding to those who have a bit of time to spare. Not all businesses have this, however, and it’s particularly difficult to bootstrap if you already have a bit of debt you need to pay off.
#2 Find the right investors
That’s why so many small businesses turn to investors when they’re in need of cash to grow a bit faster. Investors can really help you out a lot as you’ll be able to make use of their gigantic network and vast knowledge about the industry you’re in - but you need to convince them first.
Start by preparing as much as possible. Get the kind of numbers you’re proved to show off, get a company such as www.gnet.ie to help you out by bringing your product to life and make sure that you have a solid plan for how their money will help you grow. Why should they even bother to invest in your company, and what’s in it for them?
All of this should be taken care of first if you want the right kind of investor to join your team.
Another popular way of raising money for your business is through crowdfunding. Just like when you’re approaching an individual investor, you need to have a proper business plan laid out before you even think about putting it up on www.kickstarter.com, though.
Consider asking around your own network as well in case some of your friends and family would like to join in. Just remember that you shouldn’t just believe in your product before asking family members to come onboard - you should be absolutely convinced that it’s going to succeed.