Starting Your Own Business: Five Tips For Funding Your New Venture

starting your own businessOne of the most exciting times in your career can come when you open your own business and get started building your clientele within your community.

As your company starts to grow, however, it can become pretty clear sometimes that while your ideas may be solid, the world of financial advisers can be tough to win over until you have established a pattern of results. It is often while getting out and performing so that you can achieve those results that you start to realize that you can actually grow your company by utilizing other funding methods as well.

With that in mind, here are some tips for funding your business:

Go online to promote your new product or company technology:

If you have a unique product or service idea, there are a lot of different sites like Kickstarter that allow you to setup campaigns to get funding to launch your product. You can even choose to license your technology to raise funds at sites like Imaginot. The key is to have a unique and creative concept and to know how to promote it.

Launch your own crowdfunder:

For every successful Kickstarter campaign, there are many that do not meet their criteria for inclusion. Which gives you the option of using open source software that is available on the internet to put your own site up and start asking for funding. It makes sense because with all crowdfunded sites, there is a strong element of approaching your family and friends with the idea to see if they will support your idea. By launching your own site, you will merely be doing the same thing you would be doing to promote your idea on a crowdfunding site in a private atmosphere.

Use payday loans:

If you have a second job and are just getting started with your own company, there are often startup costs that make cash flow tight at certain times during the month. Absent a large credit line, it is always easier to look at options like a payday loan from a provider like Power Finance, for example. Each payday loan allows you to retrieve your expected paycheck in advance and then pay it off a short time later with your real paycheck.

Go the Grant Route:

Although there can be a lot of paperwork, if you are looking for funding to open a location or create a manufacturing base with new equipment, it is always an option for you to apply for a loan or a grant through one of the federal or state programs designed to help businesses get started. The Small Business Administration provides a lot of assistance in getting started in this regard.

Sell Receivables:

One of the newest forms of finance for companies that are doing business regularly with the same set of customers is to look at getting a loan against the money that is owed to you on an invoice from a solid customer. There are sometimes restrictions, but it can be a very good way of keeping operations going and making payroll when things are tight.

The main thing to remember as you move forward is that whichever way that you choose to fund your business, a solid history of paying bills and receiving money will build up over time, making it easier to seek a traditional line of credit within a short space of time.

About the Author

Rianne Hunter is from Southern California. She is a mother of three who loves spending time with her family, and who is interested in all things business, cooking, and blogging.

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