4 great ways to finance your startup
DESCRIPTION
Realizing a great idea can often mean to build a startup. However, without a capital, there won’t be a startup. So read here about four ways in which you can finance your startup…TRANSCRIPT
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4 Great Ways To Finance
Your Startup
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FREELANCER TIPS
27.10.2014 [email protected] © freelancermap.com
Building a Startup
Startups have been on the rise for quite some time now and many begin to argue that the market is oversaturated. However, this is far from true. If you have a great idea, plus the motivation and the ability to pull through, your startup might be one of the next success stories. Before the inception of a new business, there is one major thing to consider. How do I get my idea financed? Well, answering this question is rarely easy, but this article will help you with some ideas that you might not have considered. Here are our four simple tips on financing your startup company.
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1) Crowdfunding
Crowdfunding – we had an article about it just last week, but it simply cannot be stressed enough how many possibilities it offers. Sites like Kickstarter and Indiegogo do a lot of things for you at once. They help you test out your idea, get feedback from the community and might even net you in potential investors and customers. Here’s the link to the previous article where crowdfunding and its benefits are explained in detail: http://www.freelancermap.com/freelancer-tips/8124-top-5-reasons-for-crowdfunding-as-a-freelancer
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2) Contests
Our next suggestion might sound a bit unusual, but contests can really be worth your time if your business idea stands out with its originality. A lot of big companies like Amazon, Google and others run yearly contests with hundreds of thousands in prize money. Many of them have a specific niche or a message they are trying to deliver through the projects they finance, so you will have to do a little digging in order to find the contests that actually suit your business idea. But it definitely is something to consider and even if you don’t win, you might get some exposure which will ideally lead to getting your business financed in some other way.
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3) Angel Investors
Angel investors are definitely another thing to look out for. Angel investors are people who are willing to invest their own funds for an idea that they find promising, in exchange for owning a part of your company in the long run. Angel investors have helped a lot of very prominent companies start out, such as Google, Yahoo and Costco. Generally, angel investors will also provide a lot of strategic insight, helping you make educated decisions and serving as a partner in your undertaking.
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4) Bank Loan
A bank loan is the classic way to go when you consider financing a small business. Your best bet is probably contacting a local community bank or a credit union. They will have a couple advantages. First of all, they have knowledge about the local business and market, and will have a good understanding of what it will take to succeed. Furthermore, banks tend to be quite picky about who they give out loans to, but this is a good thing, since they will only take up your idea if they think it is financially viable and will help you refine it.
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4) Bank Loan (cont‘d)
The most important thing when taking a loan is to know exactly how much funds you are going to need and how exactly you plan to use it. Make sure you are perfectly aware of what you’re getting yourself into and consider consulting an independent lawyer to review the loan conditions.
To sum it all up, there are a lot of viable ways to fund a startup business. If you have the idea, don’t hesitate to try pitching it through to various channels and people.
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