The road to entrepreneurship isn’t easy. Finding money to build a business is tough.
How can you be an entrepreneur without money? Here are a few suggestions.
Have a Business Plan
Before you can approach potential investors, you’ll need to have a business plan. A good plan may not be fully realized, but it can show that you’ve considered the competition, your marketing strategy, your customer and the industry. Part of your business plan should discuss finances and investors. What will your investors get for investing? Will they be partners? Co-founders? Silent partners?
Where to Find Money
Being serious about your business can help you find funding. You can leverage these options to get financing:
- Talk to family and friends for investments, loans or donations
- Look for small business grants (which can be difficult to find, but it pays to look)
- Crowdfunding can be an option and can hep you get feedback on your product or service and build brand awareness
- Angel investors look for companies in the early stages. You’ll give up equity, but you’ll get connections and expertise that can help you grow quickly.
- Venture capital firms are similar to angel investors. You’ll need a solid plan and show high-returns on their investment.
- Get a microloan, the SBA offers microloans to new businesses, but microlenders and nonprofit lenders could also be an option.
- Use your credit card for a small loan. Make sure you’re confident that you can pay the balance and not take a hit on your personal credit score.
- Keep your budget lean and fund it as you can. You’ll keep all the equity, but you’ll gain the rewards as your business becomes profitable.
Contact Avery James for financing options to take an entrepreneurship path. We can help you find the funding to take your ideas to the next level.