Okay, you’re getting out raising funds for a business startup! This is an exciting moment for you and way to go. Are you nervous? Excited? Those are both two good emotions to have right now.
You may have to reach right out of the box here, with the economy being what it is in these crazy times. That’s also a good thing – the out of the box bit, like on the internet that offers you several options, gets your mind into ways of thinking you probably wouldn’t have before.
Selling used electronics
You could look at Sellbroke’s website where they buy the stuff you don’t need anymore, or even if not working properly. You can find out how they go about it and that could trigger a thing or two for you. They buy used laptops, Macbooks, iPads, phones, cameras, drones and probably a host of things you may not even have heard of.
They offer quick cash for all items sold and have excellent reviews on their site from people who have sold them stuff and readily will do so again. If your requirement is not much, you can easily arrange some handy cash by selling your old stuff. After all, keeping it stocked is not going to yield anything.
What about crowdfunding? This is a great way to go, and if you don’t have lots of contacts, friends and others who see what’s up on social media platforms, you can always use crowdfunding.com and other similar sites. This site compares the top online fundraising and crowdfunding platforms. You can put a profile on here and reach potential donors.
You could go all traditional and get a business loan. If you have the necessary referrals and collateral, this could be the way to go. Ever watched “Shark Tank”? Well, it’s exactly like that.
Point to remember – if you’re looking for a loan, be careful who you borrow from. If it’s someone not from a recognized financial center, you could have predators after you, and that’s really the last thing you want.
Friends and family could come to your assistance – but then again, they couldn’t! Get sound legal advice if you’re going to go this route. Also, ensure that you get a realistic buy-in. Are they excited for you, excited about the startup that you want to begin?
This is obviously the easiest route because, after all, you know these people. Then again, more friendships have been lost and family feuds begun because of this reason. Just ensure everyone is on the same page!
Is your business plan at the ready – and is it feasible? Does it have the potential to make money in the way that you think it will? Just because it’s friends and family doesn’t mean they will be prepared to overlook shortcomings. On the contrary, they will be more astute.
Incubators and accelerators
What about business incubators and accelerators? They are everywhere, especially near to colleges. These are part communal and part mentorship work centers. Your startup could start sizzling right here when you begin partnering with some great like-minded people.
Lastly, you could be eligible for a small business grant. The Small Business Administration sometimes offers grants to small businesses run by women, minorities, or veterans. If you fit into any of these categories, talk to the SBA and see what you can apply for. Just ensure you don’t end up having to pay them back. Read the small print!