When it comes to running your own small business, start up costs can put you right back in the ground. So you turn to the bank and lenders, and realise you’ll never be able to make back what they’re asking for in monthly payments in a select time frame. A new business has a lot of risks to it, but it’s definitely rewarding when you get your first sales and realise that you have something good going for yourself and your business partners. So where should you turn when you need some funding? There’s plenty of places to try when the usual unreliable methods don’t work out for you; here’s a few ideas.
There’s a lot of smaller details involved in helping you get your funds that a lot of people don’t consider. Reputation and sales tactics are everything!
Customising a Loan
Go online and research what loans there are out there. Come across a personal loan and voila, you’ve found a gold mine. This is done on your own time and therefore no one can charge you for the time it took to explore your options. That’s the first place you save some money!
Finances seem set in stone a lot of the time, and customising a loan doesn’t sound like something you can do. However, it’s a great move for up and coming businesses to get the capital they need on an interest rate they know they can pay back, and is quite the solution to any cash flow problems.
Try looking up customisation options for your finances. Working with someone like Swift corporation, the strength of your business is your backfall and funding source all in one. If you have something good going on, then take it to the extreme and build yourself your own loan with services who know what you’re about.
Offering Up a Good Sale
A sale is a gift that keeps on giving, and similarly, is a funding source that always has its own quirks. If you have a store, and your revenue seems a little down for the month, or you just need some quick cash, put a sale on. Display it large and prominently in windows and on your business site if you have one, and watch as customers begin to pour in.
Human beings love a bargain, especially in a culture where money is at the forefront of everyone’s minds. Even if people aren’t really interested in your products, the idea of the sale will still attract them. Get them in your store and use your customer service skills to the extreme, or even be willing to haggle.
Whilst you may be lowering your prices for a little while, you’re more likely to bring in custom on a larger scale and shift a lot of stock. This leads to more and more inventory, and renewing your stocks when in retail is a great sign.
Crowdfunding
We’ve all seen those gimmicky products on Facebook adverts and the TV that have the kickstarter seal of approval. Well follow in this vein with your business needs. The internet is there to be helpful after all!
If you have a gig you truly believe in, or something that seems a little new for the gap in the market, start a crowdfunding campaign and get everyone you know to pledge a little money. Be vocal about your business plans on social media, and create a whole page simply for those needs. Get it linked everywhere you know it will be relevant, and you have your own brand of internet marketing. A lot of people advertise like this without realising! Word of mouth still works well online, and even reaches a much larger audience.
Family and friends are wonderful for this kind of crowd sourcing. Using those closest to you for finance often means there won’t be a hefty bill attached at the end. If you feel bad about this consideration, only go to your family when you know there isn’t any risk to your business, or offer them stocks in your own business. Turning it into a bona fide business deal, which it is, makes it feel a lot more legitimate.
Funding sources can seem untrustworthy if they don’t have a history behind them, but truth be told, there usually isn’t anything untoward about using an alternative platform. Banks let us down, and government grants are hard to get a hold of, so getting used to newer methods is the best move for your business.
