Unlocking Cash For Your New Business

fundraising for businessMany of us dream of being our own boss, choosing our own hours, and doing something that we’re truly passionate about. But for as many benefits as we can think of, there are as many fears. What if it’s not financially viable? Will I be able to make as much as my current line of work? Where do I find the cash to start up? It is important not to silence these questions but to identify the rational ones and answer them honestly. One of the most common concerns is how to source the funds that would actually launch the business. The old adage goes that, “you have to spend money to make money”. There is an element of truth in that when it comes to beginning a business. You need funds for campaign launches and events, but also for normal living costs and unexpected expenses. What may seem overwhelming at first though is doable if you approach it methodically. Many people have found ways to unlock access to cash and have put it towards doing what they love.

Sell Off Non-Essentials

Selling what you already own can range from the minor to the major. You may feel that your new business will no longer require a car, for example. Without the daily commute or if you are moving to city lodgings, public transport will be sufficient. Not to mention far cheaper! You may have old collections such as DVDs, records, or clothing that could bring in a few extra hundred. It may seem a small contribution to a large sum but this could cover the cost of business cards, for example, or invites to a launch. Equally, if you are beginning a new chapter in your life you may consider selling your home. Even if you owe more on the house than it is worth or never got round to those repairs, businesses like Sell My House can purchase without hassle. If you are serious about managing your finance then cutting ties with a property that is actually wasting money could be a positive step.

Start Small

If we are aiming towards a seemingly impossible sum, it can be tempting to only aim high with investors and support. We might approach the bank as our first port of call, for example. We might approach large local businesses or successful entrepreneurs. It is important not to overlook or shun the support offered by those closest to us, however. Many of our family and friends might believe in our idea or business plan. Several small investments might actually be easier to manage in the early days than one big cash injection. For a new business, they are also more realistic. Keep family and friends informed of your plans, and if they offer support, take it!

Funding Platforms

Sites like GoFundMe and Kickstarter have become more popular than ever. If you have a tangible goal and think that others might want to be a part of your business give it a try! Be honest about your goals, business plan, and likely return. Many people out there love to support new businesses even if there is unlikely to be a major return on their investment. This is especially true if your business plan is “ethical”, environmentally aware, or for the benefit of others.

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