Every business needs help from time to time, and in today’s unstable market, small businesses are more vulnerable than ever. Outside small business funding is becoming a necessity, and because of the current market, it can be hard to find. Start-up companies are having an especially hard time, as very few in the industry will deal with start-ups and their issues. Below are a few tips to help make your search for small business funding easier.
First off, you need to consider your niche and who you are. There are plenty of funding sources available for women, minorities, single mothers, etc. While many frown at the idea of government funding, it is a good idea, especially if you fit into a certain niche group that the government is targeting. Grants are also an option, and many of these are based off a demographic or niche set-up, as well. While they are a great source, they can be hard to obtain.
Google around for grant and funding contests. Amazon holds on every so often, as do banks. Be sure that what you are entering is legitimate, as scams are everywhere. MIT also offers up funds every year, but the competition is stiff.
One of the newest ways to fund a start-up is crowdfunding. Kickstarter and GoFundMe are two of the biggest, and two that get the most social media awareness. In today’s social media-driven world, “sharing” crowdfunding posts can get your business the right attention – and the right funding. Kickstarter is also a good way to give something back to those who give funds to you. You can set a price point, and at that price point the donator will receive something. It doesn’t have to be much, but it should be something that represents your company. If you sell candles, make the product a small candle or tart. If you are a musician, sign CDs and give signed drumsticks. It doesn’t have to be complicated for you to be successful, and many have been successful by using crowdfunding as their loan source.
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