How many starts up entrepreneurs have you meet? how many told you they have had issues with actually launching their businesses because they can’t seem to get funding for it? A lot, right? Maybe you are even in the same shoes right now and you are still waiting on that bank to grant you a loan or an angel investor to come round.
We have good news for you today because the only way to raise funds for a business is not to get an investor or get a loan from a bank, but numerous. If you don’t believe us yet, read on and by the end of this post, you would be more than glad that you have taken this piece of advice.
Before we go on, we should probably tell you that some things are needed to get the best funding sources for your business and these include but are not limited to a great business idea/ existing business, good business skills, understanding of the business, credibility, and collateral, to mention but a few.
Now to the business of the day-
· Get a loan from your existing retirement plan
· Sell some of the shares you hold in a company
· Get loans from religious associations that you are affiliated to
· Manage a fan club for a celeb and raise funds
· Settle for some online business to raise funds
· If you are in the agricultural sector in Nigeria, bodies like FADAMA are ready to lend to you.
· You can start as a consultant ii nth industry you want to invest in and make some money first (plus even gain on-field experience)
· Obtain credit from your suppliers
· Do you have a hobby? Consider monetizing it
· Launch a fundraising event in your area
· Talk to equity financing institutions
· Get money from your friends and family
· Use NGOs and non-profits to your advantage
· Go to money lenders and ask for some money
· Become a member of a co-operative society which would be more than willing to fund you.
· Sell some of your valuable assets
· Borrow from your life insurance plan
· Talk to a financial expert to weigh your options
· Apply to get a government loan
· Apply for grants from the government
· Use crowdfunding sites to your advantage (Kick starter, Go-go Funding, etc.)
· Get a franchise loan
· Establish your business as a joint venture to reduce the burden of capital on you.
· Sign up a partner that has cash into your business.
· Go to angel investors
· You might want to refinance either of your home or equipment to raise some money too
· Persuade your clients to pay before delivery to increase the cash and capital at hand
· Sell a private placement in your business to a willing investor
· Get the services of a money finder
· Enter competitions for business plans. The prize money could really help.
· Get a license for your business idea
· Try online loan websites (such a KIVA)
· Start an investment club and finance your business with the deposits
· Join professional societies and associations pertaining to your business
· Sell your business idea.
· Obtain government tax incentives
· Sell shares from your business to your customers
· Increase the price at which your products are being sold, but reasonably
· Consider a merger option
· Consider the use of export financing options.