Some entrepreneurs try to fund their great ideas using their small pockets. I have tried this once and it did not go down well with my wife. Her main argument was you cannot use household income for your risky business ventures. She won this argument as I actually figured out myself, the business idea I had could not be easily be financed from our pockets without missing important bills. Entrepreneurs can use this kind of funding only if they have big pockets or if their idea requires a small amount of funding.
Below am going to outline 5 easy ways entrepreneurs can easily fund their great ideas or projects
5) Get a Bank loan
If an entrepreneur has very good credit history and some assets to use as security for the loan then a bank loan with low interest rate can be a very easy way to finance your project. The downside to a bank loan is the bank expects you to pay back the loan on time regardless of you making a profit or a loss. If you fail to make payments they will start coming for your assets.
4) Start a crowd funding campaign
More and more entrepreneurs are now successfully using crowd funding to finance their ideas or projects. Some start-ups are even raising millions of pounds for their projects using this way. The great thing about this kind of funding is if your business fails, you don’t owe anyone anything. You are also legally not answerable to anyone after receiving these funds. There are some great sites like Bclique, where you can easily start your crowd funding campaign for your idea or project. The most beautiful thing is It’s free to join and start your campaign.
3) Seek Angel investors
It seems we have a lot more millionaires these days as compared to long time ago. This explains why we now have loads of angel investors willing to easily invest their cash into your start up. You can easily meet angel investors in business seminars being conducted by loads of organisations this days or even online on sites like Bclique.
2) Get a business grant from the government
Most governments support entrepreneurs by giving them business grants to start their projects. The decision for you to get the grant is mainly based on your business idea and your business plan. Unlike a bank loan where decision is based on your credit rating. You can easily check with your local authority on what grants are available to entrepreneurs in your country. Keep in mind you need a great business plan to access this funding. Business mentors on Bclique can easily help you create a winning business plan.
1) Join a start-up Incubator or Accelerator
There is quite a lot of these organisations these days. They are often associated with major universities, community development organisations and large companies. These incubators can be great for those with brilliant ideas. Some even offer start-ups seed capital and most help required to get started.
With all the funding options available these days no entrepreneur should be giving excuses for failing to kick start their project off the ground and live their dream.
Written By : Brown Sugar (Bclique Business Mentor )