If you have an established business that you want to grow, or you are just getting started, finding the money to fund your venture is often a challenge. No matter what type of business you own, whether it is selling a certain product or providing a service, identifying some strategies to bring in more funds will help you grow. Here are some ways you can fuel your business with funds.
Crowdfunding is an excellent option for startups. If you have a great idea but don’t know how it will go over with the public, you can start a crowdfunding campaign to see how much your potential customers are willing to give. This is one of the fastest ways to attract investors and raise a large amount of money in a short time.
Get Into the Stock Market
With a small business, income is extremely important, but it just might take a little more creativity to make the income you need to keep going. Learning how to make money on the stock market for your business is a little different than how it works for an individual. However, it is something that is worth looking into.
There are several options if you want to increase your businesses income stream through investing. Day trading is a strategy that can bring in significant returns, or you can invest in an index fund with groups of stocks if you want something less risky.
Apply for Microloans
A microloan is different from a traditional loan because it is usually a smaller amount than a traditional loan. The amounts of the loan are often so small that regular banks don’t bother with them. These are often used for purchasing equipment or supplies, or as working capital.
There are lenders across the country that work with the SBA to provide microloans of up to $50,000 to small businesses. Although they often charger a slightly higher interest rate, there is less documentation, and they have a more flexible underwriting process.
Use Social Media
Social media continues to grow and change. You can successfully raise funds for your business through several social media platforms all at the same time to capture different audiences. Use your connections on LinkedIn to introduce yourself and your business and to find potential customers and investors. You can also use Facebook, Instagram, and Twitter to get you and your business name out there.
Obtain Credit From Vendors
Vendor credit is one of the most popular alternatives to small-business loans. This type of solution is when a business purchases products or services from one or more of their vendors and defers the payments until a later date. This is called a net-30 account, and it extends the business owner 30 days to pay the bill in full after purchasing the product or service.
You can use anything from the stock market to your vendors and social media to start or grow your business. The key is to find what works for you and what works for your business.