You’ve got the product. You’ve got the expertise. You’ve got the brand. Now all you need to take your business to the next step is to capture a sufficient amount of capital quickly and easily.
When it comes to attaining enough capital to help grow your brand, there’s good news and bad news. First, the good news is that startup funding has reached the highest level since the year 2000 when the United States stock market was in a dot-com bubble. Second, the bad news is that only one-third of small businesses can garner funding from traditional financial lenders.
Indeed, businesses can seek out venture capitalists and angel investors to receive additional capital, but when a company needs money fast and in an uncomplicated process it can be very difficult. With that being said, the Internet of today has allowed businesses to take advantage of alternative funding tools.
Are you a business that needs capital right now? Here are five ways to grow your business capital quickly and easily:
From authors to philanthropists, from motion picture directors to inventors, everyone is utilizing the power of crowdfunding to generate money to help proceed to the next level. If you think your business has a great product and an opportunity to become incredibly successful, then you should consider crowdfunding. There are many platforms at your disposal, including the most popular: GoFundMe and Kickstarter.
2. Business Cash Advance
Your financial institution has rejected your loan application. What should you do now? If you need capital now and you want easy payback terms then think about applying for a business cash advance, or a merchant cash advance. This financial instrument works like this: a financial services firm provides a small business with a lump sum payment in exchange for future receivables. For instance, a merchant cash advance company gives a company $50,000, and the business cash advance firm takes 10 percent of future credit and debit card sales.
3. P2P Lending
Do you want to work on a personal level? Perhaps peer-to-peer lending is for you. With so many websites around, members of the general public will give you a certain amount of business funding with an interest rate. It works very similar to a bank, except it’s done online and with strangers from around the world. Some websites include Prosper and Lending Club.
It takes a lot of temerity to hustle. When you own a business, you have to do a lot of it. Moving forward, you have to hustle in various ways to keep your business afloat and growing. Here are a few ways:
- Cold email various CEOs to find out if they’re interested in investing in your company.
- Contact bloggers and reporters to find out if they’re interested in writing a news piece on your business, or to use any employees as experts for quotes.
- Always be available to your customers’ inquiries, requests and feedback.
- Regularly encourage your clients to post reviews on Yelp and social media
5. Strategic Partner(s)
A strategic partner has the financial resources, and know-how, to help cultivate your company. They not only provide up-front cash for a stake in the company, but will also likely be mentors, teachers and experienced businessmen that can hone in on what’s wrong with the business and expand upon what you’re doing right.
It’s no secret that U.S. corporations are sitting on an incredible pile of money. They’re just waiting to dive into the next big venture, or acquire the next Facebook, Google, Twitter, Snapchat and so on. Although your business’s initial objective shouldn’t be to be bought out by a search engine, if you work hard enough it’s possible you can generate enough profit that you will turn heads.