Finance Resources for your Business
Most small business owners go into business because they are passionate about an area or have special skills. Not many people who own their own business look forward to the financial burden that comes with it. When you are stressed financially, it takes a personal toll and can exaggerate any problems within your business.
Avoid the stress and explore these financial resources available for small business owners like yourself.
If your product is unique and inspires people…
Get the word out through crowd sourcing. Sites like Kickstarter and Indiegogo allow your best friends and complete strangers to donate varying amounts to your business campaign. Unlike a traditional loan, this method does not need to be repaid, but it also doesn’t give you a guaranteed amount. Some sites require you to raise the entire goal amount before you are allowed to withdraw, so make sure you read any fine print before exploring this option.
If your small business does scientific research and development…
See if you qualify for a research grant. If you meet the federal guidelines and have a high potential for commercialization, explore your options through government agencies like the U.S. Department of Agriculture, U.S. Department of Education, National Science Foundation and more.
If you need funds quickly…
Online lending is on the rise and a great option for those who need loans quickly. Traditional loans can take up to a week or more, whereas most online financing companies or online lenders, like The Business Backer or Headway Capital Business Loans, can get you the funds you need in as little as 48 hours. Many online lenders are also accessible on-the-go through your mobile device.
If you have a finalized product but need funds elsewhere…
Consider product pre-sales to generate early revenue for your business. It may seem like you’re getting ahead of yourself, but the practice is very common in the tech community (have you ever tried a “beta” version of a product for free?). If your product is successful, it will generate buzz. And if the customer perspective exposes flaws, you’ll have time to correct them before launching the business at full scale.
If you’ve already established your business…
Explore a venture capital investment. Venture capitalists usually specialize in a certain industry, so their insight is just as valuable as their monetary investment. However, venture capitalists will want a projection of when they will receive their return. If you choose this route, make sure you are on a steady path for growth and are completely confident in your five-year plan.
If you’re confident in your finances, but just want to learn more…
Choose a resource that pairs well with your learning-style. There are ample free resources available to you across the web. Subscribe to a small business finance blog, listen to a finance podcast, watch a video or enroll in an online course.
