As the new year is well underway, with it comes a host of changes for entrepreneurs. New technology has given rise to a wealth of both challenges andopportunities in the business sector, and thiswill affect aspiring business owners across the globe.
Have you decided you want to take the plunge and start your business this year? It’s a big step. And unless you already have a sizeable fortune lying around, you’ll need to get ahold of some capital. That can be a daunting task for entrepreneurs, but don’t worry, there are many ways to raise money for your venture. Some of them are classic, and some of them are new.
More traditional routes call for “bootstrapping” methods like self-funding, because, of course, you’ll want to put your heart and soul into your business. While many people put up their entire life savings, it’s not only wise but usually quite necessary to invest at least some of your capital into your venture.
However, it’s highly unlikely that you’ll be able to foot the bill entirelyby yourself.That’s why Many new businesses start with loans from a financial institution to get a piece of their capital, and it’s reasonable to expect you may also have to do this. If you’re going this route, be sure to choose a credit union over a bank, as they are generally more community-oriented and offer better rates.
What if you don’t want to borrow from an institution? Even if you’re willing to take on this responsibility, you should minimize your debt as much as possible. That’s where new technology comes into play. We’re more connected than ever, and new crowdfunding platforms pop up all over the net all the time. You’ve already heard of GoFundMe and Kickstarter, and these are good places to start.
However, you should be aware that there are also platforms that exist specifically for entrepreneurs. Try out PeerBackers, which helps raise money for innovative business ideas across the globe, or Crowdcube, which puts an entire community of interested parties at your fingertips.
We all know about the potentially business-saving heroes known as angel investors, but how can you get into contact with them? In the past, it took a lot of searching and connections. Now, all it takes is the click of a mouse. Choose a website like Funded to get into contact with potential angel investors and watch your capital come to you.
In 2019, it’s easier than ever before to fund your start-up. The sheer combination of crowdfunding sites allows you to raise money through friends, family and even complete strangers quickly and at little to no cost to you. So, why are you waiting? Put yourself out there and start making your business dream a reality today.