Banks are increasingly slamming their doors on risky small business investments and with the economic instability the way it is, you have to get creative to launch your small business online. Most banks are still rolling out news that they are the best support for small businesses everywhere – whether on the high street or e-commerce. The thing is, there is so much small print, you can guarantee that the hoops you would have to jump through to secure funding can often be too big to bother with.
It’s for this reason that creativity has to come into play! If you don’t have the best credit rating or the biggest amount of collateral, you need to think outside the box with regards to your funding. You won’t be able to get a secured business loan tied to your house if you are low on trust with your credit rating, that’s a given. However, there are other ways you can get there!
- Crowdfund. You don’t have to tap into friends and family to manage this one if you want to avoid asking. There are business angel websites that allow other independent businesspeople to invest in you and your idea. Putting yourself online and trying to drum up funding may not be the easiest option, but it is one that is available to you.
- Start-Up Accelerators. There are some exciting companies out there such as these that can nurture and support your business with education as well as funding. As a business that’s new to the market, the education you would receive could be invaluable to your organisation, so it’s a wonderful option and you get so much more than just funding!
- Quick Loans. There are plenty of companies out there – which you can click here to see – that offer small loans. So, while this may not fund your entire business idea, it can go a long way to getting you the boost you need. Looking into small funding to start with could end up keeping your costs down in the long run!
- Business 2 Business Finance. There are some companies out there that invest and finance other companies in the same industry that could be of interest to them. Places like Amazon and PayPal lend to small companies, and it’s a trend that is growing fast. It’s worth looking into for funding for your business if you have run out of ideas.
- Bank Of Mum & Dad. If you don’t need a huge amount of funding to get you going, then why not see if you can ask your parents to back your business? Increasingly, small businesses are starting out online from the spare bedroom of the house, and you should be able to borrow what you need without having to branch too far out. Parents invest in us from the moment we are born – what’s one more time?
Financing your business takes some time and research, and there may well be schemes in your area to get you off the ground. Get as much help and information as you possibly can so that you can get the best for your new company!