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Gathering the capital needed to start or grow a small business can seem daunting, particularly if the traditional means are not an option. There are creative methods to raise capital for a small business. Here are four ideas to get started:
Crowdfunding
Crowdfunding is one of the more popular ways to creatively raise funds for personal or business use. The process is fairly straightforward and allows the participant to use the online platform to express a need for start up funds. Some crowdfunding platforms allow the participant to offer something in exchange for funds such as services or products. Crowdfunding works best if it is shared with others that know the business through social media. Using an email mailing list is also a good way to get the word out that the business is crowdfunding.
Auction
If the business is one that provides products or services having an auction to raise capital is often effective. This might mean that you send out a mass email to customers letting them know the business will be auctioning off an item or a service package to the highest bidder. This option allows the business owner to be creative in the package that is put together. They might even contact suppliers or providers to ask for donations for the auction.
Raffle
Depending on the location of the business, a raffle could be useful in raising capital. Choose a product or service package to raffle off. The participants could buy raffle tickets online, by mail or at local area shops. Gathering good baskets or items to raffle is the first step in the process. Making sure that the raffle item is something that is wanted or needed is the key to drawing in a number of participants. These items do not have to be relative to the business demographic, but it is helpful to tie the business name into the raffle for future advertising. It is possible to get sports professionals, major restaurants, and retailers or even well-known service companies to donate their products/services to the raffle because it is good business advertising for them as well.
Investors
Even a small business can reach out to potential investors and find interest. Depending on the business model and the business plan, finding an investor could work well for your start-up or growth plan. Offering investors the chance to make a decent return on their investment is essential. Having a solid business plan is the key to successfully bringing investors to the table. Investors can be a good way to get the money that you need for your business and promote the products or services that you offer. It may be worth the time to consider family and friends as silent investors in the business. They can often help get word of mouth about the business out to others and increase the possibility of more income in the long run.
Locating money for a small business can be done without the traditional resources such as banks loans and credit cards. Use what the business offers in order to get the most financing possible. Using alternative methods of rounding up capital also ensures that the business doesn’t have a major debt to pay back raising the overhead of the business. Take the time to understand what the business has to offer of value to others and this can open up the possibilities for raising capital when needed. It can also provide you with a solid picture of the road the business should take in the future allowing for financial planning for the business.
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