Looking for small business funding opportunities?
One of the biggest challenges small businesses face is not being able to grow due to the lack of funding. A study reports that 27% of businesses surveyed by NSBA (National Small Business Association) claimed that they weren’t able to receive the funding needed. 1-in-4 businesses stated that due to the lack of funding, they weren’t able to grow and expand their businesses. This impacts their business in a negative manner often times leading to cutting costs and laying off employees. (In need of small business funding opportunities? Click here and learn about our financing solutions)
In this post, you will discover 6 creative ways that open doors to different small business funding opportunities that will allow you to hire and build a strong team to help grow your business. This will help create balance between strengths and weaknesses inside your business. At the same time, you’ll finally be able to invest in advertising to speed up growth. If resources are currently limited, then the key is to become more resourceful.
6 Ways To Open Doors To Small Business Funding Opportunities
You can use your available resources to help move your business forward. If you have some money saved, you can use that to help grow and expand your business. These days, you really don’t need a lot of money upfront to create progress. By investing as little as $5/day on Facebook Advertising, you can slowly but surely start growing a solid email list and following. This will help spread awareness and build your brand. You will also start noticing some results each day. You can then slowly scale up your advertising budget increasing your reach in the process.
Why Facebook? They have 1.7 billion active users. Instagram, which is owned by Facebook, has 500 million users. That’s a huge pool of opportunities. In addition, Facebook Advertising is currently the most powerful advertising platform available today. Imagine being able to literally laser target your prospects and/or customers to the smallest detail. You’ll know what age, gender, country, region or placement device people are using and you can use that data to literally squeeze out the ROI from your campaign. There’s nothing more powerful and sophisticated than the Facebook Ads platform.
It’s actually best to start small so that you learn the ropes, see what works and what doesn’t. Overall, it’s something that you literally must not overlook. All it takes is $5/day. As each day passes, you’ll start noticing your followers/customers and income start growing.
Bottom line, you don’t need a lot of money to create an impact in your business using Facebook. A little sacrifice during the early stages is vital for your business. Eventually, you’ll be able to build a team of professionals to help you out with all this. In the meantime, you have to do whatever it takes to keep your dream alive and kicking.
We offer creative small business funding opportunities. Click here to learn more.
2.) Family & Friends
If you are able to come up with a creative solution on how your family & friends can help you, that would be great! The best people to ask help from are the people who already trust and care about your well-being. If you have a solid plan and vision, they could become major contributors and create an impact for your business. This is the perfect backup plan if you don’t have any other small business funding opportunities available.
Just make absolutely sure that if you make a promise, you will deliver on it. The worst thing that anyone can do is ruin the trust in a relationship. This is definitely a lot more delicate because the people involved are close to you so always keep in mind to deliver on your promises. If you’re able to do so, there’s no doubt in the world in the future that they’d be willing to give you a helping hand.
3.) Banks & Lenders
This one is a little bit tougher. There are a lot of different factors that would determine if you get approved or not. It’s still worth a try. You never know unless you give it a go, right? There are also several programs out there where you can try out. With some research, you may be able to find lenders that offer low interest and fees. Just make absolutely sure that whatever it is you’re getting your business into, you know exactly what it is. Don’t take blind action. Stay on top of things so that you can keep your records straight and in good standing.
A few important points that banks and lenders will look at is if you have assets , financial reserves or personal collateral to endure the constantly evolving marketplace and still be able to pay off your loan. You’ll also need to prove that you have sufficient cash flow. Lastly, you’ll need to show a proven track record of previous success or profitability in a similar business venture. Having good credit is also key to this process.
This method is one of the most popular small business funding opportunities available today. More and more businesses are starting to successfully grow income from crowdfunding websites like KickStarter. If you have a really good product and/or service and you’re able to properly reward the people who support your project, there’s no doubt in the world that you’ll be able to hit your income goal.
This method does take some time and work. You’ll need to pull all strings in order to spread the word about your KickStarter campaign. Click here to see some examples of successful KickStarter campaigns.
The key to a successful campaign requires a lot of creativity. You need to come up with a way on how you can reward the people who contribute and support your project. The better the rewards, the more inclined and more people will get involved.
It’s important that as you’re running your crowdfunding project you are also actively communicating, connecting and building relationships on social media. That is the key to getting the “viral effect” and getting tons of people to support your project.
5.) Investment Companies
This is probably one of the most difficult and complex small business funding opportunity. There are a lot of requirements to meet and qualifications. You’d also have to sell your idea and be able to paint a strong and moving picture. I won’t get too deep into this since there’s a lot of pieces to this puzzle but if you have what it takes, having investment companies backing your business can be huge. It can literally change everything for your business in a very short time frame.
6.) Find A Business Partner
We all have our strengths and weaknesses. Finding a business partner can help balance it out. If you lack the resources to make things happen but you have the experience, knowledge and skills, then find someone who has the resources and could benefit from your expertise. That way, you’ll be able to build a long term mutually beneficial relationship.
By finding someone who can complement your skill set and create balance, you’ll be able to create a more effective and efficient working relationship. Each person has something unique and special to offer.
Conclusion: There are tons of different small business funding opportunities available.
The toughest phase is always at the beginning. Once you have the proper resources in place, it’s time to pick up the pace and start creating some momentum.