Ways to Get Startup Funding for Your Business.

we’re gonna show you a few different ways you can find funding.

I’m Vara prasad chowdary. Let’s get started. There are traditional resources, so think a personal savings account or leveraging equity from assets, but that’s really not that common. And then you have government grants or small business loans, but you would have had to been in business for one to two years and more established.

Right, so maybe that money, like a government grant, isn’t good for launching your business, but it’s gonna be great for growth. Let’s talk about alternative ways to find funding. You can ask for donations from your friends and family. But it’s a good idea to set up a separate bank account for that and just remind them that it’s not tax-deductible. You could also get a personal loan from someone you know. Just remember you need to make it legal, so document how much you need, what you plan to do with it, and how you’ll repay it.

Then there’s equity fundraising where you can sell shares or ownership in your company. And even though you’re private, if you’re selling shares, you’re gonna have to make sure that you’re SEC-compliant, so make sure you consult an attorney. You could also look into a personal loan from a bank. These can range anywhere from two grand to 35 grand. They probably have some closing costs and interest associated with them, and you’re probably gonna need a good credit score, but it’s another option for you.

Alternative crowd funding sites.

Then there are crowd funding sites like Kickstarter or Indiegogo that let you set up a campaign to let people know what you need money for and they can donate to you. You can also use micro-lenders. Now these are loans, not issued by a bank or credit union, but rather a single individual or group of individuals who all contribute to the total amount. Yeah, there’s so many ways that you can find funding out there.

Tags:

We will be happy to hear your thoughts

      Leave a reply

      Winkcoupons
      Logo