Startups are a very rewarding, simple way to make millions and get rich. When a sparkling idea fumes up in your mind, just write it down on paper. Make an incredible business chart, monetary projections, and visualize how you can strike that billion-dollar market. Next, clarify your plan to investors and they fund you instantly.
Here is my list of the 6 most common sources of funding today:
1. Look for a bank loan or credit-card line of credit.
In common, this won’t turn out for a new startup except you have a good credit history or accessible resources that you are prepared to put at risk for security. You may discover that the Small Business Administration (SBA) can get you infusions of cash without normal backup necessities.
2. Deal equity or services for startup help.
This is most frequently called exchanging your abilities or somewhat you have for somewhat you needed. An example would be negotiating free office space by approving to support the computer systems for all the other office tenants. Or you may start selling your services online called freelancing and in return you will be funded.
3. Discuss an advance from a considered partner or customer.
Find a main customer, or a complimentary trade, which sees such worth in your plan that they are willing to give you an advance on royalty expenses to fulfill your development.
4. Apply to local angel-investor groups.
Most urban regions have groups of local high-net-worth persons engrossed in supporting startups, and keen to syndicate numbers up to a million dollars for capable startups. Use online portals such as Gust to find them, and local networking to find ones that relate to your industry and passion.
5. Start a crowdfunding campaign online.
This latest source of funding, where anyone can participate per the JOBS Act, is exemplified by online sites such as Kickstarter. Here people make online promises to your startup during a campaign, to pre-buy the product for later delivery, give donations or qualify for a reward, such as a T-shirt.
6. Finance your startup yourself.
These days, the expenses to start a business are at an all-time low, and over 90 percent of startups are self funded (also called bootstrapping). It may take a bit longer to save some money before you start and grow purely, but the benefit is that you don’t have to give up any fair play or control. Your business is yours alone.
With the many choices available, there is no reason for not living your dream, rather than dreaming about living.