It is no secret that Corporate America revolves around money. Funding is one of the most essential requirements of a budding startup. Knowing where to look can seriously give companies financial advantages and can save them bundles of time. Through research and experience, we here at TechSandBox have crafted a list of some of the most common ways to raise money for your startup.
With an eruption of new startups in this day and age, technology and media have created numerous platforms that can substantially lessen the burden of finding money. Crowdfunding is not a new idea, but recently it has grown considerably in popularity. Crowdfunding is funding a business or project by collecting small amounts of money from a large group of people. Websites like GoFundMe and Kickstarter are global crowdfunding platforms that offer a simple way to raise money. By creating a fundraiser with one of these platforms, friends, family, and interested investors can read about the cause and donate fairly easily. Publicizing a fundraiser may reign a little difficulty but, if successful, can result in hefty gains.
Another way to raise money would be to take out a microloan. A microloan is a loan of a smaller caliber that is often used in order to support smaller businesses. These loans are typically under $50,000. The benefit that banks offer when withdrawing microloans are to focus heavily on the business itself, rather than the credit scores of business owners. One of the more well-accredited groups that provides microloans is the Small Business Administration (SBA). The Obama Administration granted over 50 million dollars to the SBA in order for them to work with a variety of banks that issue microloans. The choice between whether or not to take out a microloan can be tough. To read more about microloans and whether or not they are right for you, check out this site for more information.
One strategy that is often overlooked and can spread expenses amongst multiple people is finding a partner. Starting a business alone can be stress-inducing and provide out-of-reach costs. A business partner can lessen that chaos by taking on half of the work and, most importantly in this case, half of costs. To find some quick tips on how to find the perfect partner, go to this site for some helpful advice.
Last but not least, pitching to investors can substantially increase cash flow. Pitching ventures gives others the opportunity to dish out commentary on company ideas and to, hopefully, invest in those they believe will succeed. The pros of pitches go beyond that of monetary benefits, as they also provide mental and physical reassurance in the company itself, which can put the racing hearts of entrepreneurs to a rest. With all these benefits in hand, all entrepreneurs need is a group of investors to pitch to. Look no further! On July 24th, TechSandBox is holding a Piranha Pond Pitch Party. The set-up will be similar to the television show Shark Tank (minus the sweaty palms and harsh investors). To learn more about Piranha Pond and to find a list of our programs, please visit this site.
Whichever funding route you choose, remember to carefully consider every option. We at TechSandBox are here for you during your journey to success. Feel free to attend one of our networking events or programs to accelerate your business further. Happy funding!
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