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6 Business Financing Opportunities for Beginners

Steve Carter by Steve Carter
October 11, 2020
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6 Business Financing Opportunities for Beginners
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Finding finance to start a business to start your business can be a challenge for entrepreneurs and start-up founders, regardless of the current economic climate. Whether you’re looking for money to start your business, grow your business, or keep the location on the game in tough times, you’ll need to have a well-thought-out strategy when making decisions about your company’s financing options.

Raising money is never easy, but it doesn’t have to be as hard as many people believe it is. Entrepreneurs and small business owners who plan well and advance can often find the amount they need for business development more quickly and more efficiently than competitors who have a more laid-back approach to obtaining financing.

Here is the list of seven effective business start-up financing techniques that have helped thousands of businesses obtain financing at low-interest rates.

1. Investor

Over the years, many entrepreneurs have found funding by turning to angel investors for seed funding. To be successful at presenting to such an investor, you need to be concise, avoid hype and jargon and have a comprehensive exit strategy before you begin.

To pique the interest of angel investors, it is best to have some experienced members on your team, emphasize your business’s uniqueness and advantage, and have a deep and in-depth understanding of your field or industry.

2. Factoring

It is a creative financing method in which a company can sell its credits at a discounted rate to get the money they need upfront. This method can be used effectively by companies with relatively low credit to raise the financing they need without contacting a bank for a loan of the necessary funds.

Garment manufacturers and other businesses where the gap between order and payment is very long, also use this financing method. This method is useful when needed, but not viable for your long-term financing needs.

3. Fundraising

Cheap, exciting, and creative projects can be funded through popular crowdfunding sites such as Kickstarter. For this, you must set a goal on the website, in which you state how much money you need for the project and within what period you will need this money.

Therefore, people interested in this project can pledge money via Kickstarter. Additionally, this method is generally best suited for the entertainment or creative industries, where creators can build up a fan base and then ask for financial support.

4. Loan from the Bank

In recent years, credit standards have become quite strict, and the time it takes to get the money can be very time-consuming.

However, banks are one of the traditional and most reliable ways to get financing for start-ups, and some of them have started allocating funds for small businesses. That is why it is worth getting a loan.

5. Commitment

You can also use platforms, such as the Thrust Fund, to pledge a portion of your future earnings or earnings in exchange for an initial loan. This is not a foolproof long-term corporate finance strategy as these contracts’ legality and enforceability has yet to be established and proven.

6. Microloan:

If you don’t have a strong credit history or collateral to offer lenders and financial assistance, you can try to get a microloan of less than $ 35,000. The micro-credits are usually not provided by banks, so you will need to find microfinance, a non-profit organization, or a financial technology company.

Since the amount borrowed is small, microcredit providers generally require less paperwork and documentation than traditional banks. Their underwriting criteria are also generally more flexible than average, although the interest rates charged may be slightly higher than banks.

Mentioned above are some of the more common ways for entrepreneurs and small business owners to get start-up financing for their business, especially if they don’t have a successful history as successful entrepreneurs. Once you have your pocket experience, it is easier than ever to get money for your business.

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Steve Carter

Steve Carter

Steve Carter is a startup advisor with in-depth experience in growing business. Steve is also a content creator for different niches. The top ones are business, career, finance, and marketing. He aspires to share his experiences and is always on the lookout for the next opportunity to enhance his skills. When he isn’t busy working, you can find him cooking exotic meals, scuba diving, and cycling.

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