Motivation

7 Actionable Ways To Fund Your Startup As An Entrepreneur.

When you ask people to tell you what their ultimate challenge to starting and running a successful trade is? 9 out of 10 people would tell you IT’S CAPITAL. As a matter of fact almost all entrepreneurs would tell you that gathering funds is the most serious part of starting a business.

Don’t worry about funding if you don’t need it.

                              Today it’s cheaper to start a business than ever.”

~ Noah Everett.

Raising funds for your startup isn’t as problematic as its being painted to look like. Though discovering a surefire source for fund might be a bit technical and calculative.

Below are 7 actionable ways in which an entrepreneur can gather capital to kick start his/her business.1. Launch into Your Treasury

Most entrepreneurs just lie fallow looking out for sources through which they can generate income for their start-up when they haven’t even laid a capital foundation themselves. Nobody will invest in your start-up when you haven’t yet put some cash in there.”

You can only receive capital rewards/ succor from external sources when they can see your own personal foundation and contributions.

2. Public Funding

Just as the name implies; it is all about gathering funds to grow your startup from the public.

There are two ways to use the public funding method.

  • Physical Public Funding -: Which is receiving funds directly from the public. It might be places of worship, citadel of learning, public societies Etc. However this is not a recommended for an entrepreneur’s reputation!
  • Online Public Funding -: You create an online platform whereby the general public would be able to reach out to you and contribute their personal funds to help your goal. It might be through social media pages, magazines, newsletters and the likes.

N.B: When you want to use the online platform, you’ll propose the idea that you want the general public to raise fund {be sure not to give out the details and delicate procedures; just the idea} then try to be a little bit persuasive; persuasive and not picky. Tell them why you think this idea of yours to be funded. You might also choose to add up some form of reward; no matter how small, to those who decide to donate their funds. For example if you are good in writing quotes, it could serve as a gift to public donors; whereby they would submit their email address on the platform and receive amazing quotes for 3 days from you. {It would definitely encourage them to do more}.

3. Get A Business Partner.

Getting a business partner is another actionable way to fund your startup as an entrepreneur. You’ve got the idea, you’ve got the strategies, you’ve got the best platforms to function, and you’ve got the business plan but you lack the appropriate fund. Then you need a business partner.

When you want to select a business partner, study his/her personalities, and be sure you both have the same perspective.

There might be a need for written agreement between both parties in other to avoid unnecessary uprising in the future.

  1. Get Aids form Inner circle.

Your inner circle includes your parent, husband or wife, your children, your siblings, your family ties and your friends. Your family members and friends would definitely wish you success.

Though it’s not 100 percent recommended professionally to raise startup funds from your inner circle. However it’s advisable that full details about gathering funds from the inner circle must be well stated down; written and backed up with necessary documents in other to maintain a loving and peaceful inner relationship.

5. Get A Loan From Bank.

Getting a loan from bank is the most common way which entrepreneurs fund their startup. Bank loans are often a reliable option to entrepreneurial funding. In other to get approved of startup loan from the bank, you need to have created a cordial relationship with your bank a while before you will need the loan.

6. Angel Investors

Most people call this luck but I call it a “game!”

Entrepreneurs who have achieved greater success in their specific fields, willfully invest capitals into startup trades as a way of making impact and for deal purposes. There are quite a number of big businesses and enterprises out there that were initially funded by angel investors so you could decide to give it a trial.

Some of the best angel investors platforms that helps entrepreneurs get allied to investors includes Investor Circle, Golden Seeds etc.

7. Get Customers To Compete To Be The First.

Some customers love being seen as a pioneer of a certain business. So if you have a big and realistic dream of how your business is going to look like, you can consider persuading a specific “buoyant customer” to take the lead.

The deal goes like this; you explain to the customer your goal and state specifically how it’s going to look like. Also remember to state why you need the customer’s aid and the benefits the customer is liable to enjoy.

As it is an official agreement, be sure to state all the “do’s” and “doings” for future reference.

Is there any other means which you used to fund your startup or do you know any other sure fire means through which entrepreneurs can fund their business which you feel I ought to have added to this write up?  Then don’t let it lack. Kindly make it known to us in your comments below. I will be glad to take a review!

 

Thanks,

Daniel.

Author: Daniel Moayanda

Dan. is a young strategist, motivational writer and public speaker. He provides entrepreneurs with success strategies and backs it up with the right motivation needed to explore. He also writes about finding a way out of everything in general!

Share The Love!
  • 100
  • 50
  • 15
  • 10
  • 5
  •  
  •  
  •  
    180
    Shares

Leave a Reply

Your email address will not be published. Required fields are marked *