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Tips to Get Financing for a New Business

Companies / SME Feb 24, 2018 - 05:33 AM GMT

By: Submissions

Companies

In order to get your business started, you need to have enough funds. As the global economy is taking strain to a great extent, it can become a huge headache to get the capital you need. Some entrepreneurs opt to apply for business loans. Learn more about small business loan here. However, there are a wide variety of ways to get financing for your startup. Here are a few tips to getting the capital you need to open your business doors:


Bank loans and credit cards
The most obvious way to get financing for your business is by applying for a credit card or a bank loan. This, however, can land you in some serious debt if you are unable to pay off this debt with the revenue your startup business will make.

Crowdfunding
Many entrepreneurs raise funds for their business through crowdfunding. This means that they make use of an online platform where people are welcome to make donations or contributions to your cause. This significantly broadens your business aspect as many people will become aware of your intention of opening a business. If done in the correct way, you’d be able to build funds over a period of time.

Future earnings
If you feel confident enough about your business, you can vouch to hand over some of your future earnings to the right investor. An investor can, for example, give you $600 000 for a 6% of the future earnings of your business. If, however, you choose this option, you need a solid business that will definitely succeed.

Raising money
One of the best and most used ways of financing your business is to raise funds through friend, family and acquaintances. In order to do this, you would need to have a business plan and reassure those willing to invest that your business will be a success. They can then either make a loan to you or opt to a percentage of equity in your business in exchange for the loan they make to you.

Microloans
Microloans are different to general loans in the sense that it offers only a small amount. If you take out a microloan, there is less paperwork involved than with a business loan and you have a better chance of betting the loan and being able to pay it off. These loans, however, often have higher interest rates where repayment is concerned.

Depending on the nature of your business and how much capital you need to open your business doors, you can opt for any of the above-mentioned pointers. Many entrepreneurs have a dream of starting their own business but can’t do so as they lack the funds. With the correct loan, entrepreneurs can now, with the help of those willing to invest, make their dream come true of having a business of their own that will flourish in a short period of time!

By Anwar Hossain

© 2018 Anwar Hossain - All Rights Reserved
Disclaimer: This is a paid advertorial. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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