Starting up a new business isn’t always easy, and it can be a really daunting prospect. Often, many potential entrepreneurs are put off by the stress of securing funding, but the fact of the matter is that it actually doesn’t have to be all that difficult, and life is just too short to keep putting things off. If starting up a company of your own has become a dream of yours, you should without a doubt give it a go. You see, despite climate scientists concluding that global emissions must peak by 2020 and be net zero by 2050
Create a business plan
By creating an in depth business plan you will more likely manage to secure the funding you need, and have a full awareness of how much funding your new business will realistically require to get on its feet. Every company leader must have vision. The idea for a company starts with a vision, along with dreams of what the business could become. Consider what is going to make your business different to its competitors, consider why it is your business will succeed over other businesses. If you need to seek advice from experts, do so. Just ensure you have a solid business plan, and a solid vision of what you want your business to become, before you get started.
Consider instant business funding
In order for most new businesses to get going, a loan of some sort or other will be required. Fewer and fewer banks are granting loans to small and new businesses, but fortunately there are alternative funding options out there. SME Loans can offer you both merchant cash advances as well as unsecured business loans. For each, the application process is incredibly quick and simple; it can be completed entirely online in just a few minutes, saving you from any lengthy telephone calls or extensive paperwork. Once your application has been accepted, you can expect to see the funding in your bank account within as little as 24 hours. With a merchant cash advance specifically, a fantastic advantage is the super flexible repayment process.
Your monthly repayments will be calculated in accordance with your revenue generated through card sales only; if one month, for example, your earnings are less than is typical, your repayment for that month will in turn be less, meaning you should never be struggling to meet what you owe. Furthermore, there is no fixed repayment periods, no interest and it is completely unsecured, meaning you are not required to secure the funding against any valuable assets. With an unsecured business loan, the repayment plan is personally tailored to you; working with your financial situation, repayments will be made over a period of between 1 to 3 years. It is also worth noting that the approval rate is high and no collateral is required from you with a unsecured business loan.
This will not be an option for everyone, but over the years crowdfunding has grown in popularity and its popularity is set to continue in years to come: in the US, the volume of global crowdfunding platforms skyrocketed from $530 million in 2009 to over $2.8 billion in 2012. It is a great alternative funding option for those with new, innovative ideas that members of the public are willing to back. Not only can crowdfunding secure you the funding required to kick start your new company, but it can also be a great way to test whether or not your business idea is going to be popular enough to be a success. Furthermore, it’s also a brilliant way to advertise to a wide target audience.
Tap into your personal savings
If you have savings available to you, why not put them towards starting-up your company. It may seem risky, but if you are confident and passionate enough about your business plan, it could well be worth it. You could also ask family members for financial support, with the promise of paying them back as soon as you can.
Use a credit card
Using a credit card to fund a business start-up can be risky and should be approached with caution; if you fall behind on your payments your credit score will of course suffer. However, if you use your credit card carefully and responsibly, it can be a great way to solve cash flow problems and can help your business idea become a reality.
Seek out a business partner
If you know someone who might be interested, a friend or a family member for example, then getting a business partner on board can be a great way to make funding a new company much easier. Make sure your business partner is equally passionate and someone who you can trust. Don’t be afraid to have a contract professionally written up to avoid any potential issues in the future.
There are many more ways to secure funding for a start-up company other than with traditional lenders, and with such a wide variety of alternative funding options out there, you have no reason to keep putting off your dreams and visions of becoming a successful entrepreneur.