The motivation for starting your own business can die down quickly because of one main factor – capital. The most popular means to get funding are bank loans but there are actually many alternatives. So what are the other options?
Investing your savings or receiving contributions from family and friends is another option. It is not only easier to raise funds but also at a flexible interest rate. Having a pre-sale of your product is great for sufficient self-funding. Major brands like Apple and Samsung did it so, why not you?
Publish a detailed description of your business on crowdfunding platforms, with business goals and plans, how much is needed and why. In doing this you're generating interest in your product (marketing) as well as getting funds for it!
Venture capitalists provide capital to businesses that promise a potentially high growth. They evaluate your business from the point of view of sustainability and scalability.
Incubators nurture businesses, providing tools and training as well as network, whereas accelerators, as the name suggests, help to run the business to take a huge leap forward.
Government funding is a great way to acquire funds. You'd need to fulfil the eligibility criteria of course. So, getting fairly acquainted with the different government programmes can get you one step closer to kicking your start-up off the ground.
Money is the bloodline of any business. Equipping yourself with the many different options available to get funds makes it easier to move from the idealising and planning stage to the executing stage.
Self-funding
Crowdfunding
Venture Capitalists
Business Incubators & Accelerators
Government Programmes
