Image by Gerd Altmann from Pixabay

By Henry Brown

As a small business owner, you’ll face various financial challenges throughout your career. For example, not only must you be able to manage your business’s finances, but you must also be able to chase or collect delinquent payments to ensure that you don’t land yourself in a difficult situation further down the line. However, before any of that becomes possible, you must first ensure you have enough money to hit the ground running with your company. This is often easier said than done (unless you have a huge savings pot to dip into).

However, it’s also important to remember that the money you need to launch your business doesn’t have to come from your own pocket – as there are various other ways in which you can raise the necessary funds. Here are some great ideas to get you started.

– Do plenty of market research ahead of time so that you are able to approach potential investors and  develop a successful business partnership. By connecting with wealthy investors, you’ll be able to invest the right amount of money into your business without having to worry about cutting corners or pulling back the costs. As a result, you are giving your company a significant head start.

– Consider raising the money you need through Equity Crowdfunding. By crowdfunding through companies such as Growth Turbine, you’ll be able to hand over the hard fundraising/crowdfunding work to trained experts – giving you more time and energy to focus on actually running your company. Furthemore, the popularity of crowdfunding is growing each year, meaning that obtaining funds in this manner is much easier than you may initially suspect.

– Check if you are eligible for any small business loans, whether that be from the government, charities or from a private party. While you must remember that this is a loan (and therefore, you must pay the money back), this is a great way to ensure you have the funds required to launch your business. Then, once things settle down a little, you’ll be able to work towards repaying this loan quickly and efficiently. Remember, there are various different types of loans available to you – both short-term and long-term.

– In addition to government loans, you should also check whether or not you are eligible for any government grants. For example, you may be able to get your hands on funding that is set aside specifically for entrepreneurs who work within certain sectors or industries – though the application process for these grants is often highly competitive.

– Believe it or not, you don’t always need thousands of dollars to fund a business – for example, you can cut down your projected costs significantly by making the most of free business software and tools as opposed to paying for them outright. For example, you could utilize free accounting software to keep your finances in check, as opposed to hiring a full-time accountant. There are thousands of useful resources available to you online – you simply have to seek them out before making any payments.

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Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.