You have a fantastic business idea – you are certain it will be a success and make huge profits. The only issue is that you don’t have the funding to start this venture! This is incredibly frustrating and it can be the downfall of many would-be entrepreneurs.
Oftentimes, to start a business you need an initial investment amount or capital. This can be hard to come by. However, it is not impossible. To show you how, we have listed six potential ways that you can save money, and find that funding for your amazing online business idea.
1. Create a Kick-Starter Campaign
Kickstarter is possibly he best-known crowdfunding websites. You may have heard of many successful businesses gaining initial funding via a kick-starter campaign. This can be a great way to generate funds, but also to promote your new business venture and products.
2. Use Go Fund Me
Go Fund Me is one of the largest crowdfunding platforms available. It is a simple platform to use, and you can start your own campaign to raise funds for your business. There may be a small fee, but this will be far outweighed by the funding you could receive. You could also share your Go Fund Me page via social media and other online outlets.
3. Host a Prize Give-Away
A prize giveaway could be a fantastic way to raise funds, but also gives people the chance to win something. You could promote this competition via a social media platform like Facebook. People love prize give-aways and you may be surprised how many people enter the competition. You must, of course, offer real prizes – don’t just take people’s entry money and run!
4. Invest in Cryptocurrency
If you want to take a little risk and grow your funds, you could always dabble in cryptocurrency investment. Sites like Coinbase allow you to buy and sell popular cryptocurrencies like Bitcoin and Ethereum.
This is a volatile market and there is great potential for profit. Please note that there is always the possibility you can lose your money also so take care and do your research if you intend to invest in a volatile market such as this.
5. Reach out to Potential Suppliers & Retailers
Oftentimes when creating a web-business, you will be utilizing suppliers and retailers. For example, you may need suppliers for raw materials and equipment. Also, you may need to sell your products and/or services via third-party retailers.
Reach out to these businesses! If you can show them your potential, but also guarantee your custom, they may be willing to offer discounts, or even provide some initial investment.
6. Cut-out Unnecessary Spending
Finally, and possibly the easiest thing to do is simply cut back on unnecessary spending. This doesn’t have to be a permanent thing, but whilst you are gaining funds, try to be frugal.
Do you really need that extra drink at the restaurant? Is it vital that you buy a new games console? Could you perhaps shop at a cheaper supermarket? You will be surprised at just how much you can save in this manner.
Funding isn’t impossible! It just takes a little hard work, determination, and creative thinking. In most instances, people are good-natured and willing to help. If you are also careful with your money and use it wisely, there is no reason why you can’t fund your online business venture!
Whatever method you choose, you must also remember to have powerful branding and a cohesive business that customers can recognize. You can use tools like LogoCreator, for example, to create a business logo, or Canva, to create social media marketing. Having a cohesive brand will greatly help your funding process.