Raising Funds For Your Dream Business

Everyone has pictured owning a pretty successful business at one time or another. Only a select few will actually get there one day.

 

More worryingly, it’s still only a small percentage of people that will even attempt it.

 

They have their fantasies in the minds, but they never even bother learning how to get through the initial stages. A lot of people are put off by the business game because it’s always perceived as a confusing and overcomplicated world. While some things are a little tricky to get to grips with, the majority of the tasks aren’t that difficult.

 

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The actual money side of things is something that people get a little intimidated by when thinking about creating a business. That’s a fair way to behave, in all honesty, because it can be such a sensitive topic. It’s not that difficult to understand, however. Let’s take, for example, the idea of building up some dough in order to get off the ground. How can it be done? Well, if you have a couple of minutes, let’s go through a few ways you can generate a few bucks.

 

Build a Savings Balance

 

We’ll start with the most obvious option: saving up what you’re already earning. See, this stuff is pretty easy, huh? You’ve been doing this since you were a kid, and you’ll be doing it until the day you die. If you want to build up some funds in order to start a business, then having a little self-control and throwing it into your savings account is a wise move.

 

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But the process can be difficult.

 

Change is hard

 

The reason that people don’t diet, don’t exercise, and don’t resolve bad personal relationships is that change is hard. As a result, we don’t really, truly change and grow unless we’re in real pain. When we’re at that point, the pain of change is less severe than that pain of not changing.

 

Change over the long term pays off.

 

Discipline and time

 

With discipline and time, most people can accumulate far more wealth than they think is possible. But growing wealth requires change- which is precisely why most people don’t make the effort.

The changes I’m suggesting involve an old friend:

Delayed gratification

 

Some decisions are relatively small:

• Dropping a subscription music service and just listening to the free version (Pandora, for example).
• Making coffee at home two days a week, which means that you stop by Starbucksless often.
• Buying afew more generic products when you go to the grocery store and Target. (I’m not going generic on salad dressing, however).

 

However, these small changes can lead to a big savings balance over time.

 

 

Crowdfund

 

Thanks to websites like Kickstarter and GoFundMe, this method has become more and more popular as the years have gone by.

 

Basically, you head onto social media (or a similar place) and tell the world what your goal is. If people empathize with you- or buy into what you’re trying to achieve- then they might give you a couple of bucks. If you get enough people, you can build up a serious amount.

 

Take Out A Loan

 

If you managed to get everything you have planned out, and you have all of your personal paperwork ready, then you might be able to get yourself a startup loan. Heading into a bank and pitching to them in order to convince them that you’re going to make it big is the only task you have ahead of you there.

 

If you’re not confident about the pitch, then you can take out a quick loan. Obviously, you need to be confident that you can pay them back. There are loads of firms that offer lots of types online, and you can head to sites like HittaSMSLån to find something suitable for your situation.

 

Angel Investors

 

There are successful people scattered around the globe that are looking for the perfect business to invest in.

 

Now, they usually opt for well-established companies that are already comfortable, but if you have a real gem, then they might be interested. You’ve seen the likes of Dragons’ Den and Shark Tank, right? Well, this is basically what it’s like – but without the drama and the TV cameras.

 

Do Two Things at Once

 

Keep building your business while you look for funding.

 

The further along you are, the more attractive your business is to investors.

 

Stay at both tasks, and you can succeed.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(amazon author page) amazon.com/author/kenboyd

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/

Image: Dmitry Moraine