For any business, a lack of cash flow can be a tough hurdle to jump over. If you have ever tried running a successful business, then you already know that.
On the other hand, creating a successful business plan is exciting, but if you don’t have the startup cash to fund the initial phase, you are going to have nothing but an idea that is floating in mid-air.
Now onward to what you can do to get your business or startup idea financed fast (and with some of these options you don’t even have to pay back).
There are all sorts of government grants that are given to people who want to start small businesses. The kicker? You have to apply and hopefully win them. Many people don’t want to go through the process of doing this, but it’s honestly a fast and easy way to get paid without having to pay the loan back.
In some instances, you are going to be asked to help out the government through a public work of some kind. However, it’s going to pay off dividends for you when you can outsource this project and use the surplus to start your business. The federal government puts all their offerings online so you can scroll through and figure out which is right for your needs.
Small Business Lending
There are several ways that you can approach this. Small business loan can be a great option, but you’ll have to either put up collateral, have good credit, or at least have a good presentation to show the bank. It’s not an impossible task, but it’s something to try to take advantage of if you’re willing to deal with banks.
The only downside here is, you have to pay it all back on top of hefty interest.
Perhaps the best new way to get money fast, is to consider crowdfunding. If you have a good business idea and you want to get people to back it, offer them something in return. You’ll be surprised by how many companies have started by simply asking people for money. You can give pieces of memorabilia, stake in your business, or just about anything to offset the costs.
A popular site surely you have heard of is Kickstarter (or even GoFundMe) to not only fund their initial startup, but also fund completion of existing projects like independent films, video games, shirts, and so much more in terms of promotional items.
At the end of the day, the above are just a few examples of how you can quickly get all the money you need for a small business. Whether you’re just starting out or you need a boost, these options can help you gain the upper hand.