If you are looking to start a new business, but you are struggling to get your hands on enough cash to make your dream a reality, these unique ways to fund your business venture may be perfect for you! There are so many costs involved in starting a new business; you may need a significant sum to get your business off the ground.
Some companies may be able to grow organically, but for many, costs like equipment, staffing and premises mean that you need to have the right finance in place. If a start-up loan isn’t an option for you, these unique ideas offer some alternative ways to fund your business.
Crowdfunding: Crowdfunding has totally revolutionized the way new businesses look for money, and this could be an ideal way for you to raise funds and awareness of your new idea. Platforms like Kickstarter, Fundable, Indiegogo, Rockethub and Fundly all offer entrepreneurs a way to present their business and get backing from interested investors.
Each platform has its own strengths and weaknesses, so have a look and find which best suits your business. Be realistic in your goals and try and offer enticing perks for potential investors. Get your friends and family involved in sharing your campaign and use this as an opportunity to get feedback on your idea too.
PPI claims: One thing you may not have considered is looking for money that is owed to you through PPI Claims. Many have claimed back tens of thousands of pounds, which they have used as cash to fund a new business. Some of the top pay-outs are up to £60,000, which can be a massive boost for your business funds.
With a no win, no fee policy, this can be a less risky way to get those funds you need.
Get on TV: Another unique way to fund your business is through taking part in business-based TV shows. People love to watch new businesses and the challenges and successes that are in store for them. There are a number of programmes like this and applying online is simple if you have a cohesive business plan.
One famous example is applying to be on Dragons Den where you can pitch your business idea to successful businesspeople in exchange for a percentage of the business. Not only does this bring the prospect of significant investment – but you also get your business name, concept and product in front of a huge global audience who watch the show every week.
Enter Competitions: You don’t have to be on TV to win money to start your business, there several real-world competitions and events with large cash prizes for new entrepreneurs and businesses. There is a whole range of business competitions and events, with different categories and specifications.
Initiatives like The Bigger Pitcher, Richard Branson’s ‘Voom’ contest and the Santander Universities Entrepreneurship Awards can offer new entrepreneurs’ money, mentoring and business support. Getting up on stage and pitching your business to a crowd might seem terrifying, but the more people hear about your business, the greater the chance you will succeed.