Starting a business is hard enough. Financing it is even more difficult. Finding financing in any economic climate can be challenging, whether you’re looking for start-up funds, capital to expand or money to hold on through the tough times.
But given our current state of affairs, securing funds is as tough as ever. To help you find the money you need, there are a number of things you can do, starting with getting a bank loan. Although the standards to gain a bank loan has become more and more strict over time, banks such as ANZ in Australia and J.P. Morgan Chase and Bank of America in North America have earmarked additional funds for small business lending.
So why not apply? Though bank loans are one of the most difficult ways to get financed, don’t worry! There are plenty more options. Crowdfunding is a great way to finance your business as well. Crowdfunding is offering out your product or service for an investment in return. If you’ve got a great product or service, people will be more than willing to invest in your business. New age financing options include crowdfunding sites such as kickstarter.com, indiegogo.com, and gofundme.com.
Who knows, some of your best financiers can be complete strangers! Other great ways to find funding for your business include small business loans, angel investors, microloans, and even raising money from family and friends, although frankly this is really a last option unless it goes through a crowdfunding campaign and they are simply some of the many.
Getting any kind of loan is never easy. So it is important that you stay focused and motivated to get your business financed and up and going. Once you make your way to the top and become successful, financing your business won’t be as big of a problem.
The climb is always the roughest part of the journey, but with the right determination and perseverance you’ll learn that the end product was well worth it.
About the Author: Dominic Lambrinos
Dominic Lambrinos is a financial expert who provides professional business finance solutions, commercial financial engineering, expert review of financial submissions, negotiation, equity raising, business sales, and trade financing. Dominic is also a sought after finance business trainer, and accomplished public speaker.
Under Dominic’s guidance , his team can also prepare professional financial submissions, review financial statements, provide financial accounting, business administration, development of information systems, marketing and sales skills, computer and Internet sales skills.