If you have just started a business, then you might know all about money crunches. To deal with the problem you must have thought what could be the quickest way to get money. Since your business does not have much revenue to show, chances are that you only get money through your personal credit which might not the solution that you are looking for. Thus, for getting some startup company funding, you need to be creative. You have to consider other avenues to keep your business afloat. Here are five ways, following which you can conjure up enough money to keep your business going.
Business Credit Cards
This is a powerful tool for you to consider for your startup company funding. If you use a business credit card, it will help to keep your personal and business expenses separate. Along with that, you can also develop your business credit file. By using this card you can have access to both cash and credit and can pay through the flexible options which the card provides.
Unlike the traditional business loans, you can get microloans in easier and faster ways. You can use this kind of loans to purchase inventories, equipment, and supplies. If you please, you can choose to use this money as capital for your startup business. The loan money is usually below $50 thousand and you only have to contact the intermediaries to avail the loan.
One of the latest and growingly popular ways of getting enough startup company funding is crowdfunding. In this way you can attract the investors from all over the world to invest in your business just by participating in the crowdfunding sites. There are many crowdfunding sites in which you can participate. However, you need to prepare the campaign with utmost care. The problem with crowdfunding is uncertainty. If your campaign does not make any impact on people, then it is highly probable that the campaign might not be supported.
Credit from Vendors
This is considered to be the number one alternative of personal and small business loans which you can avail. In this way, you can get short-term finance as the startup company funding. The vendors who lend the money generally require you to fulfill some easy terms. Using that money you can buy products or services which is essential for your business while repaying the loan on a later date.
Personal Business Loan
Have you ever looked the thick rules and regulations book for business loans? If you have, then you know that it takes a long time to tick off all the point of that thick book. As a startup owner, time to you is of the essence. Thus, gaining a personal business loan for your startup can become an uphill battle. You must also know that the loan will not be provided for your business. It will be a personal loan provided to you, as an individual. However, personal business loans are generally granted within a few days, whereas, the traditional business loans can take up to a few weeks.
Which one of the above you will choose as the startup company funding is totally up to you. Just remember that funding to business is like fuel to a car. Thus it is essential for your business to have adequate fund all the time. The best option for you is to choose more than one option, so that at the time of need your arsenal never becomes empty.