When it comes to funding a new business, it involves much more than just coming up with a great idea, it also requires creative funding as well. There are quite a few unique ways to find startup business funding besides going the traditional route. Starting a new business is not the same as getting a car or homeowner loan and in order to get the money you need you'll need to have a plan.
Of course, every creative funding idea will have its pros and cons so it pays to have more than one option to try. If you start to think innovatively, you may be surprised to find there is more money for the taking than you previously realized.
1.) Trade Your Skills Or Services
Just like with the barter system, finding funding for your new business may just be a matter of trading your unique set of skills for something your business needs. For example, business office space often comes at a premium but you can offer your services to a property owner for free space to get you started. Perhaps you're a computer expert or an artist. Whatever you have to offer could very well be worth the rental on a small office space, at least for a limited period of time. While you may want to get cash, the value for your services could be worth much more.
2.) Join An Incubator
There are organizations out there called business incubators that have been set up to help entrepreneurs to find startup business funding. Many of them are connected to major universities, community development organizations, and even some corporations. Find an incubator that supports ideas like yours in your community to see what type of funding you can get. Many of these incubators also provide free resources where you can also save money on consulting services, office space, or seed funding.
3.) Get Crowdfunding
If the masses could benefit from your business idea, you can take advantage of funding sources like Kickstarter or the JOBS Act where you can post your business idea in a short video on their site and people can pledge small amounts of money to fund your startup. They can give donations in any amount they wish. It may not seem like much for someone to donate $5 but if enough people believe in your idea that $5 could quickly build up to thousands of dollars to get your business off the ground.
In all of these ideas the great thing about the financing you receive is that it doesn't leave you in debt in any way. These strategies can help you to get the startup business funding you need for your new venture and you won't have any debts to be paid in the future. This is actually a much better technique than relying on the usual method of getting a loan to get the money required to get your enterprise off the ground. By being creative in your search for business funding, you can actually start your business in a much better financial position than most giving you a higher chance of success in the future.