Trying to get funding for your business?

Want t make sure you consider all of your options?

Whether you're trying to get money to launch your startup or you're trying to find funding for your established business it can be tricky knowing where to look. Luckily, there are a lot of good funding sources out there that you may now know about yet.

Below we'll look at 7 great business funding ideas that you may have forgotten about.

1. Apply for a Small Business Loan

One of the best ways to get funding for your business is to apply for a small business loan that you can from a bank or credit union. These loans can be a great option for funding a business and has been used by many small businesses in the past.

It's especially a good idea to look for loans from banks that are associated with the Small Business Association (SBA). These loans will offer better protection for lender loss and also allows for more flexible repayment options for borrowers. If possible it's ideal to look for loans from local banks or credit unions.

On the other hand, if you can't find local loan options you may want to consider online options as well. You can learn more about some of these on Bonsai Finance, as the site dives into the many different aspects of small business loans, including what you need to know and have in place before getting started.

2. Use Credit Cards

Another way you can potentially fund your business is to use credit cards. However, this method does have its pros and cons. Keep in mind that credit cards have higher interest rates, so using a card to fund your business can be a risky move.

If you decide to go this route, look for a business credit card that can help you fund your business. Even if your business is brand new, you may be able to get a business credit card, but you'll need to have a good personal credit score.

On the other hand, if a business credit card doesn't work you may want to use a personal one instead.

3. Sell an Asset or Use Savings

If you're serious about funding a business successfully, one option is to use all or some of your savings to do it. If you own an asset such as a piece of land or a rental property, you may also want to consider selling it and using the money to fund your business instead.

Only you can decide if dipping into your savings or retirement money is right for you. However, it is one potential option you have to fund a business, especially if you're confident about its success.

Remember to use caution when going this route and be realistic about the risks going in.

4. Seek Private Investing

Another way to fund a business is to look for private investors. Investments can come from a number of places. You may seek funding from family members, friends, or other personal connections in your network. It could also include wealthy angel investors.

You may want to speak to a lawyer first to make sure that seeking these types of private investments is the right choice for your business. Remember that getting investors for your business can be a positive thing but it also has its drawbacks as well.

When you have investors, you'll have to answer to them and will no longer have 100% control of your business. You have to report to your investors and be held accountable for the way you choose to run your own business.

5. Start a Crowdfunding Campaign

Crowdfunding is a new modern funding option that you can potentially use for your business. Consider starting a crowdfunding campaign on a site such as IndieGoGo, Kickstarter, or Gofundme.

If you want to find the most success when using any type of crowdfunding sites, be sure to see what has working for other brands in the past. For example, Zappos is one of the top ecommerce brands on the internet today -- but it wasn't always that way. See how Zappos is using social media, and then replicate these same story telling, branding, and actionable tips within your next PR or crowdfunding pitch.

On these sites, you can pitch your idea or discuss your business needs and allow people to get behind your business and contribute to funding. It can be challenging to do this successfully. However, if you have a unique idea or a great business plan and are able to get the attention of people online, it can work wonders for your business.

6. Get Government Assistance

If you're trying to find business funding, government grants are another option that you may not know about.

Depending on the nature of your business you may qualify for some special grants and governmental assistance. The National Institute of Health Funding, for example, gives funding to businesses that are focused on technology or research.

These types of programs can help you get your business off the ground and give you the additional funding you need to help your business succeed. Both federal and local options are available for businesses who qualify, so take a look and you may find one that is suitable for your business.

7. Enter a Contest

A less traditional way to get funding for a business is to enter a contest. A lot of competitions are out there that can help you get the funding you need if you win. This is especially true when you look at how many different financial sites there are online today. Many of them are fighting for attention, and sometimes they have viral marketing contests to make things happen at a faster rate.

These types of competitions are often created by business schools and other organizations that have a desire to help small businesses succeed. To win these competitions, you'll often need to prove that have a great idea for a startup or a well thought out business plan.

If this sounds like an option for you, make sure to consider the many different competitions carefully. These contests definitely have some drawbacks so you'll want to be selective about which ones you apply for. Some will require you to give them a percentage of your future equity, for example.

Despite their potential drawbacks, entering one of these competitions can be a good option if you're desperate for funding and want to make your business idea a reality.

Starting Your Search for Business Funding

If you're looking for business funding, it may be more easy to find it than you may have realized. Try using some of the above options if you want to track down some funding for your business needs.

Need help writing a great business plan? Click here to check out our tips for creating a winning professional business plan.

 

Published by Zachary McGavin