It’s the one of the biggest issues for all up-and-coming entrepreneurs: you are literally full of thousands of ideas, but you don’t have the thousands of pounds you need to put them into practice! Bank loans are not easy at all to obtain, even if your business is up and running. It then comes down to look for alternative methods to make some money. There a good number of options available, but it is vital that business owners choose the correct option to satisfy their business’s needs.
Online lending is arguably one of the best options on this list, mainly because it only takes an hour (if that) to complete an application, and depending on the type of business or what you need the money for (marketing, paying bills etc.) it can usually be approved within a few days. Additionally, it has been forecasted in 2017 that online lending will provide capital to 70% of small businesses in the UK, meaning that most business owners are slowly realsing how benefical it can be.
Angel investment is certainly one of the hardest ways to secure some money for a small business. However, if you manage to secure an investor for your business, not only will you be able to make some instant money for your business – but it will also have a huge long-term effect on your business too! This has been demonstrated by the fact that some of the biggest companies in the world (Google, Facebook, AirBnB) were all supported from an early stage through angel investment.
Crowdfunding is a method of earning money that has massively grown in popularity over the past few years. The reasoning for this is that not only does it provide more money for your business, but the process gives a great opportunity to refine your brand identity, gain more exposure and grow your customer base. These extra benefits come with the fact that you can explain why you need the need extra money – so if you are a not-for-profit business who is helping people, then this will go over well with your business’s stakeholders and will give a good reputation for your business.
Cost-Friendly Marketing Tools
There is little arguing the fact that marketing is a necessity for the majority of businesses as it is one of the key ways to increase your number of customers and income. However, there are number of overheads which come with marketing so you would want to search for the cheapest options. Therefore, you should look towards cheap marketing tools such as wristbands or flyers as a way to acquire more customers whilst still keeping the costs down.