Eight interesting ways to secure funding for your new or growing business

Written by
Written by

Deolu Akinyemi

“Starting a business is like jumping out of an airplane without a parachute. In mid-air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.” – Sean Ogle.

I think the market is getting mature for these discussions to be mainstream. Many people don’t know how to do business, the few people who do, mainly learned informally by getting involved in a family business or working at C- levels in existing businesses. We need to begin educating and communicating on business and how to navigate if we want to raise our community.

Let’s start today with how to fund your business. If you don’t yet have a business, feel free to reply and request for lessons on how to start a business. If you also want more information about a particular source of funding, let me know in the comments.

Securing funding for your business can be a challenging task, but there are several ways to do it. Here are some of the most common ways to secure funding for your business:

  1. Bootstrapping: This involves funding your business with your own savings or personal loans. Bootstrapping allows you to have complete control over your business, but it also means that you’ll be solely responsible for any financial risks.
  1. Friends and Family: One of the most common ways to secure funding is to ask for help from friends and family. This can be a good option if you have a strong network of people who believe in your business idea and are willing to invest.
  1. Bank loans: Banks are a popular source of funding for small businesses. You can apply for a loan, but you’ll need to have good collateral, a good credit score, and provide detailed financial projections and a business plan.
  1. Venture Capital: Venture capital firms invest in early-stage businesses with high growth potential. They typically provide large sums of money in exchange for a percentage of ownership and control of the business.
  1. Crowdfunding: Crowdfunding involves raising small amounts of money from many people. It’s a popular option for start-ups and small businesses that need to raise a specific amount of money for a particular project or product. There are many established platforms for these.
  1. Angel investors: Angel investors are wealthy individuals who invest their money in start-ups and early-stage businesses. They typically invest in exchange for equity or convertible debt.
  1. Government grants: Depending on your business type and location, you may be eligible for government grants. These are often provided to businesses that focus on research and development or that create jobs in underserved areas.
  1. Other Grants: Aside from government grants, there are several other types of grants that you may be able to secure funding for your business. These include foundations, non-profits, corporate organisations, Industry specific grants, and much more.

In summary, securing funding for your business requires careful planning and research. Consider your options carefully, and be sure to create a solid business plan and financial projections to increase your chances of success. If you need any help or support, feel free to shout out.s

 

Kind Regards,

Adeolu Akinyemi.

 

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