Getting a business or project funded is never easy. There have been countless brilliant ideas that never got the love and attention they deserved due to a lack of capital. In this article, Scott Crockett, Everest Business Funding’s CEO, reveals seven of the best options for prospective entrepreneurs who require more than just a traditional loan from a bank.
Ask Friends and Family
Obvious when mentioned, but not something everybody thinks about. What better and quicker way to raise money is there than to ask the people you already know in real life? Ask your parents, your extended family, and any friends you think might be interested. This is one of those situations where it simply can’t hurt to ask.
Similar to asking friends and family, the next thing you can do is start showing off your idea to your community. Put out flyers, get an ad in the local diner’s menu, and use the local church’s corkboard; the sky’s the limit here.
Invest Your Own Money
If you believe in your idea, then you shouldn’t fear using your own money. Some of the most successful businesses in the world started with nothing but the founder’s savings. Save money by cutting back on needless expenses like eating out, buying snacks, and canceling memberships that aren’t essential. Consider getting a low-interest APR business credit card so you can borrow money for smaller periods of time.
Give Pitches to Venture Capitalists and Angel Investors
Show your product off to organizations and people who can fund it, impress them, get them interested, and there’s your funding. While there’s a lot that goes into that whole process, it’s still one of the most straightforward ways to go about it.
Once thought laughable for any serious kind of venture, the story has changed considerably over the last ten years. Websites like Kickstarter and Indiegogo have now completely revolutionized how businesses can raise money and attract further investment. A company will create a written pitch for their product and typically include a video version to accompany it, then post it to the site. All it takes is the right marketing and community engagement, using word-of-mouth to your advantage.
On the surface, this may feel similar to crowdfunding. Both involve getting the layman interested in your product and getting them to spend money, but they differ in method and execution. You will want a solid website, a good pitch that is easy to understand, and an active advertising campaign to entice people in.
Create an MVP
Known as Minimum Viable Product, the name of the game here is to create the most barebones functional version of your project, just enough that you can release it to the market to raise money for the larger whole. This method requires much less money than building out your entire vision all at once.Scott Crockett with Everest Business Funding is an expert in fundraising. Keep your head up, try some of these ideas, stay laser-focused on the goal, and you will secure funding. It’s that simple. You can learn more about Everest, their process, and how they treat their clients here.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a seasoned professional with 20 years of experience in the finance industry. Mr. Crockett’s track record includes raising more than $250 million in capital and creating thousands of jobs. Scott has founded, built, and managed several finance companies in the consumer and commercial finance sectors.