Many people manage to come up with innovative business ideas, but not all make it to reality; one of the major reasons why a business plan doesn’t get off the ground is lack of working capital. In this short article, we take a look at various ways that you can fund a business start-up.
- Online business start-up loan – Australian entrepreneurs can use https://www.universalfinance-difficultloanspecialistsadelaide.com.au/services/unsecured-business-loans-finance-lenders-loan to fund the business launch. The online lender offers attractive rates and super-fast service.
- Your bank – If you have a good relationship with your bank manager, why not make an appointment and hand them a copy of your business plan? This might take a few weeks and you might not get approval at all! If you want a fast start-up loan with no questions asked, search for a reputable online lender. The bank might require some form of security
- Business funding platform – There are digital platforms that connect entrepreneurs with investors and if you put together a good presentation, you might reach your funding target and you are good to go! Gofundme is one of the biggest start-up platforms, but the competition is fierce, so your business concept needs to be strong and clearly defined. There are many successful businesses that were funded this way, so it is possible. If you have an innovative product, you are more likely to get funding and as previously mentioned, you need to have an impressive online presentation.
- Find a silent partner – If you can manage to find a private investor who really likes your plan, you could offer them a share of the business in return for funding. You would have to provide your partner with quarterly reports and you may have to give a bigger slice of the pie than you originally thought. If, on the other hand, you find a partner with something to bring to the table other than money, why not go for a 50-50 partnership?
- Sell your home – If you are very confident of success and you have enough equity in your home, you could sell up and move into rented property. Many successful entrepreneurs sold their home to fund their business launch and if you are sure that your business idea is a good one, go for it!
The key to a successful business start-up is having a business plan that stands up to scrutiny and we hope that you manage to find funding to make your business idea reality.
Complete Loan Solutions understands that Centrelink recipients may need help from time to time, which is why we offer Loans for Centrelink.