This article is contributed by Jason Dirkham
Starting your own business is a dream that many people hold. However, coming by the funds can be somewhat of a barrier, especially if you need to be earning an income from day one. Going down the traditional route of obtaining a bank loan isn’t your only option these days. In fact, the more capital you can put into the business up front, the easier it will be to get started.
When it comes to generating extra income for your new business, it pays to be creative and plan ahead, even if you have to wait a little longer to get your new company up and running.
Cryptocurrency
Cryptocurrency is a digital asset that is designed to work as a medium of exchange. Bitcoin is probably the most well-known cryptocurrency; however, there are other currencies you can invest in. As you would when investing in the stock market, it pays to do your research and make sure you are confident of your investment.
Swyftx bitcoin exchange can help you should you decide to invest in digital assets. Remember, as well as making money, investing your money in any way can result in losses.
Crowdfunding
Have a new product in mind that you think people would benefit from but no money to get it manufactured? Then crowdfunding could be the ideal way for you to get up and running.
You have probably seen sites such as Go Fund Me, where people raised money for charity or to help with medical bills. This works the same way, but people donate to or invest in your new startup to help you bring the product or service to the market. For those investing in the company, they will be expecting something back in return either via a profit or reward such as free products or services.
Angel Investors
Did you know angel investors initially funded Google and Yahoo? Angel investors are always looking for the next new business to invest in. Taking money from an angel investor to get your business up and running will usually involve you giving them shares of equity in your company. These transactions are always regulated to make sure all parties are protected. This could work well for you if you don’t want to be taking out a traditional bank loan.
Pre-Sales
Are you selling a single product or service? Then pre-sales could work well for you. If you have no money for manufacturing, then generating pre-sales could raise funds needed to get the product on the market, leaving you with the profit and peace of mind you are making products that will sell, and you’re not left with items that no one wants to buy.
This might not always work, and if you don’t manage to sell enough stock, you will have to refund everyone who has paid upfront. But this is an easy way to get around the issue of not having enough money to get your company off the ground.
This article is contributed by Jason Dirkham
