Innovative ways to fund your start-up venture
It seems that more and more people are choosing to go down the entrepreneurial route as opposed to working for a corporation and not being able to be their own boss. Start-up ventures are a fantastic way to not only meet the demands of the market but also make your own mark on the economy in a brand new way (when done in the right way). There is, however, something that does tend to put people off from kick starting a brand new venture and that is the fact that every start up needs a considerable amount of funding.
Whether it’s having the necessary funding for product development in the easy stages of your business being born to simply being able to pay your first few employees, funding is of vital importance. While most of entrepreneurs tend to gravitate towards applying for bank loans as their primary source of funding, there are some far more creative means to earn money to begin your future career out there. It is merely a case of knowing where to look for it!
Invest in Bitcoin
If you are really looking to try something that has so far been an untapped area in terms of earning an income to fund your own business venture then why not consider investing in Bitcoin? While there is still speculation surrounding the future of Bitcoin it is impossible to not be tempted by investing into the cryptocurrency at a time when the currency has grown in value and thus far is going from strength to strength in terms of being a top performer in its field.
Because there are only a limited number of Bitcoins in the world – it is believed that 80% of all Bitcoins will be mined by next year alone- there is no time like the present to make an investment as the currency is till causing a lot of attention. Other clued-up entrepreneurs have already been able to make a profit from buying Bitcoin at a low price when they initially emerged to now earning a huge amount after selling them when their prices increased.
If you are anything like so many entrepreneurs out there, then you could quite easily find yourself not being eligible for a bank loan (for a vast number of reasons-namely banks are far less willing to lend money today!). Should you find yourself struggling to capture the attention of a bank lender then you can look towards the alternative method of borrowing that involves peer to peer lending. This form of borrowing money involves lending between individuals as opposed to using banks. This option can be seen as being somewhat more expensive than paying back a low interest bank loan but it is still among one of the best methods when you factor in every possible option.
One of the most modern methods of raising money to fund start-ups is through the use of Crowdfunding sites. Crowdfunding involves using certain online sites such as Kickstarter to reach out to the general public and like-minded induvial and encourage them to back your campaigns and ideas. The most successful crowdfunding campaigns include the Coolest Cooler and Indiegogo, for example. Ultimately the most impressive ways to get noticed for crowdfunding for your business venture is to build up hype around your product or service and this can be achieved through social media and other creative means of getting additional attention.
While not all entrepreneurs are comfortable with this method of backing their business it has bene known to be successful! Bootstrapping is essentially when a business begins running without much –or any! – funding. There have been instances where people like Dave Elkington have used this method of funding to work their business up to be worth a billion dollars! While it has to be said that this method of starting up a business is not easy, it can be done and, because of the lack of external funding, it does mean that there are less investors to pay back once your business starts to get more and more successful.
Regardless of which method of funding you choose to begin your start up, it is important that you seek out the most viable option for you and what sort of business you will be starting. Starting a money market account would also be a great investment for future funds. The most important thing to remember is the factor of risk and how much you can afford to pay back once your business gets off the ground. Another factor is, of course, time. Do you have the time to seek out the assistance of long term investment in Bitcoin or would something like peer to peer lending suit you most at the stage you are in right now?