How to Drum up Funding for Your Business

by Alex Feldman

December 25, 2018

If you’re considering taking the plunge and giving business owning go, or if your company could currently do with a much-needed cash injection, then, unless you’re rather flush yourself, you’re going to have to drum up some funds from somewhere.

 

Getting the money that your business so desperately needs isn’t always a straightforward task, though. Fortunately, advice on the matter can be found below.

 

Go down the corporate finance route

 

As long as you have a robust business plan in place and can prove that your business has what it takes to succeed, you should be able to receive some corporate finance from somewhere. When you take this route, you should…

 

Ask at the bank

 

If you don’t particularly enjoy meetings with the bank manager, fear not, as you’re not alone. Your bank should be the first form of financial assistance that you turn to, though, if you’re serious about drumming up some financial support. Your business plan will need to be impeccable when you take this particular route. Anything less than perfect will ruin your chances of being able to convince the banker to borrow you some capital.

 

Consult with a broker

 

If the bank is a no-go for you, then you should consult with a broker right away and ask them what course of action is best to take. They will be able to point you in the direction of the corporate lender that is best for you. By taking this route, you’ll likely find yourself bidding with a panel of lenders rather than just one, so it could be more beneficial for you anyway.

 

Keep your options open

 

Whatever you do when you go down the corporate finance route, just keep your options open. You should never commit to a particular deal before conducting thorough research into your other opportunities. By not doing so, you could miss out on the pay-back option that best suits your forecasted financial capabilities.

 

Give crowdfunding a go

 

Crowdfunding is the act of raising funds through individual donations and contributions. If your business offers something in particular to the general public, or is a charity, then giving this practice a go could prove fruitful for you as you’ll have a built-in fanbase.

 

Market, market, market!

 

If you don’t market your business, how can you expect to attract any sort of funding, be it corporate or crowd, for it?

 

A good way to market your business in your attempt to drum up funding for it is to take it to a trade show. By doing so you’ll take it into an environment in which business investors will be rife — you’ll still face the tough task of attracting these investors, though. To attract them and then give them food for thought as they weigh up whether your business is a good investment or not, you should make sure to provide them with flyers and brochures that contain information about your business model and your plan for growth going forward. To ensure that you are able to provide everybody that comes to your stall with a flyer, you’re going to have to ensure that your printer is working — you can find great toner cartridge deals at Cartridge People. Just, whatever you do, just make sure you have enough paper or laminate to go round!

 

In your next bid to drum up funding for your business, make sure to put the above advice into practice.