The current economic downturn could be quite depressing for an entrepreneur trying to start a business. With unemployment on the rise, business optimism down, and startup capital being scarce, it is no wonder entrepreneurs are struggling. There is however, hope for entrepreneurs truly committed to opening a business, but they have to use a little creativity.
Obtaining funding for a small business is currently one of the biggest challenges. Since banks are still unwilling to lend, the credit crunch is continuing to plague startups. But for those entrepreneurs willing to go beyond ordinary means, there are other opportunities.
The above video discusses 5 exploratory options for obtaining startup capital. They include:
Instead of concentrating on all the depressing news and statistics, use this time to explore and take advantage of all the opportunities that are available to you.
Have you used one of these forms of funding? What are other "creative" ways to obtain startup capital?
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small & micro business help
How to find funding for your new business.
This may seem like getting the cart before the horse but it works. Start by building up your client base. Let potential customers you are there and beginning to get things set up and ready to go into business.
You have a service or product that potential customers want to use or purchase right? Let's also assume that your product or service is unavailable right now from a competitor or that your pricing/service capability is better that the other guy..ok?
So now you know that you can get customers all you need to do is set a schedule of operation let them know what that schedule is and tell them you are taking orders now with deposits required so you can pull it all together.
Most of your customers are happy to order from you under these circumstances if you are honest and upfront with them from the beginning. Many of them have been there before and will respect you for your honesty and intestinal fortitude. Hey you will also be surprised how many referrals you will have coming in from these first customers.
Everyone wants to help out the other person if they feel the guy/gal is honest and hard working. By the way that is how this great country was built.
Getting The Cart Before The Horse In Business Plans
One of the key elements -- if not THE key element -- to raising financing is first to demonstrate the ability to use that money well. More often than not, that is a HUGE part of your creative business talent. Any respectable business plan in the 20th century is going to demonstrate that creativity. The "fill in the blanks" business plan really don't work anymore, if indeed they ever did. The business creativity shines in business plans that show creative ways of funding a business, not only from getting money from outside, but from structuring the business in creative ways, or drawing on the expertise of a top notch Advisory Board. There are a lot of ways of demonstrating that you are unique and talented, and that you will make that money work overtime. And THAT is what is needed to raise funding at any level.
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