If you have an amazing business idea that’s great, but it’s often not the idea that’s the toughest part. Sure, a strong idea is the foundation of a successful business, but there’s a lot more to it than that, and people tend to become frustrated and intimidated and give up before they bring their dream business to life.
One of the specific roadblocks faced by many would-be entrepreneurs is being unsure of how to get the funding needed to launch a business.
According to Timothy Sykes, who’s risen to fame for helping people learn how to invest, says that for a lot of people it’s tough to know where to begin when it comes to getting the money to make a dream into a reality.
So what can you do if you’re in that position currently and you’re looking for funding outside of the normal options?
Look for Flexible Ways of Making Money
A lot of entrepreneurs think that in order to successfully get their business off the ground, they have to immediately quit their day job and dedicate all of their time to their startup.
Yes, your startup is going to require a lot of your time, but you don’t have to quit your day job right away. You can keep working and then put that money towards your business when you have the opportunity.
If you do quit your job, you might look at flexible opportunities to earn money that will also give you enough time to build your business, such as day trading, or creating a passive income stream like an e-Commerce site. You can also work as a freelancer or contractor, which will allow you to focus on your startup but have money coming in.
Have A Great Business Plan
No matter what sources you have in mind for business funding, you should always have a great business plan first and foremost. Even if you’re just asking relatives for money, they’re going to want to see a business plan.
Too often entrepreneurs overlook how important this is, and how essential it is that it’s a high-quality plan.
There are some pretty interesting options available to entrepreneurs looking for funding right now, so you might explore them before you go to traditional capital sources such as banks.
Just one of many examples is something called Accion. Accion works with low-income entrepreneurs, as does Kiva. Kiva is a nonprofit that connects people with loans. Loans provided by Accion go through an underwriting and approval process, and then once that happens it’s a crowdfunding process, where lenders can put money toward the loan in increments as low as $25.
Finally, don’t forget about government grants. There are agencies that are part of the government that regularly provide grants to people to support their entrepreneurial endeavors. They tend to have some pretty stringent requirements in many cases, and they’re often related to technology startups, but they’re worth looking at. These grants aren’t just provided by the federal government, but also many state and local governments as well.