6 Ways to Fund Business Growth
Living in a business world that’s rapidly advancing at just about every front, not growing or adapting your services or products to suit the ever-changing marketplace is a death sentence. If you’re stagnating or slow to reach the service standards offered by competing businesses, you’re at risk of becoming overlooked and forced to close up shop.
For business owners or managers looking for ways to better fund your business growth, we have six great tips for you below.
Conceptualize a Viral Product and Crowdfund
For business owners or managers looking for ways to better fund your business growth, we have six great tips for you below. Up first comes the funding choice that might take a little work to start off with, though if you get a hold of a new customer base or global recognition, it will undoubtedly be worth it.
If you own or manage a retail business that sells products, rather than services, then undertake some substantial market research and look into developing a product that meets a set of consumer needs. Work on marketing it correctly and offering it through crowdfunding platforms such as Kickstarter for a discount rate.
In doing this, you’ll hopefully garner enough interest as well as funds to develop the product, build your customer base and also propel your business’s overall growth.
Take Out a Small, Fast Loan
For businesses that require just a small amount of upstart money, or a few thousand dollars to kickstart growth in one area, then there are the options of taking out small loans with providers like CashnGo.
These small loans are often affordable, low interest and can be paid off over rather short periods, giving you the chance to reduce the total amount of interest paid and fund your business’s growth with as little debt as possible.
Appropriate Government Grants
Depending on the business you’re running and your current situation, you may be eligible for small business grants from the Australian Government. These grants are designed to assist in the launch of a business, to grow a business and even to help you employ a new team member.
Take a look at the Government’s Grants and Assistance website for some more information. You could be eligible for upwards of thousands of dollars.
Shop Around for Low Rate Credit Cards
A somewhat risky way to fund growth is through business-friendly credit cards. Nonetheless, credit cards are still a means of funding growth, just be sure to shop around for credit cards that offer as many perks and low rates as possible.
You’ll want to make sure you’re able to make use of the card, but not be hit with credit card bills that are too high to pay off in full. Again, don’t forget to pay off as much of your credit as possible as soon as possible. You don’t want to fall into a debt spiral that brings down your business with it.
Ask Family and Friends
The chances are that if you already have a business that’s operational and profitable, your family and friends won’t be too hesitant to give up some of their hard earned cash to give you some opportunity to grow.
We suggest that to increase your chances of being successful in asking for a friend or family loan that you offer them something in return or develop a solid repayment plan to help rid them of their anxieties toward lending out their money. You might also want to provide them with a small cut of future profits to further sweeten the deal.
Restructure Expenses and Investments
Our last tip is to take the money you’re already earning and put it to good use. Far too many businesses overspend and lose out on the chance to snowball their profits or put their cash toward business building activities.
We suggest spending some time going over your finances or hiring someone to do it for you to look for financial ‘leaks’ that you can plug. Once these leaks have been plugged, and you’ve reduced non-essential expenses, redirect this cash into the growth and expansion of your business.
Lastly, if the financial changes you’ve made haven’t garnered you enough cash to expand rapidly, then migrate this added cash to investment accounts or diversified investments that you can grow for the future growth of your business.