As an entrepreneur, money is probably always on your mind. Building a business takes passion, time, effort, and resilience, but it also requires capital to get it off the ground. If you have exhausted all your funding resources without any luck, it may be time to get creative with some methods to getting startup capital. Let’s look into four surprising ways to get your business funded.
1. Join a startup pitch competition.
Pitch competitions not only offer a chance to get some funding, but they are also an opportunity to make valuable connections in the startup world. Even if you do not receive funding from the competition, it’s an incredible way to showcase your business and potentially garner future interest from venture capitalists and angel investors.
2. Visit your state’s small business resources. (For U.S. entrepreneurs)
If you are located in the United States, visit both your state’s small business .gov website and the U.S. Small Business Administration’s site. You may find various government resources like grant programs and loan programs to get your business funded.
3. Reach out to your top customers.
If your startup has a loyal customer base, you may want to consider reaching out to some of your top customers to see if they want to become potential investors. This could be risky, but if they agree to hear your pitch, treat this business pitch like you would if you were talking to any other investor.
4. Sell personal assets.
Finally, consider using some of your personal assets to fund your business. You may have unwanted or unused items laying around that could potentially offer a little extra cash to invest in important areas of your business. Although this may not be sustainable, it could be helpful in instances where you need funding quickly.
Although we did not discuss more conventional ways to get funding such as bank loans, crowdfunding, and pitching to friends and family, know that you have a variety of options to get funding for your startup. What is right for your business will depend on who your business is and the amount of funding you need.