The reason we chose 21 great ideas to fund your business was because it often requires more money than individuals can afford. One business expression is “To make money. Use someone else’s money”.  Years ago, this was quite the challenge. Today with TV shows like “Shark Tank”, crowd-funding sites like “Go Fund Me” and venture capitalists or angel investors offering money unheard of just a few years ago. However, using other’s money comes with strings attached. They’ll want a larger piece than you may be willing to give. So, before we start letting our marketing plans and sales directives be directed by someone else, lets look at some alternatives that keeps us in control:

21 great ideas to fund your business: 11 ways that keeps us in control.

1. Personal Financing – some use home equity (but only if willing to lose your house), credit cards, investment accounts, or money in savings.
2. Bootstrapping – When you keep rolling profits into extending the business.
3. Family and Friend Loans – They sound great, but have the potential to cause major conflicts. So be careful.
4. Purchase Order Financing – This allows you to purchase things in advance from suppliers. Then pay later. Typically, goods not services.
5. Vendor Financing – This is when a vendor is willing to extend you short-term credit or work with your for more single component items.
6. Find Contests – Sometimes universities, regional governments, corporations, social service and civil Groups offer prizes and funding for various business ventures.
7. Try pre-sold products or services – These are usually specialty items that people are willing to pay for in advance.
8. Try raffling off your services/products – This involves access to larger groups like civic clubs, religious organizations, social clubs and other larger networking events.
9. Hold your own fundraisers – These can be large like putting together a bazar or all-you-can-eat pancake breakfast. Or it can be a longer running series like multiple car-washes.
10. Have a giant garage sale – Tell friends you’ll take any unwanted items off their hands and that it’ll help fund the new business venture.
11. Approach well-connected individuals  – in your target market and offer free products/services in return for them referring customers or potential investors.

21 great ideas to fund your business: 10 that relinquish control

1. SBA Loans and Grants – these are government guaranteed loans which often have great interest rates and payment terms.
2. Microloans – These are small loans (only a few thousand) popular in small unique markets and developing nations.
3. Conventional Loans – Business bank loans require a well thought out business plan. And they always want collateral from you (like first dibs on your business. If it fails).
4. Extended line of credit – For this you must be in good standing with your bank. They may offer an extended line of credit (on credit cards or other loans).
5. Partners: This gets closer to relinquishing control. However, sometimes we need help both financially and in running the business. Again, choose partners who show themselves fully able and willing to commit.
6. Attend numerous networking events – Before you start seeking outsiders, start building your potential list beforehand. This gives you time to vet, and get to know potential investors.
7. Hold large or small investor meetings – Think of them as giant pep rallies held in community style settings. These require more work, but can bring in a wider variety of potential investors where you set the requirements and pose the opportunity.
8. Crowdsourcing – Relatively new way to raise money, and depends on social networks and online campaigns. This spreads less risk out to individuals, but holds you accountable to more people.
9. Contacting angel investors / venture capitalist firms – These are the professional who risk their money on you. So, set your expectations in advance, and get ready to negotiate.
10. Go National – This can be done by approaching larger companies for possible partnerships, or going on TV to appear on reality tv funding shows.

For more useful information join us at: Small Business Promotion Ideas: 15 Ways to Market Your Business