You have the next big idea that’s going to change the world. The only problem is actually getting that idea out to people, so it can go about changing the world.
While some great ideas find success regardless of funds, the truth is that money is often needed to get your startup off the ground. Of course, money is one thing that most startups do not have a lot of.
The good news is that there are more funding options for startups than ever before. Not all options are the same and not all options work for every startup.
Being aware of those options, however, will help you make the right decision to get your startup off the ground.
1. Crowdfund your Startup
Crowdfunding is one of the most modern solutions to finding funding for an idea or a company. Websites like Kickstarter offer a hub for startups to connect with people who are interested in crowdfunding businesses, products, and ideas.
The main advantage to choosing crowdfunding is that you maintain complete control of your business. The people who choose to invest through crowdfunding do not become part owners of your startup. This allows you to manage your vision the way that you want to.
There are some downsides to crowdfunding. Most crowdfunding sites take a cut of the money raised. This is not a huge downside if you budget and prepare for the percentage that they will take before paying you.
Also, crowdfunding is not always right for everyone. Most people who crowdfund a business expect a reward. Are you in a position to offer that to hundreds or even thousands of people?
2. Find a Venture Capital Investor
Venture capital has become a much more commonly known term since the explosion of startups in places like Silicon Valley. These firms provide funds in return for a stake in the company. In addition, they may also offer experience or advice to help your startup find success.
The obvious downside to choosing this route is that you may lose the autonomy your startup has enjoyed until now. If you are concerned about losing some control over your startup then you may want to think twice about venture capital funding.
3. Fund Your Startup Yourself with a Personal Loan
A lot of people overlook this option because they assume that personal loans are only for buying cars or homes. The fact is that some of the most successful companies began as startups using personal funding from the founder’s own resources or a loan.
Using a personal loan is a much better solution than using a credit card as the interest rates are much lower. Most importantly, a personal loan allows you to maintain complete control over your startup.
If you have the next big idea and you just need the funds to help build momentum, then a personal loan might be the right option for you.
Some websites will let you comparison shop for personal loans to ensure that you find the best loan for your needs at the lowest rate possible.
Go Change the World
What are you waiting for? Now that you have the funding you need for your startup it’s time to get out there and change the world.