How To Get Funding For Startup Ecommerce Business
You have a great Business Idea, you know how to execute it, all you’re lacking is finances to keep up with your idea. Many start-ups go under because of this very reason, they have a brilliant innovative idea, but they lack means to execute it. It is saddening, but true that many such great ideas face the hammer of closure due to lack of funds. That being said, not everyone has the means to pool in wealth for their venture. The following ways will tell you how to keep your boat sailing, even when you don’t have the fuel:
Pool in your last penny: Yes, I do mean the last of all that you got, every last bit of money that you can contribute. Not only will this keep you running on your own till possible, it will also show your investors that you are serious about your project and have full faith in it. Mortgage your property if need be, sell your antique collection, if you believe in your venture, now is the time to dedicate yourself to it.
Family and Friends:Don’t be afraid or reluctant to ask your family and friends to pitch in, chances are that many of them will, some just when you need them the most. It’s quick, hassle free and you get it from someone you trust without risking anything. Moreover, they will see it as an act of helping out a dear one, and not as an investment opportunity of making money off you.
Seed funding: When you’ve exhausted all that you could from your own pocket and of your close ones, it’s time to get some investors in. There are many companies that provide venture capital to emerging new businesses and start-ups. Know this they will only take you seriously, if your venture will show a promise of return. Nobody likes to shoot an arrow in the dark by strapping his own money to it. Explain it to them, why you’re giving them a deal of a lifetime by taking their money, if you can do so, they won’t flinch for a second before giving you the push you need.
Crowdfunding: Can’t get a single investor? How about getting a bunch of them? Yes it’s true. Relatively new and emerging concept is to get crowdfunding. If you’re good at explaining your idea to masses through videos and blogs, crowdfunding is the way to go. Websites like Indiegogo.com and gofundme.com provide you with options to get crowdfunding by charging a nominal proportion.
Customer Investment: If your idea is so brilliant, that you’ve got people interested in buying your product/services even before you have fully launched it. You can ask them to help you out. Though this is recommended as a last resort, as there is still always a chance that you might fail at first, and it won’t be good to get on the debt books of your very first potential customers.