flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

Unique Ways to Acquire Funding for Your Business

Editor's Note: Take a look at our featured best practice, Five Stages of Business Growth (25-slide PowerPoint presentation). This presentation introduces a framework for entrepreneurs to use when building and navigating their business from a nascent, startup state to an enterprise with a global footprint. This framework, called the 5 Stages of Business Growth, is based on the fact that all businesses experience common [read more]

* * * *

pexels-photo-908288There are so many reasons why a business will need more money as the years go on. Whether you are just starting out and need startup cash, it’s time to reinvest, or you have to pay to fix an unexpected emergency – the reasons why your business needs more funding doesn’t matter. What does matter is that you know the full range of ways that you can acquire funding to reinvest, fix, or start your business that are outlined in this guide:

Budget Correctly and Save

Regardless of whether you supplement your savings through other means, you should always have a healthy emergency fund on hand when you look to start a business. That is why, before you make the leap to start your own business, you should look at your spending, cut out unnecessary payments, and find ways to save as much as possible from the start. Set realistic savings goals, put money away at the start of the month or just after you get your paycheck, and build up an emergency fund that will help you and your business weather the storm.

This fund should be continually added to, as well. There is no perfect amount. In the best case scenario, where you don’t touch your emergency savings, this money can be used towards your retirement. Having it will give you peace of mind and help you pay for emergencies and repairs out of pocket, instead of indebting yourself further. If you save enough, a portion of this fund can even be used to reinvest later on. The possibilities are endless, but they can only be accessible if you start saving now.

Lower Costs

If your business is already established, then one of the best ways to free up money in your business is to lower costs. This step should be done regardless of whether you are strapped for cash or not, as it ensures that your business is better all around. Instead of firing or reducing the quality of the items that you offer, however, try to use your data to cut out redundancies and to streamline your management so that work gets done more quickly.

Other ways you can lower costs are to lower your utility bills. Swapping for energy-efficient appliances or installing renewable energy solutions will go a long way towards lowering your utilities and even opening yourself up to tax rebates. If you don’t have the upstart money, take out a loan and then use your savings towards repayments. Once the repayments have been made, you will enjoy greater profit margins as a whole.

Host a Fundraiser

This won’t work for all business types, but if you are a local business who is a part of the community and you need cash for repairs, it could work wonders. Get your friends and family together to hose a fundraiser to save your store by, for example, fixing the flood damage, and you can get the funding that you need and rally together your local community at the same time.

Partner with Investors

Investors are particularly useful if your business requires a large upstart budget. This will happen if you are trying to put a new product out on market and need to create the product in question for mass-production. Investors will often pay for the initial batch to be created and sold in exchange for a percentage of your company. They can be a great way to get off of your feet, but they can hold you back later on in terms of control so be careful when making any sort of deal.

Know What Government Schemes Are Available to You

Government funding and resources will vary from state to state and even country to country. What remains the same is that all business should stay up to date with what is available to them. If you switch to solar energy, for example, you could enjoy a tax rebate if you operate in the state of California. Combine as many benefits on the state and federal level as you can, so that you can get money back for the initiatives and choices you have already made for the betterment of your company.

Find the Right Loans

There are so many different loans out there that it is a mistake to get the first one that you think of or is available to you. By instead researching through the different types of loans, you can ensure that not only is the interest rate favorable, but that you are working with the best investors. Doing this will open many doors for even those with poor credit. For example, if you own and maintain a car, you could be eligible for a loan from Car Cash Point. The more research you do and the more comparisons you make between investors, the better.

Crowdfunding

Crowdfunding has a lot of potential, but it is important to remember that it only works if you are trying to put out a product that people want. If you are hoping to open a local convenience store, for example, it is unlikely that you will get international backing. Crowdfunding is great for those who want to put out a product, whether that be a physical product, like a new phone, or a digital product like a video game. Put the project up on a crowdfunding site and see if you can get the funding you need to stay in complete control of your creation and still acquire the funding you need to put it on shelves.

There are so many ways that you can acquire the funding that you need for your business, so always research your options and try out different avenues. The last thing you want is to become in debt, so find the most favorable option for you and your business. Use a variety of solutions at once, and you can bring in the maximum amount of funding with the smallest return. This way you can get your business past whatever hurdle you are facing, and have enough to reinvest into your future.

25-slide PowerPoint presentation
Behavioral competencies have long been utilized across many organizations to assess the competencies and potential of leaders. The competency models are prevalent due to several reasons--shared vocabulary to express the expectations from people, a basis for performance management planning, clarity [read more]

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on Maturity Model and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.

Readers of This Article Are Interested in These Resources


70-slide PowerPoint presentation
Organizational Design (OD) is a structured approach to aligning the structure, processes, and systems of an organization to achieve its strategic objectives and enhance performance. It encompasses various components, including defining the purpose of reorganization, determining supportive [read more]


 
34-slide PowerPoint presentation
 
 
25-slide PowerPoint presentation

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.


Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  

The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.
  


OUR CORE OFFERINGS
Flevy Marketplace: Top 100
· Strategy & Transformation
· Digital Transformation
· Operational Excellence
· Organization & Change
· Financial Models
· Consulting Frameworks
· PowerPoint Templates
FlevyPro (Subscription Service)
KPI Library
Streams (Functional Bundles)
Flevy Executive Learning (FEL)
PowerPoint Services

FREE Resources

About Flevy
Management Topics
Marcus (AI-Powered Consultant)
Partner Program
LinkedIn Influencer Marketing
FAQ / Terms / Privacy / Blog
Contact Us: support@flevy.com



CONNECT WITH US!
       
TOP 100 TRENDING TOPICS
Acquisition Strategy
Agile
Analytics
Artificial Intelligence
Balanced Scorecard
Best Practices
Big Data
Breakout Strategy
Business Continuity Planning
Business Plan Financial Model
Business Transformation
CMMI
COBIT
Change Management
Cloud
Communications Strategy
Company Financial Model
Competitive Advantage
Competitive Analysis
Consulting Frameworks
Continuous Improvement
Core Competencies
Corporate Culture
Cost Reduction Assessment
Customer Experience

BROWSE BY FUNCTION
Strategy, Transformation, & Innovation
Digital Transformation
Operational Excellence and LSS
Organization, Change, & HR
Management Consulting

Customer Journey
Customer Service
Cyber Security
Data Privacy
Decision Making
Digital Marketing Strategy
Digital Transformation
Digital Transformation Strategy
Due Diligence
ESG
Employee Engagement
Employee Training
Enterprise Architecture
Growth Strategy
HR Strategy
Hiring
Hoshin Kanri
ISO 27001
ITIL
Information Technology
Innovation Management
Integrated Financial Model
Kaizen
Kanban
Key Performance Indicators

ADDITIONAL RESOURCES
Business Strategy Frameworks
Case Studies
Consulting Training Guides
COVID-19 Trend Data
Digital Transformation
Financial Advising Services (FAS)

Knowledge Management
Leadership
Lean
Lean Manufacturing
Logistics
M&A (Mergers & Acquisitions)
Manufacturing
Market Research
Marketing Plan Development
Maturity Model
McKinsey PowerPoint
McKinsey Templates
Operational Excellence
Organizational Change
Organizational Design
Performance Management
Post-merger Integration
Pricing Strategy
Process Improvement
Process Maps
Procurement Strategy
Product Launch Strategy
Product Strategy
Project Management
Quality Management


Free Resources
KPI Library
Lean Management
Lean Six Sigma Training Guides
Marcus Insights
Operational Excellence

Real Estate
Remote Work
Restructuring
Risk Management
Robotic Process Automation
SWOT
SaaS
Sales
Scrum
Service Design
Six Sigma Project
Social Media Strategy
Strategic Planning
Strategic Thinking
Strategy Development
Supply Chain Analysis
Sustainability
Target Operating Model
Team Management
Total Productive Maintenance
Value Chain Analysis
Value Creation
Value Stream Mapping
Visual Workplace
Workplace Safety


Product Strategy
Small Business Owner
Startup Resources
Strategic Planning
Strategic Planning Process
Value Innovation Strategy


© 2012-2024 Copyright. Flevy LLC. All Rights Reserved.