Remember the economic meltdown of 2008? It wasn’t a pretty sight, was it? As people lost their homes and entire countries were plunged into bankruptcy, it seemed like the world and its finances were on a knife edge, teetering on the brink between potential recovery and outright catastrophe.
Indeed, despite almost six years having passed, banks are still licking their wounds, making raising finance for a new business venture a difficult prospect.
This reticence from banks has, arguably inevitably, led to an array of new finance options for businesses. As banks close their doors, so too do new doors open, allowing companies to travel a different path when raising money for their business.
Whether it’s construction finance or a creative venture, here are a few different ways for you to gain cash for your enterprise.
Kick-start your way to success
Crowd-funding is one of the newest ways to finance a business but, with websites like Kickstarter attracting millions of users, it seems it’s an option that’s here to stay.
But, what exactly is crowd-funding? Essentially, it’s where your business puts its aspirations on a website such as Kick-starter in the hope that customers will then donate money to see your plans come true.
Although it’s primarily been used for creative ventures such as film, music or game production, crowd-funding has more recently extended to traditional businesses, with sites such as the UK Crowd-funding Association opening their doors to let companies try their hand at success.
Gain a partner
Although you may consider yourself to be a business maverick, the Dirty Harry of enterprises, sometimes a helping hand can be exactly the injection of energy that your business needs.
Providing you can find the right business partner, your company will gain an extra dollop of cash as well as another helping hand to throw in ideas and keep certain aspects of your business ticking over when you don’t have the time.
Get the government to help a hand
If you have the right business model to fulfil the remit of a government body, there’s a host of government grants and funding opportunities to help your business on its way to success.
Although this might mean altering your companies aims somewhat to fit in with the purpose of a grant, governments offer a range of funds to help you on your way. The trick, naturally, is to write a business plan that will fit in with the government’s needs as well as your own.
Whether you’re a young tech firm hoping to make your first sale or an established business taking on new graduates, the government will throw cash your way if you can boost the economy.