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Raising Cash for Your Small Business

0 Comments | Mar 17, 2014 | Written by:

How to Raise Money for Your Business

Ready for a shocking surprise? Starting and sustaining a small business can be quite costly! The average cost of creating a new small-business startup has been estimated at $70k. That’s a lot of cold hard cash, especially for owners who have little or no prior experience running a business.

Of course, if your venture is successful, then you’ll make your money back in no time flat, but how can an aspiring Titan of Empire get his or her business idea up and running? Here are 3 ways that you can raise the money you need to start your new small business ASAP.

Credit Cards

Credit Cards are risky, but with risk comes the possibility of great reward. Properly used, credit cards can become an essential form of financial assistance. However, the key to staying out of debt with credit cards is to only use them when it is absolutely necessary, and only when you know that you will be able to pay off your balance in a timely manner.

The other key to credit card success? Monitor and manage your credit scores and records using the tools offered by Dun & Bradstreet Credibility Corp. Credit card debt has the potential to severely damage your credit records, making it more difficult for your company to receive financing in the future. Don’t wait until it’s too late, contact Dun & Bradstreet Credibility Corp. to find out how you can manage your credit file with minimum effort and maximum impact.

Family and Friends

Don’t mix business and family? Nonsense. You can never go wrong with asking friends and family for some extra help, but there are few iron-clad rules to abide by: Never deceive, never exaggerate; always encourage your funders to communicate with you, especially if they are hesitant or apprehensive; be direct and forthright about your intentions as a business owner.

Contests and Competitions

Big companies frequently run contests offering cheap or free office space, equipment, distribution possibilities, and sometimes cold hard cash—why shouldn’t you and your business be on the winning end? Just search online for small-business contests, and you might be surprised by the possibilities.

If the contest requires participation in a competition (Barracuda Networks sponsors an annual “Hack-a-Thon”), then your business can benefit simply from the contacts and exposure, regardless of your final standing.

[Photo Credit: TeamStepPortal]

Author:

Marshall Walker Lee graduated Summa Cum Laude from the University of Michigan's Honors College with degrees in Writing and Philosophy. As a freelance writer and designer he has developed branding strategies and programming for J. Walter Thompson, Nike, the Kellogg Foundation, Spike TV, Sony Films, and General Motors. He is the co-founder and director of Poor Claudia, a 501(c)3 non-profit publishing enterprise based in Portland, Oregon.

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