'Money! Money! Money!
It's not funny.
In a rich man's world'…
Boney M Song
Oh dear, I'm showing my vintage.
One of the ways to fail in business is not having adequate funding.
According to Investopedia, it's one of the top reasons.
Many business owners think funding is an issue. It's not.
There are numerous ways to access funding. The only question is what you are willing to exchange for it.
Before we talk about financial funding, I would re-state that if you nurture the other forms of capital, you will need a lot less financial money to get the same results.
So, how do you get access to funding?
In the video below, I share the 13 ways to access funding. I warn of particular predatory behaviour by non-bank lenders out there.
Cash
1. Personal funds
2. Family & Friends
3. Grants
4. Crowd Sourcing
You exchange time to access 'free' cash.
1. Credit Card & Bank Loan
2. Non-Bank Lenders **Warning**
3. Invoice factoring **Warning**
4. Crowd Sourcing (launching soon)
You exchange interest to access funding through debt.
1. Angels
2. Venture Capital/Family Offices
3. Crowd Sourcing
4. Incubators
5. Silent investors - only if you are desperate.
You exchange equity to raise funds through this approach.
The reason why I don't talk about silent investors in the video is because I missed it :)
Maybe it was a Freudian slip.
In my opinion, this is the lowest value add because you are giving away a stake in the business for a person who is not offering any expertise.
Money is relatively cheap in the current economic climate.
If accessing financial funding is expensive, then other business performance issues need addressing first.
If you found this short blog helpful, do share this with other peers in your network.
Here's to your success.
Bob Ratnarajah