You have to have money to fund your business. Whether you are just starting out or have been in business for a while at some point you will ask the question of how to obtain funds.
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Small business funding can be tricky. It’s become increasingly difficult for businesses to get loans, especially start-up businesses. Thus business owners often look for other alternatives to access funds, initially starting with personal financing, family, friends, and credit.
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Crowdfunding is the new alternative with sites like Kickstarter.com and Gofundme.com becoming popular ways to utilize a community of individuals to raise funds.
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But how you get your funding is secondary to the bigger question, which is the why and the what. Before you embark on a fundraising campaign, you need to take a full assessment of what you need and why.
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This should be done in conjunction with your business plan so that you can minimize the risks as much as possible. You want to make sure you access what you need to maintain and grow, keeping the overall strategy at the forefront.
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To provide you with more information, I conducted interviews with two financial industry experts who shared some strategies and best practices for new and existing businesses that are looking for funding.
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Take a look at what these two financial industry experts had to say.
(Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net)
Biz Practitioner
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