When it comes to running a small business, funding, quite obviously, is extremely important. However, 60% of small business owners neglect to apply for funding — despite the fact that they need more money to support their core operations (not to mention innovation).
According to Small Business Trends, small business owners are struggling to innovate and develop quality technology because they aren’t securing the necessary funding beforehand.
“Having access to information about funding options and support networks is essential to the continued success of a small business, particularly in its early states,” said Tania Slade, National Head of Wealth Planning at BMO Wealth Management. “Business owners who take advantage of the numerous resources at their disposal have an immediate advantage, and a far greater chance of seeing their innovation initiatives realized.”
Here are some excellent tips for funding your brand-new startup and achieving all your financial and technological goals:
- Consider factoring — Factoring is a great finance method for small business owners to get a better handle on their immediate expenses. Since certain invoices can go unpaid for as long as 90 days, you’ll need some additional funding to handle your finances. It will usually take about 48 hours to get your funding set up, but once on board, you’ll be able to receive money in less than 12 hours of sending out your invoice schedules.
- Consult with experienced investors — Acquiring financial advice from experienced investors can help get you on the right track during the first few months and years of running your small business. Keep in mind, each organization and industry is different, so you’ll have to adjust accordingly, but talking to professionals about similar experiences can significantly help your business succeed.
- Research crowdfunding — Crowdfunding sites like Kickstarter can be a fun and effective way to raise money at a relatively low cost. Additionally, these campaigns will help you strengthen your creative brand management and improve relationships with your fan base, setting you up for a successful future.