5 More Ways To Unlock Business Funds*

Launching a small and independent business is no easy task. However, if you want to free yourself from the restriction of being an employee in an office, becoming your own boss is a refreshing experience. However, it comes at a hefty cost. Joining an office as an employee costs you absolutely nothing. When you launch a business, you become responsible for the cost of administrative processes, equipment, marketing, maintenance, etc. In other words, you may need to secure funds before you can get started. \In a previous article, we’ve listed some of the most popular methods to get money for your new business. 

Indeed, working with reputable marketing agencies to get your venture off the ground can contribute to unlocking your growth potential fast. You can also use your branding presence to appeal to investors in the equity crowdfunding scene. New ventures can sometimes get access to affordable business loans that can support the launch. More often than not, a company that’s already defined its brand and business plan can start selling right away to build up its capital. 

You can also manage your fund using your personal finances, using your credit card to finance the launch while your savings keep the debt under control. Alternatively, many solo entrepreneurs choose to borrow from friends or family to keep interest rates manageable. Finally, second-hand markets can be a source of financial power, allowing you to purchase used equipment at a low cost and sell your unwanted items to raise capital. 

But what if those tricks are not enough to launch your venture? Here are 5 more ideas to unlock business funds.  

#1. Turn your spare bedroom into a rental 

You can monetise your spare bedroom by turning it into a rental. Becoming a landlord, however, is no easy task. However, you’ll find the maintenance costs less significant when your tenants live under the same roof as you than if you had to look after a second property. To appeal to tenants, you want a cosy, elegant, and comfortable bedroom that is fully furnished. It can be a good idea to opt for quality bedding, such as supplied by Richard Haworth, the favourite supplier of luxury hotel chains. Why? Because the bedding is robust and designed for frequent use. You don’t want to replace the bedding fabrics after a few washes. Additionally, it enhances the bedroom atmosphere. 

The rent of room scheme is best suited for students or anyone new to the area who doesn’t have a permanent property. If you live in a touristic city, you can also open your room to weekend travellers, creating a reliable source of income for your business funds. 

#2. Become a recognisable expert

As a business, showcasing your expertise is key to attracting customers. But as a newly launched business, your expertise can also become a source of funding. YouTube channels are one of the most effective approaches to monetise content. As a solo entrepreneur, this means you could get paid for your expertise even if you do not have any customers yet. Many business professionals use their channels to educate and inform the audience. They also can raise sponsorship money through partnerships and patron platforms. Additionally, being visible and recognisable can also make it easier to appeal to an angel investor.  

#3. Can you be an influencer?

The other valuable use of social media for solo entrepreneurs is to build an influencer platform. Platforms such as Instagram are best suited for influencer activities. An influencer doesn’t need to share their business expertise, which can be a good idea if you are uncomfortable with a YouTube channel. However, you will need to make your personality and lifestyle relatable to your followers. Influencers can often receive free products for testing or a sponsor partnership campaign. Depending on your niche, you could secure your business equipment entirely throughout your influencer activities. 

#4. Be a beta tester for new products

Similarly, becoming a reviewer or tester for digital or technical products can give you early access to solutions that are not released on the market yet. This could be a fantastic way of equipping the business without spending a penny for entrepreneurs who need highly specialist tools. But remember that brands will expect a complete report on each item. 

#5. Check local business grants

As the government and local institutions are working hard to recover from the pandemic crisis, grants for new businesses can be available in some industry sectors and regional areas. The purpose is to encourage small businesses to flourish and grow to recoup the economic loss suffered during the pandemic. So it’s worth reaching out to your local chamber of commerce and other governmental institutions to discuss your options. 

Can you kickstart your business without breaking the bank? The answer is yes. It may not be easy or immediate, but you can focus on your capital and assets if you can’t secure funds for your venture right away. Good luck as an entrepreneur! 

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*Collaborative post