As the whole world continuously battle against the spread of COVID19 pandemic, the economy is the shaky state. In fact, about 2.4% GDP value had lost of the major economies. This shows that economy in this pandemic is severely affected due to the health protocols implemented. Most business ventures forced to stop to lessen the virus contraction.
However, we would not want to wait until the virus is over before we revive the economy, right? A lot of businesses have been talking recently about post-covid recovery. That given, we probably would want to be back to business right away.
Yet, how we can be able to revive when we have no enough money to startup as the capital of our business? Business without capital is quite far from possibility.
Here we provide strategies on how entrepreneurs can seek fund for their business ventures…
Table of Contents
strategies for fund to business ventures
1. Venture Capital
This type of funding is ideal for businesses that has a high potential growth, humungous addressable market and significant amount of capital to fund growth. Also, if you think company fits for venture capital funding, prepare yourself to find partner since will give up a portion of your ownership.
Of course, when you find a partner, choose those who share common vision and interest as yours because I believe you would not want to risk what you have started.
However, if you have seen that your company is not yet one of the top performing startup markets in a recession, try to look for other ways to finance your business.
2. Peers
When talking about borrowing, peers or like family and friends is your easiest, quickest and hassle-free way to be able to have the capital you need. This is a great option for those who don’t need humongous seed capital (a great example is A Pawesome Life). Aside from assurance that you will pay back the money you have borrowed, it is also necessary to have a full plan of your business in order to convince your peers. Keep in mind that not all people are business-minded, thus make sure your plan should contain both easy-to-understand and detailed versions.
3. SBA Loans
Small business administration loans have always seen attractive because they have low rates. However, it needs a lot of patience since it requires a very long process of application that would range for about 2-3 months. This loan mainly focused on helping the small business ventures it’s employees and cover payroll expenses.
4. Crowdfunding
This is a collaborative investment by a number of individuals who shared the same interest in maintaining, enhancing, and establishing a company, project or venture. This funding happens through raising small amount of money from the large number of people using internet.
5. Credit Unions
They are considered as smaller commercial banks and you have to become a member in order to avail the financial services, such as savings account and small loans. Unlike banks, they are way easier to access and most of the time with lower fees, interest rates, and better flexibility.
6. Special Funding
There are literally plenty of ways to get your funding if you really are creative enough to come up with a unique idea, whether it be for a business or a cause. Take for example OceanHero. They help and support many communities for ocean cleanup drive and their funding came from their own search engine they have developed.
Now that we provided strategies on how to fund capital in your business venture, let us take a closer look on the tools used in order to keep track the company’s investments, promotions, and negotiations.
Also read Navigating the future of human capital.
7. Zoom
This tool provides excellent quality in audio and video. Also, you can use its recording feature to save a record of your meetings.
Investment offering calculator
Investment calculator is used to show what an investor can get and what a company has to give up.
Trello
This platform is very useful in planning, tracking and storing different types of workflows. Using Trello is a lot easier when you aim to manage projects.
Squarespace
Although, this tool is a paid one, it is still reasonable. It has the capability to integrate with platforms to capture email addresses and provides all of the data that you need to better understand who, when and where people came from who visit the site.
Canva
This tool is useful when you market the idea. It makes simple yet incredible marketing material to be able to tell a business model’s story
Conclusion:
Generally, starting up a business during this pandemic is quite challenging, but in the same time, rewarding. No matter what skills do you have, you can use it to aid your financial status. All you need to do is utilize every skill you have and anchored it with technology advancements.
