It’s 2021 and you’re ready to kick-start your business and take the world by storm. You’ve got an awesome idea, a rock-solid business plan and big dreams, but you’re missing traditional funding. In the modern world, there’s no reason to be held back by a lack of funding. With some creative thinking, internet smarts, and savvy people skills, you can bankroll your business without being an old school bazillionaire. Below are some outside-the-box ideas for accessing alternative funding.
Crowdfunding
We’ve all heard a crowdfunding success story at this point. A rags-to-riches, globally dominating success story for the ages. Well, every single one of those success stories was just like the rest of us at one point – just someone with a good idea.
There’s no stigma attached to crowdfunding and it can be an incredibly viable route to large-scale funding for your business.
Equipment leasing
Got a great idea but require some pricey tech to get started? A good alternative option can be equipment leasing.
Instead of making a heavy initial investment with a high risk, equipment leasing offers you the opportunity to get your hands on market-leading technology without the potential risks. Utilising this service can help you dramatically cut start-up costs.
Peer-to-peer lending
If you have an already established business you’re looking to grow, peer-to-peer lending can be a great option for people with reasonably predictable earnings and good credit history.
Offering you the opportunity to state your funding requirements which are then reverse-auctioned to potential lenders after due-diligence checks, loan terms can be extremely flexible, making them a less intense option than going to the banks.
Startup business loans
If you’re not an established company but you’ve got a great idea, startup business loans give you the chance to get the funding you need.
Designed for businesses less than 24 months old, they are usually unsecured business loans designed to help you hit the ground running.
Alternative funding ideas – where to find out more
In conclusion, there are many options to explore when it comes to alternative funding. Above are just a few, but using a little creative thinking you can certainly think of some great ways to alternatively fund your business plans.
Tower offers a full range of finance solutions – products and services aimed at business development and growth. Regardless of how much capital you need or how big you are as a company we can normally help. Our transaction size starts from as a little as £1,000.00 and we have arranged funding facilities for brand new starts ups with little to no trading history to those turning over millions of pounds. Read about our alternative funding options.
Get in touch to find out how we can help with alternative funding ideas.
Image by: Rawpixel
