When it comes to starting your own business or company, getting an office lease in the Philippines and having your own way of being a boss, there’s a lot to think about. You must consider the product or service you plan to offer, the marketplace you’re aspiring to launch, the trade habit of your market, and who you want to take into your team to maximize growth. But, even though all of this is essential, there is one thing when it comes to the most frequent question asked by aspiring entrepreneurs, and that is, “where will I get the fund I need?”
Sorry to say, there is no easy way to get a load of money right away. But there might be some alternatives for you to look at. Just remember that it’s important to really focus on which ones go well and what best suits you.
Here are some ways to fund your startup:
It is essential to think about self-funding because it offers you more leeway for your business. What’s more, over 90% of startups these days are self-funded for the simple fact that it is more affordable than ever to do it. While it may set you back in terms of a launch date, the obvious advantage is that you will own your business 100%, and be able to get an office space in Philippines.
Ask the Government
Depending on where you live, most startup companies are suitable for a small business grant given by the government. The problem with this is that it tends to be a long process. The plus side is you won’t have to give up any of your business.
Mix into the Crowd
This is perhaps one of the newest ways of getting an investment as crowd funding is one of the best ways to accumulate the money you need.
The way it works is, you explain what your business plan is, set yourself a target to attain, and then start accepting pre-orders of what you’re selling, giving a discount, or any other rewards you want to put forward. The advantage of this method is there’s no equity bargain. Plus, it’s a wonderful means of boosting your publicity to the masses, especially potential customers.
It should be noted that this alternative is mainly for startups that are in need of bigger funding with an established team, but still needs to find over a million in investment. If this is you, then this could be the perfect way for you to get funding. Venture capitalists are professional financiers who hand over institutional money to qualified startups.
Lending has become commonplace in the world of finance. What it does is the lenders go straight to borrowers. The advantage of this is that the loan fee are so much cheaper than banks can offer, which makes it less dangerous for the lender. Paying back the loan will be easier to complete, while also offering high rates of return.