You may have researched plenty of ways to start your business without money and a lot of these articles talk about funding from an outside source. There are loans, investments, and grants. Government is also helping out small businesses with loads of grants and other forms of government financial assistance. However, the easy free money now grants may be too good to be true. While it is easy to find, it may be harder to qualify. Most of these funds address targeted causes such as military needs, pollution reduction and the like. Charity, foundation and corporate grants may be an option but only to educational and nonprofit applicants. Then if you do qualify for a grant, government agencies and organizations will expect the likes of research and job creation in turn or matching funds from your business or other sources. There are plenty of ways you can make do without government assistance and still survive.
Get your suppliers, vendors, and manufacturers to invest or partner up with you. If you form an alliance with other businesses that already have prospective customers, you have better and faster chances of succeeding. They can sell for a commission. They can help market your brand and best of all, for a small business with a limited marketing budget, partnering up with other businesses that complement your business can add credibility to your business. In a way, you also partner up with your customers by building good and strong relationships with them, providing them with unbeatable customer experience. Word-of-mouth recommendations, referrals and good reviews should also keep your business soaring. That’s exactly what McIntyre Fencing did (you can find theme here: http://mcintyrefencing.com/commercial-fencing/), they partnered up with vendors and other businesses that sell complimentary products and doubled their revenue.
Other Options for Funding
Customers and other people can help you fund your business. If you receive funding from sources other than the government, it means they believe in you and your brand so you should be able to turn that capital into the idea that is in your head. You should also be clear to your investors about your priorities, about the company and how you plan to get things done.
Another option is to merge with another business to jumpstart your business growth. It may be good for your business to work alongside a brand with a lot of similarities. That way, the merger allows for a smooth integration of both businesses.
You can also opt to go the route of franchising to duplicate your business faster and with very little money coming from you. It’s a great option if you’re thinking of expanding your business but don’t have enough funds for it.
Reinvest Your Revenue
Don’t think of your revenue as your income but as tools you can use to grow your business. Use your profits to buy equipment, supplies, advertise or set up the business infrastructure that you need. Spend money on timely and efficient resources that will earn you money in the present and in the long run. You can also save funds to assist your business in revenue downtime. Money reinvested and put to good use can help your business excel and thrive on your own terms.
This ends by going back to the beginning of your business. That time before you even started laying your foundation, analyzing the feasibility of your project. Business feasibility is essential if you want to start your business, grow your business and excel. Then you can depend on your hard work to bankroll your business without having to rely on outside assistance, at least not from the government.