It is no secret, that the small businesses make a significant contribution to the U.S. economy. They employ 42.7 million people and generate around $7.8 trillion in revenue. Yet, majority of startups fail to take off in their first 10 years which could be due to lack of funds and the failure to manage the available capital properly.
Here are the seven interesting ways to get the startup business running
1)Using the assets: Many start off with shoestring budgets, therefore using personal loans, credit cards can help one get to the next level.
2)Government Grants: Grants are not required to be paid back, but accountability is higher.
3)Friends and Family: Lower interest rates and lenient repayment terms.
4)Angel investors and Venture Capital: Private and high net worth individuals may invest if they see potential, but can ask for 10% to 50% stake in the business.
5)Customers: Customers may help fund the product if they are offered customization, discounts.
6)Social Lending: Individuals may apply for loans from other individuals.
7)Crowdfunding: Many people invest a small amount of money in a project. There are around 600 crowdfunding platforms throughout the world.
These ideas could well pave way for a successful business.
