As an entrepreneur, it’s a very important factor to you to raise funds for your startup as without proper funding, a startup can’t progress at all. While starting your business, you must have thought of how you will raise funds for business. As it’s considered as the fuel of the business, as it will allow you to go ahead in your business. Here are some tips which will surely help you in raising funds for your startup :
1) Self-funding your startup
Self funding your business is the primary idea of funding. But if the funding requires above your limits, then you can ask your friends & acquaintances for the required funding as you don’t have to ask here & there for the money. You may use your savings to fund your business.
One of the most popular way of fund raising, it simply means contribution of funds from different person. Entrepreneur needs to state his plans, goals and objectives of his business to the people so as to make them willing to invest in his business.
3) Borrow bank loans
Other traditional way to fund your business is to take business loan from banks. You’ve to mention all the details regarding you business in brief to the bank officials and depending upon the criteria of approval, bank chooses whether to sanction loan or not.
4) Get monetary help from Governmental Programs
Govt. Introduced several programs for the young aspiring entrepreneurs. For boosting the entrepreneur’s business plans, govt. Launched ‘Bank of ideas and innovation’. You’ve to provide them with the brief details regarding your business plans and ideas to the govt. Officials. If approved, a Mudra card will be sanctioned to you just like a credit card which will bear your business expenses.
5) Selling your assets or pre-sale of your product
Selling your assets may seem very hard but if you’ve no other options left, you’ve to sell your assets to fund your business. You can have those back in your life but if right time for your business goes away it’ll never come back. Also, if you want to generate quick funds, you can start a pre-sale of your products on a small scale before the official launch.