These days, it seems like everyone has a startup. From Los Angeles’s Silicon Beach to the scrappy streets of DUMBO in Brooklyn, you can find Americans of all ages and backgrounds willing to take a big risk by starting their own business from scratch. But in some respects, the brilliant startup idea is the easy part—it’s the funding that’s tricky.
When it comes to funding a startup, you have to get creative. If you’ve got a great idea for a startup and are now looking for ideas on how to get started, here are a few suggestions.
D.I.Y. (That Means Do It Yourself!)
So many people think they need hundreds of thousands of dollars to get their startup off the ground. But in reality, starting off is when you need the least amount of money. That’s when you’re figuring out if your idea is feasible and are focusing on building a strong foundation.
Consider starting you funding by diving into your savings or retirement accounts. Yes, it’s risky, but other investors are likely to have more faith in someone who has put some of their own money in their project. It shows you have faith in yourself.
Trade Equity or Services
Startup funding doesn’t have to come in the form of cold hard cash. Sometimes office space or machinery is all you need to get things off the ground, and there are times when you can negotiate for these services rather than paying for them. For instance, if a friend with a small business is willing to give you office space, consider offering free IT support. Similarly, you may also be able to trade resources for equity in your young company.
Ask Friends and Family
Nobody likes borrowing money, especially when they’re borrowing from friends or family members. However, borrowing money to fund a startup isn’t the same as borrowing money so you can buy a new sports car or take a killer vacation to Tahiti. Some would consider a startup a good investment. See if you have a father, aunt, or friend who is looking to invest a bit of money in a young business. Make sure the repayment terms are very clear and fair for both sides. And you never know: they may offer you the money as a gift rather than a loan.
Look for Investors
You may think angel investors and venture capitalists are only for other startups—but you never know when yours might be the one that gets potential investors excited. If you don’t know where to start, try Gust, a network that brings together startups and investors. You can also go to companies like Accel that specialize in helping small tech companies find success.
Ask the Government
The American government is interested in helping its citizens find success. See if you or your idea qualify for a grant by visiting Grants.gov. It’s a searchable directory featuring over 1,000 grant programs—and don’t forget that grants are free money that you usually don’t have to pay back.
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