3 Ways To Raise Capital For Your Business
Capital is a key factor when starting any business. Without capital, it is nearly impossible to start a business.Â
When starting a business can be difficult to raise capital. With the pandemic currently in progress capital for any new business has become more scarce.
Therefore today we look at a few ways we can build capital for our new businesses, despite the pandemic still going on.
Sell stuff you don’t use
It is one of the oldest ways to raise capital for business but rarely utilized. I have seen people struggling to start a business but will have an extra television in the house they do not use.
Have you ever been in a room in your house and saw things that you barely use. Selling those things would be a good way to raise money for your business.Â
Second-hand furniture that’s still in good quality can go for about half the price it was bought or slightly lesser. In some cases, you can refine the furniture and sell it at a higher price. If you have old pieces that are antiques, these can go at significantly higher prices.Â
Second hand electronics on the other hand may go at way cheaper prices than expected.
Business Loan
Business loans can be taken from different financial institutions. Most people approach banks for loans but there always alternatives. While most banks are not taking risks to give out loans, they are other options.
One option is SACCOs. If you are a member of any SACCO you can secure a loan for your business with ease even during this pandemic.
The other alternative is taking loans from SMEs. These were created to help small businesses to grow. Creating an account with an SME gives you access to finances as well as financial guidance.
Fundraising
Fundraising is a popular way to raise funds for business. There are several ways to do this. One way to do this is by asking friends and family for support.
Another way is by starting a business Kickstarter account where you can promote your business and get support from people all around the world.
Another way to fundraise for business is to use social media. By documenting your business idea online, you can leverage the power of social media followers to raise funds for your business. The most important thing is how you document your business idea. The better the documentation process and the idea, the more support you’re likely to get.
These are 3 methods that you can use right now to raise capital for your business. If you know any other creative ways to raise money for your business then tell us in the comment section below.
