Running a business is hard work. One of the hardest things for a business owner is not knowing if the finances are going to work out. You raise money to start your business only to find yourself again looking at low funds once you felt like your business was finally getting a little upward movement. So what do you do now? To help those in this type of situation, here are three ways you can bring some quick money into your business to keep things moving.
Cash Advance Or Loan
While you may feel like it’s best to get money that you don’t have to pay back, if you’re looking at closing your doors or borrowing money, borrowing money could be a great option for you. Luckily, there are a lot of different ways you can go about borrowing money that don’t take a long time to get started and won’t leave you with less once you pay back the amount. Anita Campbell, a contributor to American Express Open Forum, recommends looking into either merchant cash advances or working capital loans. These types of loans are generally repaid through your future sales, giving you the freedom to get the work done that you need now in order to see your business through a tough financial spot.
Although it might seem ideal for you to not have to risk any of your own money in your business, sometimes this is the best option to help your business grow during hard economic times. Reinvesting your own money into your company, which is commonly known as bootstrapping, can be a great way to allow your business to expand at a sustainable rate. And as an added perk, Brent Gleeson, a contributor to Forbes.com, shares that many investors like seeing someone who has bootstrapped their business because it shows that you have the faith in and dedication to your business that makes investors feel like they’re making a good choice for the future of their money and of your business.
A type of business funding that is becoming increasingly more popular in recent times is crowdfunding. There are a variety of websites out there to help solicit money from people all over the world in order to reach a financial goal. According to Scott Gerber, a contributor to Business.com, this type of funding often works best when you’re trying to test a new product or service. However, you don’t have to already be an established business to find financial success through crowdfunding. In fact, many startups have also gotten the capital they needed through any number of crowdfunding websites.
If your business is searching for ways to bring in a significant amount of money in a relatively short period of time, consider using the tips mentioned to help you do just that.