What comes to your mind, when you think of funding your new business venture? Sourcing through entering into a business Partnership, obtaining a loan, seeking out investors or going all the way of crowdfunding? With all these options of mind, do you think it’s worth splitting the financial control of your business?
You have the leverage to get funding for your business, if only you are ready to work out your skills and make moves like a smart risk taker. What you should be thinking of, is how you can secure that capital for your business, by yourself, without necessarily going through any of the channels mentioned earlier.
Asking other people for resources to commence a business, to some entrepreneurs, might seem a daunting task. You are, therefore, left with no option, other than, to get resourceful with what you have. Leverage the assets and skills you have. These are, essentially, the actual source of wealth, readily available to any entrepreneur with the right mindset.
The power of an existing client base
Your existing client base is not just there to fill the numbers. They could offer a lot to your business, more than the regular purchase of goods or demand for services.
Let us say, you own a business that is booming and you need to expand the space for it, a possibility exists that, you would receive investment and partnership offers from your existing client base. You can accept such deals, as well as reject such offers.
How would you go about accepting this? All things being equal, you could offer your clients, special pre-launch deals. This will get you a great deal of money ahead, for use in an expansion, for instance, but note that, not all businesses have such loyal clients that would be willing to make or accept such an offer to get your funding realized.
Get social proof
Not every entrepreneur has a significant number of an existing client base. If you find yourself in this situation, then, you have to do the hustling on your own. Get a few clients to make use of your products or services, as social proof.
This, in return, will open channels for you to obtain more clients. How could you go about this in a simple manner?
Assuming that, you offer training programs and you find it difficult in getting clients, you could leverage the availability and number of friends and family and give them free training.
This will give you social proof that you needed to get your client roll out the cash.
Wanting to earn and simultaneously networking with brands sharing the same target audience with you? Go, then, for affiliate marketing, promoting other businesses products and services, for a commission is great.
If you pick the right product to promote and negotiate a significant commission, you could earn a lot from the bargain.
Without any clients, you can run affiliate marketing, setting up something, as simple as a Facebook page and running ads.
It may take time to grow this, but it is possible to get funding for your business through, through the application of your skills and little resources. You will also receive additional business experience.