Ah, entrepreneurship, the classic American dream. Generating $7.8 trillion in revenue in the US every year, small businesses have become an economy staple. Unfortunately though, 50% of small businesses fail after five years, making them notoriously hard to get off the ground. The main issue is money and funding, and who is surprised? It takes about $70,000 to get a business running and not many people have that kind of cash just lying around.
Getting funding from family and friends is usually the first place people go, especially if they are already interested and involved in a startup. Personal loans like this are easier and less time consuming than bank loans and come with a variety of perks. Not only is there financial support, there is emotional support and an actual interest for people who believe in your project. But be forewarned, this is a prime way to destroy relationships and fuel the guilt-trip fire.
Crowdfunding has been gaining massive popularity online and makes investing easy and simple for all parties. Sites like Kickstarter provide a whole platform for money raising needs in which a lot of people invest a small amount of money. This not only helps get money fast, it also helps get the word out about projects and find like-minded people who are interested in the same type of work.
There are plenty more ways to score the needed cash for your business; take a look at the infographic below and check out the rest of them.