Skysthelimit.org has broken business funding into three main types: typical (or traditional), lenders and investors. Read our article to learn more!
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The typical ways entrepreneurs use to fund their businesses are personal savings and credit, partnerships, pre-sales and donations. Even if you do end up needing to raise more money to grow your business, getting as far as you can on your own is beneficial for many reasons.
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A presale or pre-order is a targeted sale before your product actually goes live. It is a great way for businesses to spark interest about new products, plan for inventory management, and raise money for production.
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Generally, a partnership is a business owned by two or more individuals. For it to be successful, you’ll need compatible values and vision, compatible financial resources and expectations, and compatible goals.
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Personal savings are the money that a person keeps in an account in a bank or similar financial organization. Using your personal savings is the easiest and most cost-effective way to provide your own financing for a new business.
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Donations are free contributions and they can come as monetary donations, volunteer time, or anything else that might be helpful to your business.
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In exchange for money from investors, you must give them a portion of ownership and control in your business. Typical investors are friends and family, angel investors, venture capitalists and crowdfunding.
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Crowdfunding is a very new type of funding which takes advantage of the power of the Internet and allows the many people to pool lots of smaller sums of money for a business in which they believe.
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Your friends and family may choose to invest in you through a gift, a loan or an equity investment in the business - whatever means, make sure you have a signed document or letter saying the money was given and what terms were agreed upon.
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Angel investors are high-net-worth individuals who get an equity stake in return for their financing. They expect to make a profit and usually have business expertise they share with you to help your company grow.
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Venture capitalists take equity in your business in exchange for big financing. These investors typically only do multi-million dollar deals and expect a big return on investment.
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Skysthelimit.org’s “Friends and Family Fund” provides startup grants up to $2,500 to selected young entrepreneurs in our community.
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