Running your own business takes time and money. If you’re just getting started, you’re going to need a bit of extra funding to give you a boost, and there are a few different ways to do this. But first, you’ll need to know how to find the best lender and option for you. Whether that’s with a business grant, loan, or investor, searching for hidden sources can be helpful to get your business to where you want it to be. Read on to find out how to find hidden funding sources.
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What Do We Mean by Funding Sources?
If you want your business to be successful, the likelihood is that you’re going to need to focus on growth. If you’re looking to expand your business, you’re going to need the funds to do so. If you haven’t raised enough cash to do this, funding sources can come in handy. Sometimes, when we talk about business funding, we might be referring to business loans that are available from your bank or an independent lender, but there are other ways of funding your business too. For example, you could ask friends or family, look for angel investors, or government lending schemes, or apply for grants. But before you can take advantage of these sources, you’re going to need to know where to find them. Read on, and we’ll look at 5 secrets to finding funding sources.
#1. Search Directories
The first step you should take when looking for funding is to search directories. Certain funding is not advertised on google for various reasons – maybe their company does not have a marketing plan, or they would simply rather keep their brand exclusive. This isn’t a problem. All you must do is type in business finance or lender directory into your search engine and you’ll have access to a range of companies that you may have never heard of previously.
#2. Set Up Alerts
You can set up alerts on your search engine for keywords like ‘business loans’ or ‘business grants’ so you won’t miss any announcements, news, or new listings that may be able to offer you funding. Your search engine will email you with any new information, which is useful for getting announcements from finance companies or brokers that may be hard to find otherwise.
#3. Finance Portals
Similar to directories, finance portals can be great for finding funding for your business. These portals are easy to find when searched and mean you can find a range of funding options in one place. These portals can be a good option if you’re looking to save time, as you can weigh up your options in one simple search and they are easy to find online.
#4. Ask Other Business Owners
This is one of the simplest ways to find out about business funding. The likelihood is that if you run a business, you’ll know other business owners too. You should take the time to ask them about how they fund their business, and the types of funding they have used in the past as a way of getting advice. If you are part of a network, or you know others that are in a similar position to you, you may not want them to know that you are looking to finance your business, however, this can open doors for you, and you never know what they’ll come up with!
#5. Brokers
You can use brokers to your advantage. They are particularly helpful if you need help quickly, and have an extensive network that you can use, to suit your situation perfectly. They will be able to tell you which lenders will be helpful in your situation with what you’re hoping to achieve, so you don’t have to waste your time. They usually have years of experience, so if you are looking for advice on funding, with quick results, using a broker could be the best option for you.
