You have already invested a lot of money while trying out the new business and that investment paid off well. However, things might not always work out as you have planned for it. Sometimes, you need more money, while on the mission to expand your business. According to business expert and entrepreneur Michael Giannulis, there are various ways to find an established business. If you are able to show a good growth account and the best credit score, getting money for an established business is way easier than getting some for a start-up venture. So, let’s get on with the funding options now.
Working on boostrapping:
For boostraping your business, you need to finance business with own funds and through savings. You can try out some SBA backed loans, personal loans, credit lines and more. Whenever you are boostraping, you are not likely to give up the equity or ownership of your firm.
It means that you have to start producing some revenue for your current business in the fastest manner possible. It will help you to fund the business in the way you have wanted. The benefit this offers is that you get to gain complete control and even ownership over business. It might looks like moonlight and make sure to work on this idea.
Michael Giannulis talks about crowd funding is another option:
Another interesting way to gain money for your existing business is by focusing on the task of crowd funding. It is more like taking one loan, which has been pre-order, and the investments take place from more than one single person same time.
- Make sure to put up details of your business on any selective crowdfunding platform.
- Don’t forget to mention the business goals and plans for some profitable deals and the amount of money you need and the reasons for that.
- It is then time for the consumers to read the points in detail and then plan to invest some money for your business growth.
- As per Mike Giannulis, the people who are giving you money are likely to make online pledges with promises of pre-buying the item or ending up giving you a donation.
People are going to invest money towards those businesses, which they believe in. So, make sure that you have an established firm already near your hand, which will help people to believe in it and invest some extra bucks for its function.
Mike Giannulis asks for bank loans:
As mentioned already, getting money for an established firm is a lot easier than the start-up alternatives. So, if you have a good business presence, then it won’t be that tough for you to get money for your use. Banks are always trying to make extra money as interest rates by giving some of the business firms. So, take that opportunity towards your hand and ask for some monetary help from financial institutions. Trying to grow your business won’t be a tough decision to make that way.