If you’ve got a great business idea, you want to get started on the groundwork to make it happen as soon as possible. Unfortunately, that’s not always an option. Getting the credit you need can be difficult.
There’s nothing new here, though. Businesses have been struggling to get hold of funding for decades. In fact, one could argue that it was a lot harder in the past than it is today to build up funding. It took Procter and Gamble nearly 22 years to get a $1 million in funding.
Things have changed a lot, however, with the advent of the world wide web. No longer do companies have to wait for decades to get their message out. Instead, they can benefit from exponential markets and tap into new opportunities very quickly. Instagram went from almost nothing to over a million downloads in around 2.5 months.
So what can the average woman entrepreneur do to get the money they need to fund their business in a single working week?
Strip Away Everything Bar The Essentials
One of the most common problems with people who start businesses is their unwillingness to focus in on a single set of services. Instead, they try to be a jack of all trades, doing a bit of everything but never doing it well.
Most seasoned investors know about this pitfall, and they avoid it like the plague. The vast majority of investors aren’t interested in funding companies who do not sell a core product or service. A great way to get funding fast, therefore, is to choose a business venture that focuses on one or two things that customers want. Simple ideas are much more likely to fly than complicated ones, especially among investors who aren’t particularly clued up about how your business operates.
Find People Willing To Lend On The Cheap
Some businesses do things the hard way. The borrow from investors, sell shares of their company and then build it up over a decade, all the while making huge interest payments. Things are even worse when you’ve got bad credit.
Fortunately, borrowing is getting cheaper, partly thanks to the low-interest rates set by central banks. This has meant that it is cheaper than ever to get business loans for women with bad credit. That doesn’t mean, of course, that you won’t have to work hard: you will. But at least it takes some of the pressure off.
For decades, little changed in the way entrepreneurs raised money for their businesses. But new digital technologies have disrupted the marketplace. Rather than having to go to sixty separate meetings with investors, as Jeff Bezos did when starting Amazon, entrepreneurs can hop on the internet and use different tools to raise money.
Many women entrepreneurs, for instance, have begun using various crowdfunding sites and have found that they gain more traction when a lot of people are privy to their ideas, rather than a few investors. Remember, even investors don’t always know a good idea when they see one. 40 of the 60 investors Bezos visited turned him down.
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