How Entrepreneurs Gain Access to Financial Support
By: Brian Harrington
A wide range of policies aims to support entrepreneurs through tax breaks and grants, which enable them to make capital easily attainable. Most often, entrepreneurs turn to private external financing, for example, debt and equity.
Even if you have a billion-dollar idea, you can’t start a new business if you don’t have money. For example, you need a sophisticated and high-level website, an office space, and enough money to pay the rent plus expenses.
All this means is that you need money. So, if it is a trendy café or a cool new mobile application, most entrepreneurs and businesses need some money or financial support in order to get off the ground in the initial days.
Important Financial Advice
As a business expert – my first mentor and Dad, Kevin Harrington and I are often asked by young entrepreneurs about business skills and financial support. We have made a lot of effort in helping young entrepreneurs in gaining financial support and business skills in order to thrive in the market.
We’ve witnessed many young entrepreneurs use a method known as “bootstrapping” to finance their companies and this actually focuses on scraping together any sort of personal funds – including credit cards, savings account, and any home equity.
In many situations, it is better to use the money you have – than raising or borrowing – and we strongly believe in this approach and encourage young entrepreneurs to continue bootstrap until the business is productive and profitable.
This is highly beneficial since you won’t have any extensive loans as well as monthly payment bogging you down – particularly if you have any problems along the way.
Important Financial Decisions
If you need a small amount of money – for example, something between $25 and $5,000, you can find a number of micro-loan companies or organizations, which lend to entrepreneurs and start-ups – these companies are “Accion” and “Kiva.” Both these sites take care of low-income entrepreneurs in the United States.
"I have tried raising money by asking for it, and by not asking for it. I always got more by asking for it." —Millard Fuller
On the other hand, you can also apply for grants and funds on crowd-funding websites – such as IndieGoGo and Kickstarter. These are platforms to raise money from small financial supporters and individuals across the web.
To do this, you need to set up a campaign and then name target money that you actually want to raise. You can also create perks for money donors pledging a specific amount of money.
Exclusive Financial Tips
We have some essential tips – i.e. raising money for your campaign can be done over a specified period of time.
For instance, with Kickstarter, you can get the money if you are capable of raising the full amount of your objective or goal. However, on IndieGoGo, you can keep any amount of money you raise.
“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” —Pablo Picasso
In conclusion, establishing business skills and finding funding is not easy for most young entrepreneurs who want to get their businesses off the ground.
However, finding funding is also the most rewarding. For example, once you got approved for funding or loan, you can start your dream business.
Contact me at brian@kevinharrington.tv if you need help with launching your product, getting an investor, and much more.
As a successful entrepreneur, Brian consults with other entrepreneurs to increase sales and scale their business. He has worked closely with Fortune 500 companies, top influencers, thought leaders, and the brightest business minds. His experience expands to nearly every industry, which means he brings a wealth of knowledge to any business venture.
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