Entrepreneurs Find New Way To Finance Dream
The big, bad word is always a part of the conversation when you are trying to start your own business - the word that looms over entrepreneurs, who most need it to get their dream off the ground. It’s – credit, or loans.
If you’ve been turned down because of your credit score and lack of collateral, these entrepreneurial geniuses have created a new way to finance your dream: crowdfunding. Crowdfunding sites are like Kickstarter for freelancers or artists where customers become investors in a project by paying an amount upfront that doesn't quite reach 100 percent funding but is enough to see the project through with enough money left over for additional expenses like marketing or shipping.
Crowdfunding is a way to keep costs down and can be used to fund a number of different types of projects including:
Starting your own business without having to take out loans.
Buying a piece of land or even an entire house.
financing a garage start-up or renovation.
paying for equipment or materials needed for your project.
large personal expenses like computers, vehicles, furniture, or renovations.
Businesses and individuals have had great success with crowdfunding. Depending on the type of project, you can raise as little as $1,000 and as much as $1 million. For example, a company in Australia funded their coffee-meter removal device by raising $31,160 with the help of more than 140 backers. An individual raised nearly $4,500 for a feature film about two friends who set out for a trip across Australia and where one them lets the other borrow his car that he has never driven before... The movie is slated for release in February of this year.
Crowdfunding is a new way to finance your projects. Whether it’s buying and flipping a house, or financing a start-up from your garage, with the help of sites like Kickstarter you can now be your own bank and get a jump-start on the money you need to make your dream project happen.
If you have ever considered starting your own business, now is the time to do so. We live in an age where creative people have more tools than ever at their disposal to create and run their businesses without having to ask for handouts from strangers or other financial institutions. You can reach out to sites like Kickstarter, Indiegogo or Crowdfunder and meet your business goals before they ever come to fruition.
To learn more about setting up a business that doesn’t need traditional financing, contact a company like Killian Funding, LLC today. They can help you with your new start-up or get the money you need for your project at a lower interest rate than a bank would offer you. Contact them to learn more about the funding options available for your business.
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Conclusion
Crowdfunding has produced results. Whether it's in the arts or in new products, it is one tool that can help any business to survive and thrive. It is not a panacea and should not be used as such. But, as with any business idea, it must be utilized correctly and the best way to do this is to research which crowd funding sites are the most effective.
With the correct use of crowd funding, businesses can create their own success stories. This is one of many avenues that will continue to help communities prosper in the future.
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