There comes a time in every business’s life when an influx of cash is needed. Like when you’re expanding your product line and need to buy more inventory, or when you want to open a second location. Whatever the reason may be, if you don’t have the cash on hand, you’ll need to raise money quickly.
Here are 3 ways you can.
Crowdfunding
Crowdfunding is a great way to raise money quickly for your business; people in need of surgery, old people in need of memory care, animals in need of a shelter, people are willing to contribute to help.
The key to crowdfunding successfully is to have a great story and to rally people around your cause.
There are many crowdfunding platforms out there, it’s simply a matter of doing your research and picking the one that’s right for you and your business.
Here’s how to get crowdfunded quickly:
- First, create a crowdfunding campaign on a popular platform like Kickstarter or Indiegogo.
- Next, share your campaign with your social network and ask everyone you know to contribute.
- Finally, offer rewards for different levels of contribution. For example, $25 could get someone a t-shirt with your company logo.
Small Business Loans
If you need a larger sum of money, you may want to consider taking out a small business loan.
There are many lenders out there who are willing to work with businesses of all sizes. The key is to find a lender that offers terms that work for you and your business.
For example, some lenders may offer loans with low-interest rates but require a personal guarantee. Others may have higher interest rates but don’t require a personal guarantee.
It’s important to compare all of them.
Then, once you’ve found a lender you’re comfortable with, you can apply for the loan and receive the money in as little as 48 hours.
Business Credit Cards
If you need a quick infusion of cash, using a business credit card may be the way to go.
Many business credit cards offer 0% interest for a certain period, which can be helpful if you need to finance a large purchase. Just be sure to pay off the balance before the interest kicks in.
Another benefit of business credit cards is that they often offer rewards, such as cashback or points that can be redeemed for travel. So, if you use your business credit card for everyday purchases, you can earn rewards that can be used to offset the cost of travel or other business expenses.
When it comes to raising money quickly for your business, there are a number of options available to you. Crowdfunding, small business loans, and a business credit card are all viable options. Just be sure to find the option that best suits your needs.