Do you have an idea to start your own business? Are you wondering about how to get the funding to start your business? Every aspiring entrepreneur has a dream of starting their own business. Young people might have innovative ideas but they often get lost when it comes to investing.
Here we provide a list of startup funding options to turn your ideas into reality.
Meeting new people helps to interact with each other. Meeting like-minded people and networking is important is the key. Startup meetups are a great place to increase your network, make connections, share your ideas, and learn from others. You only grow when you meet new people.
We don’t say you to go to each meetup organized in your town or virtual. But you have to take a serious time out to attend the meetup programs that match your vision, where there will be people from different backgrounds, and positions that can actually become you mentors or even better investors. You will be able to meet all kinds of people from founders, investors, innovators, VCs, business consultants, to experts. Some of the startup’s events that are hosted annually that you should follow are:
Startup World Cup
These conferences and competitions are hosted annually and are important for the startups as you get the chance to meet with Top Angel investors, professionals, world-class tech CEOs, startups, etc. Although the events might be held virtually due to the pandemic, still you need to attend these events.
Government Funding program
A government funding program is an opportunity for businesses that should not be missed. Every country has its own funding programs to promote entrepreneurship. These days even governments are focused to motivate small businesses, startups, and innovation-related programs. As we all are aware the pandemic has highly impacted the business sectors so governments are bringing the best solutions, and different loans schemes to help the businesses.
For the government funding option, you need to be alert about the government notice so that you do not want to miss the chance. This can be a little time-consuming based on where you are based. As most of the developing countries government digital presence are limited you will have to be extra careful to list where these funding alerts are published. Nonetheless, government funding is a reliable source and we recommend you spend time researching this source. This is a great chance for aspiring youth entrepreneurs to start their careers in doing business. If you have innovative and challenging ideas for your projects then there’s no denying that you will not get the funding.
Participate in the Competition
Join the competition that suits your concepts and ideas. Although the journey may be tough, but this is the fastest way to win the grant amount for your business. There are several competitions that you can take part in. Competitions help you to grow your startups and also give you a chance to get visibility in front of the masses.
Obviously, the winner could be one or few with the nature of the competition but even if you do not win the challenge, there will be something that you learn from the process. You will meet different people with great ideas, you can learn from your mistakes, and you can experience the business environment. Any competitions that you be a part of will be a great learning phase to learn your visions and goals deeply. Some of the biggest competition for the startups running now are:
Global Startup Awards
Seedstars World competition
Get in the Ring
EuroAsian Startup Awards
Crowdfunding is another means to fund your startups which is a trend of the startup’s world now. Crowdfunding is a process of raising the essential money to finance your projects and businesses. It is a way of getting the required budget for fundraisers by collecting money from a large number of people through online platforms. Crowdfunding includes an open call, through the Internet, for the provision of financial resources either in donations (without rewards) or in exchange for some form of reward and/or voting rights to support initiatives for specific purposes. This funding can get tough unless and until you have a competitive campaign.
To learn more about Crowdfunding read this: Everything You Need to Know About Crowdfunding
Get loans from the Bank
The Governmental process to receive the loan can be limited and time-consuming. In that case, if you are in a bit of a hurry to start your business then there is the option of borrowing money from the banks. Research on the local banks of your country on how much interest do they take from you. Compare different banks’ loans scheme and choose the suitable one. Some banks provide you with the best interest loans for startups. Mind you with the hype of startups and entrepreneurship many private banks are providing loans at the low-interest rates. Choose wisely before taking loans from any banks. Make sure to have enough research not only about the banks but also on possible ways you to pay the interest in time before borrowing the money.
Even in the Least Developed Countries like Nepal, Government has made an announcement to give the seed capital loan up to Rs. 2.50 million at an interest rate of 1 percent by keeping the project itself as collateral to motivate the youth entrepreneurs. This is a great initiative to promote the entrepreneurship sector. The government has even made it easier in the free registration, renewal, and other services for startup businesses.
So, learn the process of your government’s rules and regulations. Get notified about the business funding opportunity.
You can follow any of these options to get funds for your business. You can choose suitable options with the nature of your business and projects. Once you start raising money you will get the motivation to work hard on your dreams.