So you have this great idea for a service or product, but you need money to set it up and launch it.
Where can you find the funds to launch your business? It may seem like a daunting task, but this is what separates real entrepreneurs from those who just collect a paycheck.
1. Crowd funding – it’s becoming increasingly popular. This is where you go to a website such as Kickstarter.com and set it up where people can contribute money toward your project. You write a summary of how much you need and what you need it for. You have to provide a reward. For example, if you want people to contribute to getting your smart phone lessons business off the ground, a contributor would be entitled to a free lesson. You have to raise the money during a specified time period; it goes into a fund held by the crowd-funding site; and it is only released to you upon completion of the fundraising.