Money is the engine that keeps any business running and performing better than the competition. As a young business person, the next thing after, having a good business idea and or necessary skills in place is making plans to get funds that will drive your business. While some businesses do not require lots of funding to kickstart, all businesses need funding to expand and run smoothly.
Here are some ways you can raise money for your campus business.
- Personal Savings: One of the safest, seamless and easiest way to raise money for your business is using your personal savings or saving up for the business (also known as self-fund or bootstrapping). You can use our savings guide here to learn how you can save money while in school and open your Flexx account here so you have an account that cares for your money to save into. You can also invest in someone else’s business to raise some funds or leveraging some of your personal assets. In turn, this will make potential investors more comfortable knowing you are personally vested in the game.
- Loans from family and friends: Gathering funds from family and friends is very effective too in that they know you and believe in your vision. Not only do they offer money, they’ll give you sound advice and tips as well and help your business grow (because well, their money is in it). They’re also easy to convince, but always know when and how to separate business from personal relationships.
- Crowdsourcing / Crowdfunding: thanks to the internet, you can now solicit for funding for your small business online. Crowdsourcing simply refers to the process of using some online platforms to request/seek contributions from Internet users to obtain needed services and materials. You can use your personal social media platforms or specific entrepreneurial crowdsourcing platforms like Gofundme, Kickstarter, IndieGoGo, Rockethub Etc. When crowdsourcing, you’re going to need an account that has got your back anytime of the day and that is your Flexx account, open yours here if you don’t have one already.
Got other means of raising funds? Share with us in the comments section
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