Many small businesses fail within the first two years. For the most part, this does not occur due to low-quality products or services or poor ideas. Rather, this tends to happen as a result of insufficient funds. Running a business can be expensive and it usually takes some time for a business to establish its operations and build a market presence before it can become marketable. Traditionally, entrepreneurs have relied mostly upon six sources for their business funding needs:
- Dipping into personal savings
- Getting a bank loan
- Using credit cards
- Finding investors
- Inheriting a fortune
- Winning the lottery
However, while you may have a great idea, you may not be able to rely on these sources for all of the funding you need. Thankfully, some other financing options are available. Some of these options come as a result of new technological and social developments while others come as a result of good, old-fashioned ingenuity.