Finding the drive to work hard is not hard when you’re an entrepreneur seeking to change the world. But when you need to find the funding to bring your dreams to life, that’s when the well of hope and enthusiasm, tends to start drying up. But fear not, because you are not alone. There are millions of people seeking the funding to pay for their first prototype, their first office, their first batch of products, their first export order, etc. They all face the challenge. Trying to find someone or an institution that will believe in them and see brilliance just waiting to be unleashed by the right amount of cash.
Calculating your dreams
The first thing you should do is, seek out the best business loan calculators. Find out how much you need and which loans you will be eligible for. Just punch in the amount you want, how long you think you will need to pay it all back and you will get the amount you can get and the interest rate. Entrepreneurs should never be bowled over by the amount, as the interest rate will eat into it, immediately. So be measured and calm, look for the best interest rate more so than the overall amount. Again, if you can pay it back without hiccups, you are more likely to be given a second and oftentimes, larger loan.
Finding a kindred spirit
Nobody ever meets Mr. Money Bags. Well, most of us don’t. The odd entrepreneur does happen to find a billionaire to fund their projects. Case in point, Theranos and Elizabeth Holmes. However for most of us, we won’t find this person. So why not team up with another entrepreneur? Maybe they have had some success in the same field and have some money to invest into their own business as well as others. So go to startup conventions and try to find a like-minded similarly-motivated entrepreneur that will put money into your business. They will more than likely want insurance for it and therefore a stake in your company.
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Stimulus to the rescue
The FED is printing up to $3 trillion as a way to fund the economy and get businesses back up and running. This is something you should take full advantage of. Make sure you have enrolled for corporation tax, have got all your paperwork in order and are eligible to receive a stimulus check. The challenge is to apply and get your number accurate in order to be put into the right category. The groups are micro, small, medium, large and multinational business. The amounts of stimulus vary from $150K as the maximum up to the largest which is $5 million. If you are an entrepreneur, you will have to prove your business is worth something more than most because you are in the higher risk category.
The world is changing and the businesses of the globe have to adapt. Don’t give up on your dreams just because of this horrid year. Keep fighting and you will find the funding you desire.
