Dec 13, 2016 06:19 AM EST

Entreprenuership Update: Clever Ways To Fund Your Idea Or Product

Many people are planning to start a business of their own. However, one big hurdle that gets in their way is financing. Here are some practical ways we recommend in getting the money to finance your big idea.

Pre-Sell Your Product Before Launching

It is always a great idea if one could prove if the business will work before starting the business. Doing this in the real world is hard to accomplish and very costly. However, it is like a walk in the clouds if done on the internet. With the advent of technology, you can build a brand and loyal following through social media. In addition, you are pre-launching your product and raking in sales before it is even created according to Forbes. One of the best ways to do this is through a live webinar. You can engage with viewers, collect their feedback and start accepting sales.

Use Your Own Money Or A Personal Loan

For the majority, the idea of starting a business is one that consumes lot of money, time, and a big investment. However, in the bigger scale of things, it might be a good idea to maintain 100 percent ownership of your business and try to finance it yourself. The main reason for this is that if you start a new business and are eyeing to get an investment and give up equity in your business, it could result in potentially lots of dollars in lost value down the road.

Crowdfund Your Big Idea

The notion of crowdfunding is not only thrilling for the person or business; it is also exciting for those who are participating in it. The process is very simple; come up with an idea and pitch it to an audience via an internet site like GoFundMe or Kickstarter. If they like your product or idea, they will invest in it.

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