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Lean Startup: How to Fund a Business without Breaking the Bank



Let’s face it, not everyone who starts a business has all the capital they need

to build up their business. But not having the capital shouldn’t deter you

from pursuing your dream of starting a business. Bootstrapping is the way to

build a company from the ground up with very little #startup #capital or grow

your business with minimal investment. Here are several ways to #bootstrap

your business without breaking the bank.


Small Business Grants


Small business grants are funds that you apply for that are not required to be

paid back. Grants are available from a number of resources including state

governments and private groups. Although applying for #grants may be a

tedious process, the time invested is worth it if you win the award.


Crowdfunding


This is a fairly popular method to raise funds. Crowdfunding asks the general

public for donations and monetary support. The great thing about

crowdfunding is that it doesn’t involve loans so that money does not need to

be paid back; the investors are buying into the end result. #Crowdfunding has

become quite competitive so you have to do your research about which

funding site best suit your needs.

Partnerships

If you’ve started your business solo, you might want to consider expanding

into a partnership. Teaming up can double your manpower and provide new

and complementary products and services to the market and allow you to

possibly break into or create a new niche. If a partnership fits your needs, be

sure to work with an attorney to create a contract outlining the terms and

conditions of the #partnership.

Stick to Budget


Ultimately, to ensure that you’re not breaking the bank it’s important to

create a budget and stick to it. List all the costs associated with the startup

then identify less costly alternatives. Writing down your expenses will help

you identify the expenses that you can cut or postpone until you’re making

#sales.

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