I Need Money for My Business Right Now - I am Desperate

I Need Money For My Business Right Now

Recently on The Millionaires Giving Money Blog I noticed readers asking about how to raise money for a new business venture. The Millionaires Giving Money Blog was started to share information on Millionaires and Billionaires who help people in need. However, the blog has now evolved into a  place where we share money making ideas and NOW how to get funding for your business. A esteemed reader emailed the following question to me which has been abbreviated for obvious reasons. 

Dear Millionaires Giving Money Blog,  I have a great idea for a business. I have created a business plan and have shared it with many like minded entrepreneurs who have validated the concept. I have gone to many banks but they fail to understand the idea and have turned me down for a small business loan. I don't have the best credit in the world so I'm having difficulties getting funding for my business. If you have any ideas or strategies on funding for your business please can you share them with me. Also this blog has inspired me to dig myself out of poverty so thank you so much. 

First of all I'm glad The Millionaires Giving Money Blog has inspired you to get out of poverty. I hope your enthusiasm will help others come to the same decision. I have been thinking hard about your question and have asked most of my entrepreneur friends and I've actually managed to find 10 ways you can get funding for your business. I've also included resources at the end of the post, these resources will hopefully help to get your business off the ground.

I really hope you can use these ideas to drive your business forward and make a tremendous and sustained profit. So without further ado, here are 10 Ideas to raise fund for your business. 

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10 Ideas to Get Funds for Your Business 

 1: Ask Crowdfunding  

More and more entrepreneurs are turning to crowdfunding with their business plans and ideas. Unfortunately Banks are unqualified pencil pushers and don't really know the first thing about entrepreneurial spirit and only look at the bottom line. If people like Steve Jobs and Bill Gates went to the Banks when they first started Microsoft and Apple they would have been refused. Crowdfunding is a great way to get funding for your business. 

To get started make sure you've polished your business plan and be prepared for questions on revenue, cost and profit. Know exactly how much you propose to make in year one, two and three. Have all the necessary business projections for the future and then submit your plan to the Crowdfunding site to seek investors. Because Crowdfunding sites are made up of entrepreneurs they will cut right to the chase and know if the idea is viable.

Resources: Get Crowdfunded for Your Business Right Now  

 2: Borrow Money From a Credit Card 

So many people put their holidays and irrelevant shopping trips on their credit card. When it comes to borrowing money from your credit card to get funds for your business many people are reluctant to do this. By borrowing money from your credit card to fund your business you are betting on yourself which might be scary but is the most liberating thing you can do. If you really believe in your business idea and business plan and have enthusiasm and perseverance to see this through you will be successful. 

To get started see if you can find any zero percent credit card where you can transfer money to your checking account. The trick is to find a zero percent money transfer credit card so you don't have to pay any interest to get your business off the ground. I know many people who used this method to get their business started and haven't looked back since.

Resources: Zero Percent Credit Cards for Businesses 

 3: Sell Everything You Don't Need 

The things we own end up owning us. If you really want to focus on your business plan then you need to remove all the distractions in your life. When I first knuckled down to start my business I got rid of all my crap on sites like eBay to raise money for my venture. 

I was surprised at how much possessions I had accumulated and all these items were putting a strain on my mind. When I got rid of these items I no longer had to worry about them and in the meantime raised a lot of cash in the process. I used this cash to start my blog and other sites and haven't looked back since. To get started make a list of all the items you don't need. 

Ask yourself whether the item is more important than your business and be relentless in the process. Put all the items on sale on eBay by taking immaculate pictures and posting highly informative descriptions. Once you start selling use all the money for your business and don't get sidetracked into spending on more useless things.

Resources: How to Start a Successful eBay Business 

4: Ask the Bank of Mom and Pop 

Entrepreneurs are reluctant to ask their parents and parents are reluctant to lend because they don't want to cause a rift in the relationship. However, if you really believe in your idea and are passionate to the point you wont give up on your dreams you will get funding for your business from your parents. What parents want to see is you are serious about what you're doing so they feel confident lending to you. To get started present your business plan and explain everything to them in laymen's term. 

Let them know that there's no pressure and they should only be obliged to lend or invest if they believe in the idea and believe in your enthusiasm and passion to get the business off the ground. I have no doubt that when you pitch a compelling business idea you will get support from your parents and raise fund for your business. 

Resources: How to Ask Your Parents for Money

 5: Ask Angel Investors 

If you have an idea similar to Mark Zuckerberg or Bill Gates, an idea that can change the world but for some reason banks can't fathom the concept, then you need to find yourself an Angel Investor and pitch your business idea. Businesses like Google and Facebook would never have come to existence had it not been for Angel Investors. 

To get started you need to polish your business plan until it shines and then find Angel Investors who are scattered all over the web. Email your idea and business plan to them and see what they think. Angel Investors are always looking for ways to get an exponential return on their money so you will get funds for your business if Angel Investors see the potential in your idea.

Resources: US Angel Investors 

 6: Go on Dragon's Den 

Having an influential business partner could make all the difference because they have the power to open doors we didn't even know exist. Going on Dragons Den to pitch your idea might seem daunting but its the fastest way to 'guarantee' success because these dragons can make things happen very quickly. 

To get funding for your business contact the editors of Dragons Den in your country and convince them you can pitch your idea and make a Dragon invest. If your plan has potential you will get your 10 minutes of fame which might lead to a lifetime of wealth and riches. 

 7: Local Entrepreneurs 

Every community has a handful of successful entrepreneurs who have made it and are living it big. What annoys me is most ordinary people shun these Uber rich people and dismiss them as arrogant. What you need to do is network with these people because they have the financial power to make things happen. 

Getting funding for your business might be as easy as finding a local entrepreneur for money and asking them to invest. Make a list of all the successful people in your community and then email your business idea to them. As always make sure your business plan is polished and be passionate and enthusiastic in your email to raise funds for your business. 

 8: Work Your Socks Off 

Some entrepreneurs don't like asking for money and don't like the idea of taking on a business partner. If that's the case you need to work your damn socks off to raise money for your business. Ask your boss for a pay rise or find another job that pays more. You need to live frugally so you can save at least 70% of the income you have coming in. 

In a year or so you should have enough money to get your business of the ground without the help of lenders or investors so you can truly label yourself a self made man. The key is working hard and living an extremely frugal life and saving as much as you can. Think of it as forgoing present happiness for long term happiness in the future.   

 9: Pawn Valuables 

I don't really want to recommend pawning valuables but sometimes it makes sense. If you pawn valuables to make ends meet you'll eventually get into trouble. However, if you pawn valuables to bet on yourself and raise funds for your business its worth a shot. To get started make a list of all the items you can pawn and then find a pawn shop that will pay you top dollars for your stash. 

Once you have the money use it wisely to get your business started. Don't waste money on coffee or a brand spanking new desk, use the money where you will get the greatest dollar return over the long term. 

 10: Sell Your Idea 

If you can't get funding for your business or simply don't want to go to all the trouble you could sell your idea for money. Unfortunately you wont be able to reap the long term benefits and profits if you do this but you wont have to go through all the strife to set up the business and make it successful. 

To get started find entrepreneurs or other businesses who might be interested in your idea. Contact these people and let them know an idea is for sale. Make sure you get them to sign a disclaimer or contract to pay you money if they like your idea so they cant copy your plans. If you're idea is as good as you think you will get some money.

 Get Funding For Your Business 

There are so many ways you can raise money for your business and I've only mentioned 10 ways to get funding for your business idea. The key to success here is not giving up on your dream however many times you get rejected. You must remember when one door slams in your face another 20 doors will open. 

Its only a matter of time and if you persevere and patiently keep going you will get funding for your business. I really hope this post can help you and other like you and please remember to like this post and follow me on Google+. God Bless. 

Effective Resources to Start Your Own Business

Must Read: 1. Follow These 9 Steps to Start Your Own Business

Must Read: 2. 50 Tips for Starting Your Own Company

Must Read: 3. 10 Great Cities for Starting Your Own Business

Must Read: 4. Build Your Business Plan from SBA

Must Read: 5. Pitching Your Business - 6 Steps to the Perfect Pitch

Must Read: 6. Will My Business Idea Work?

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