When it comes to millennials, we are taken aback by their work ethic. Many millennials would like to be their own boss. This is more than any other generation in the past. They enjoy working but want to work for themselves more than others. When it comes to working for themselves, they have to decide where are they going to get the financing for this adventure? Here are 5 tips on getting the funding for your millennial business to grow and prosper.
Your Mindset is Your Most Valuable Asset
When it comes to finding financing for your business, you need to have the right mindset. Many people see a millennial business as a business that is doomed for failure. It does not have to be like this, though. You can make it work with the correct attitude that you are going to change the world with your business. This is how you should start out each business venture.
Look For Alternative Funding
When it comes to funding, millennials know better than any other generation that they are not going to get the funding they need from angel investors or traditional bank loans. When they are looking to fund their business ventures, they look to find other means of financing such as invoice finance. This financing is usually coming from crowdfunding sites like gofundme.com. They reach out to potential investors via their social media accounts.
Knowing which social media accounts to use is an important step. They also are seeking out funding from sources they meet at social gatherings for their genre. This is to say they are reaching out to those on LinkedIn and other sites like it. When millennials are looking to fund their business venture, they know to look in these places to find the best possible resources for the least amount to pay back.
Look to Freelancers
When it comes to a fledgling business looking for staff, it might be a better idea to outsource most of this work to a freelancer. This is to say that you should look for a freelancer site, like Fiverr, to complete these mundane tasks for you. You can look at these sites for everything from creating your company logo to creating your blog pieces for the website. Sites like Fiverr are the best place to find freelancers and at a lower cost than some other sites.
It cannot be stressed enough that most of the time today, it is not about what you know, but who you know. Reaching out on again sites like LinkedIn, you can find some others who are in your field. This will help you advertise your business as well as gain knowledge and skills necessary to run your business.
Networking is not only a must but it is also fun. You get to meet many new people who have the same skills you do. When you network with the people from your crowd, you should also be interested in finding others to work for you. This is an excellent opportunity to do so. When it comes time to hire professionals like you to work in your business, it will be best if you had met them previously and that you know a little about them. You will get to know them and know they are a good fit for your organization.
Business financing options are excellent side gigs to your young business. You could use these funding options for liquidity and instant access to cash. And for people who do not prefer to go for the business loans search for other funding alternatives. Every business requires cash to run smoothly. Unfortunately, this money is not always available, and at times you will have to get ways of accessing funds from other sources. At times, your business may have won a major opportunity that requires a large amount of money to deliver it. Rather than overlooking such an opportunity for growth, you can consider selective invoice finance, invoice factoring or invoice discounting depending on the amount of control you want or the level of your business in terms of growth.
The stock exchange is an excellent opportunity for anyone who is a small business owner and looking to make extra money. There are no hours to keep. This is unless you become a day trader. Then, of course, you will want to keep day trading hours which are 9 AM to 4:30 PM Monday through Friday. This can get to become a hassle once your business grows and becomes profitable. You might want to stick to small investments that can help you earn revenue needed for your business while it is small and unprofitable.
No matter what you choose you will undoubtedly have to earn a side gig while you are waiting for your business to grow into the next Amazon. However, you will choose multiple things on this list so you can make the most of your resources that are available immediately. Having a side gig does not necessarily mean you will have to give up on the dream of being your own boss.