The turbulent economy has caused small business owners to think more creatively about ideas to raise money. Whether cash is needed to cover overhead, fund an expansion project or renovate a building, small businesses need to seek out creative opportunities to bring in money. Here are four great ways that your small business can use to bring in money:
Special Event Opportunities
One way to bring in money quickly for your small business is to participate in a special event. This might include setting up a booth or concession stand at a county fair, music festival or other such special occasion.
While this is not a permanent solution for creating cash flow, it is one way to bring in money when times get tough. If you sign up for an event or several events annually, you can expect an annual influx of income, as well as create more awareness about your company and brand.
Perhaps you have a great idea plus the energy and manpower to get it done. The only thing your business lacks is the funding – and that is where a business partner might come in handy. Business partnerships can be made between individuals or a collaboration of businesses. This is not one of the easiest ideas to raise money, but it can be one of the most lucrative.
Look for opportunities to network with other small business owners and build partnerships in your local area. The Chamber of Commerce and Small Business Association are great resources for developing relationships, sharing ideas, and creating ways to bring in money.
In some instances, your small business may qualify for grant funding, which is an excellent way to bring in money. Private and government grants are available to nonprofit and for-profit businesses under certain conditions. If you are a female or minority entrepreneur, a veteran of the armed forces, or a business owner in a rural area, you might be able to secure grant funding for special projects.
Some grant funding is available to support expansion projects, the purchase or upgrade of new equipment, and innovative business ideas. Grants enable your small business to bring in money in large sums to get a project or idea up and running.
Sometimes it takes an investment of money to start bringing in more cash with your small business. A loan is one of the most tried and tested ideas to raise money. Remember that the loan should be used for the purpose of implementing a plan or idea that will ultimately result in increased cash flow for the business. There are a variety of special low-interest loans that are backed by the Federal government or the Small Business Association for the purpose of helping small business owners get ahead and bring in money.
Especially in a weak economy, it’s critical for small business owners to take a more proactive and innovative approach to bring in money. Thinking outside of the box can help you not only generate more revenues, but create a larger brand awareness surrounding your company.