‘Six Methods for Securing the Cash You Need, Part 2’ by Michael Newman
Michael Newman’s latest ‘e-Wealth Daily’ article is titled “Six Methods for Securing the Cash You Need, Part 2”. [‘Securing Cash’ Article]
Michael Newman’s latest ‘e-Wealth Daily’ article:
Six Methods for Securing the Cash You Need, Part 2
Yesterday, I started going through some creative ways to secure funding for your business that work. Here are the remaining four. Remember, sometimes getting the cash you need means abandoning the traditional methods and getting creative!
3. Turning to Your Neighbors
One of the oldest forms of raising money for a business is by going to family, friends and the people in your community. If you’ve got an existing business that has fallen on hard times, appeal to your customers and the people in the community for some extra help. Offer them the ability to become “shareholders” to ensure your business stays put. A recent article from “The Wall Street Journal” reported that an entrepreneur in Brooklyn, NY, turned to his community for
help to keep his cafe and bookstore in business and raised $64,000 from local investors. Don’t underestimate the impact your business has on your customers and community. They can be quite willing to offer help if needed.
4. Turn Your Skills into Cold, Hard Cash
Most people have a hobby or a skill that can net some decent cash. The thing is, people rarely consider this reality. If you need to raise some extra money, consider selling your services in your spare time. For example, if you’re a great cook or a computer whiz, start selling your skills to people. Put together a recipe book or start selling your baking. If computers are more of your thing, start talking to people who’d be interested about what you can do for them.
5. Enter Contests
Today’s economic climate has left many established businesses wondering how to keep customers buying. One of the ways, it seems, has been to offer prize money for customer
involvement. For example, the tortilla chip brand “Doritos” recently held a contest to come up with a name for a new flavor. The contest involved buying a bag of chips, reading the instructions and then creating a commercial for submission and voting on the company’s web site. The winners of the contest received a cash price among other things. Even if the contest doesn’t have anything to do with your business, it can be worthwhile to enter. The prize money could be more than the loan you were looking for!
6. Microloans
Microloans are loans that are less than $35,000, with the average usually being around $5,000. Now sure, it’s not the big bucks you may think you need, but it sure isn’t something to scoff at. These loans generally aren’t issued by your average, full-service bank, but rather through collections of lenders. One such collection organization is called Accion, and it has lent to over 20,000 businesses since its start-up.
So you see, just because the traditional funding avenues may be road-blocked, there are still ways to get funding. You’ve just got to think outside of the box and look for unique ways to
secure the money you need!
e-Wealth Daily
About e-Wealth Daily
The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.
* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.
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