The Three Best Ways to Secure Finance to Grow Your Business

A daunting prospect for many business owners is obtaining finance in order to expand their business. While they may have successfully established their business and have ambitions to grow it further, a lack of investment capital is often seen as a major stumbling block. However, there are various ways business owners can secure finance to grow their business while also attracting potential new clients.

Some of the world’s largest and most notable companies, such as Tesla and Uber, were able to fund their rapid global expansions through capital from investors who believed in the business, the product, the vision, and the people behind it all. Those companies have now grown to become household names worth billions of dollars, and have revolutionized the way people think about things like transport, travel, and energy.

While most people and small business owners do not have access to the sort of investors like the heads of Uber and Tesla do, they can still find investors who may be willing to invest in their business. Investors can be found through professional networks, business events, and even online.

While investors may help with business growth through expert advice and an injection of capital, it may come at the expense of equity in the business, which may not be ideal for some business owners.

Go Online With Crowdfunding Sites

Online fundraising sites such as Kickstarter and GoFundMe have become household names in recent years due to their ability to allow anyone to raise money for just about anything. Crowdfunding has allowed business people to raise capital to fund ventures and business expansions to varying degrees of success, and has become a popular way for businesses to engage with the public.

Crowdfunding has become highly competitive, however, due to its relatively simple way of being able to raise money, which means a business needs to have a solid vision and a perfect sales pitch if it is to succeed in raising enough funds. Despite that, crowdfunding can be a great way to fundraise and to market a business, especially if there are enough interested and passionate people to spread the word about one’s business.

Create a Plan for Expansion

Whether you decide to attract capital investors, online fundraisers, or business loans, it is imperative that you have a clear, realistic and definitive expansion plan in order to get the finance you need for growth. You should already have some kind of a business plan from when you first opened your business, and creating a plan for your business’s expansion works in a similar way.

A solid expansion plan contains a summary of the entire plan, as well as the goals of the business expansion. You should also detail the reasons for expanding your business and why you believe expansion is a good idea. You should also state why you believe the time you have given for expanding you business is accurate.

As a solid business plan requires top-level research and planning, it may be worthwhile for you to contact a professional for advice relating to the expansion of your business.

Located in Melbourne, the professionals at Hart Partners are experienced in business advice and planning and are happy to meet with you to chat about your business plans. Call Hart Partners at (03) 9600 3200 or email us paula@www.hartpartners.com.au today to arrange a meeting.