Could your business do with a speedy capital boost? Don’t worry, you’re not alone. Many enterprises are finding themselves in need of quick access to cash, particularly as the economy struggles through the pandemic. 

Luckily, there are lots of ways to get some much-needed funding for your business. Here are four of the best: 

Cut Back On Chunky Costs

Cutting back on your biggest operational costs is an easy way to free up money. For example, instead of dipping into your growth fund to purchase equipment, why not consider equipment finance? Getting your machinery this way allows you to funnel profits into expanding your business whilst still having the tools you need to operate efficiently. 

Other examples of chunky business costs you may want to pare back include:

• Rental of the business space 
• Office utilities 
• Office supplies 
• Professional service fees
• Marketing
• Maintenance

Assess the biggest operational expenses your business is accruing and think innovatively about how you could safely and legally reduce those costs for a speedy cash boost to help your business grow. 

Fund It Yourself 

There are lots of amazing examples of businesses that have taken off after starting as self-funded ventures. Provided that your business doesn’t need tons of money to get started, there’s every reason to back your own potential and self-fund. If you have savings to spare, consider investing them in your business. This gives you a cash boost right now, and it clearly signals to lenders and investors you approach down the line that you truly believe in what you are building. 

Crowdfund

As it stands, the crowdfunding market is set to be worth nearly $40 billion US dollars by 2026. This capital acquisition strategy involves pitching your proposed idea on a crowdfunding platform and requesting contributions to make it happen. The beauty of this process is that the public is able to feel they are supporting worthy businesses and causes. They can also contribute small amounts that won’t be missed on their side of the transaction. However, on your side, it all adds up to a decent chunk of funds to funnel into your project.    

Yes, you do need a fantastic pitch that explains your mission statement, the benefit of your services, and the meaning behind your campaign. So, do give it a lot of thought. The result of your hard work could be an incredibly successful campaign that draws you financial support, new loyal customers, and the ability for your business to move forward. 

Get A Business Grant Or Loan

Before the spread of COVID-19 became an official pandemic, experts forecast a global economic loss of around $3.5 trillion. As the situation progresses, this amount is set to rise. 

The good news is that during this challenging time, there are plenty of business grants available to help companies like yours stay afloat. You may not always be eligible, but if you can get a chunk of money for your enterprise that doesn’t need to be repaid, that’s a real plus. 

If grants are not available to you, a business loan could be a good call. There are lots of fair and legitimate lenders offering excellent rates on business loans. There may even be longer repayment terms, other extensions, and safeguards that take COVID-19 into consideration. 

As you can see from the four ideas above, there are options available to keep your business growing instead of just going.