Funding your new website
You’ve got a great business idea and you’re ready to turn it into reality. There’s just one small problem – building a new website can be expensive. Here’s a few ideas you may want to consider when looking to fund your new venture.
Bootstrap the idea yourself
If you don’t believe enough in the idea to put your money where your mouth is, who else will? Consider using your own savings or borrow some funds to build the idea out enough for it to be tested. The first step is usually to run some Lean UX or build out an MVP concept of the full idea. At the very least, you’ll know whether you have a good idea or not before throwing more money at it.
Family and friends
So your idea seems to be holding water – what next? You’re probably ready to take it to next level and turn that concept or prototype into a full scale project. You’re going to need to invest some more into your business and here’s where those years of suffering through family BBQ’s with your drunk uncle may finally pay off. Consider inviting friends and family to invest in your idea with the understanding that the money is an investment in you, a loan and that you cannot guarantee return on. If your business takes off down the track then repayment of the loan plus a little bit extra to thank them for their investment seems like a fair way to go.
Crowd funding
Maybe you don’t get along so well with your family or prefer to keep your friendships financially uncomplicated. In that case a crowdfunding platform may be the funding solution you’re looking for. Having grown in popularity in recent years, crowdfunding platforms such as Kickstarter have become increasingly popular as means of raising money for projects. Crowdfunding sites work by providing the opportunity for a large pool of investors to invest in your with the added benefit of exposure that popular crowdfunding platforms offers.
Start-up accelerators
Your business is up and running but you know there’s still further growth opportunity. It’s time to step it up a notch or two by seeing if you can get your business idea into a start-up accelerator. Accelerator programs are designed to jump start your business through cash investment, office space, networking opportunities and mentoring. There’s often one catch in that you may have to exchange an equity stake in the business for the opportunity.
ASSOB
Now your business is somewhat established perhaps the next step is to formalise further investment through a body such as the Australian Small Scale Offerings Board (ASSOB). ASSOB seeks to help companies access capital growth by connecting business with potential stakeholders. To date, they have already funded more than $141m across a wide range of businesses from start-ups through to more established growth companies.
