“Have you ever wondered why so many startups fail? According to research by Gallup, about 50% of new U.S. companies fail during their first five years. These failures are primarily due to reasons ranging from running out of money and marketing changes, to supply chain issues and a lack of talent. That last reason brings up an interesting insight. Why don’t some entrepreneurs have what it takes to get up and running?”
In some cases, it’s certainly a lack of know-how, persistence and ingenuity. That’s true of anyone working in any field, regardless of whether or not they’re an entrepreneur or an entry-level employee. But entrepreneurs also need the right tools and support in order to develop and focus on their strengths. Without appropriate resources in place, small businesses and entrepreneurs are setting themselves up for a difficult uphill battle at best, and complete burn-out failure at worst.
Fortunately, there are plenty of tools on the market that can help small businesses compete with the big guys. Here are seven to help you get your business off the ground, and more importantly, stay there.
Rapidly growing businesses don’t always scale to success. Instead, they often succumb to the struggles of cash flow and keeping enough inventory or payroll going to stay afloat. While big players can turn to their equity investors for a few million in startup capital, smaller businesses don’t usually have that option. Meanwhile, banks aren’t always kind to small business owners. That’s where alternative lender Kabbage steps in.
Spend a few minutes to set up an account and find out quickly if you qualify. From there, you can receive offers for instant cash, without the obligation to agree to the terms until you decide to take the loan offered. Expect to receive offers ranging from $2,000 to $100,000. How much will a loan ultimately cost you? Kabbage shows an estimated $1,200 in related fees for taking a $10,000 loan.
Getting bridge loans or wooing equity investors are not your only options to raise the capital you need to grow your business. Crowdsource your success by turning to a platform like IndieGoGo. Launch a campaign andshow off your prototype, product or service while you solicit financial support in exchange for free merchandise, discounts or even an elaborate and public thank you.
There are no promises that you’ll realize your IndieGoGo goals, but the platform does have a history of success for both big and small companies alike. For example, Stone Brewing Company recently raised over $2 million for a series of rare, fine concoctions made with the help of other top brewers. What’s even more impressive is that their goal was only $1 million.
Read the rest of the article here: http://ow.ly/SA1s300SW7c Thanks to Sujan Patel, with Quickbooks “Growing Your Business”