Creative Business Financing-6 Ways to Creatively Secure Business Capital

Creativity is key when you own your own business. If you are a small company you might be the owner, marketing department, sales, accountant, cashier and even the janitor all rolled into one. And each new challenge requires a creative new solution. Even if you are larger you probably still have a hand in everything that goes on in the company.

It makes sense then, that you would need to have creative business financing when it come to your business as well.

There are basically two ways you can approach the problem of creatively financing a business. You can try to bring in money from an outside resource to help you meet expenses, or you can try to cut expenses in the first place. Fortunately, there are plenty of creative businesses financing techniques you can use for both.

Spending Less-Creatively Financing by Saving Money

Create a Buying Alliance

Many vendors will give a discount to those who buy in bulk. Unfortunately you’re not Wal-Mart. However, by partnering with another local business or buying alliance, you can receive the same discount as the large retailers.

Use Open Source Software

Instead of purchasing Microsoft Office for every computer in your business you might consider using the open source software OpenOffice. It’s free and an excellent substitute. If you need to do some basic photo editing, you might try GIMP. For virus protection try AVG or windows Security Essentials. Go to Cnet.com and take a look through all of the free downloads offered there. You might find some excellent alternatives to the expensive software you were considering.

Brainstorm with employees

If you have employees, gather everyone together and explain that you need to save money. Ask what ways they can think of to save money. You may find your employees are willing bring their own coffee mugs to work, or make the office party a potluck if they understand the company’s situation.

Getting more-Finding the Most Creative Business Financing Options

If cutting costs wasn’t enough, it may be to time to look for some creative business financing from outside sources. Here are a few places you should check.

Business Financing from Family and Friends– Virginmoneyus.com

Many companies have borrowed money from family and friends to get them through tough times or off the ground. Family and friends can be an excellent resource, providing low-cost or even free loans. It can also be dangerous for the relationship. Unlike a typical creditor, you will need to spend time with this lender. They may also feel that because they gave you money they have a right to interfere with how you do business. Companies such as Virginmoneyus.com will help you make the loan official. Laying out terms and making sure that both parties understand them is the best thing you can do to protect their investment, your business, and your relationship.

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