One of the worst mental breakdowns an entrepreneur would ever experience is being broke before they can even properly fund their business. Before you lose everything altogether, you have to think of ways to fully recover. Axis Capital Group Business Funding, a credit source providing business funding to small business owners across the United States, can assist you in your loan needs.
For other options, here are the following strategies that we have compiled:
Investing in other businesses is actually not a negative thing to do. Ensuring where to put your investment in may be risky but by doing so, you can already build bridges. The process of picking companies to build a portfolio will give you a practice to become a shareholder. This is also one way to attract funding.
2. Solve disruptively
A new approach in your business is to approach it more rationally by introducing new methods in your system. This approach can also attract investors into trying your incremental solutions. But make sure those solutions are truly applicable if you don’t want to be labeled as mere scam.
3. Seek Investors
Finding investors or asking for financial aid from other people requires guts and unique marketing approach but don’t ask them when you are already broke. It may leave an impression that you can no longer stand back up. There’s no point in investing to a business which has already fallen.
4. Review your Pitch
It is more often not on the words you say but on how you say it but you also have to keep a balanced content and a confident approach. You must present an exciting and credible plan that demonstrates how an idea will become a high-performance company. If you can’t pitch effectively, bring in a partner who can.
5. Learn from Rejection
I have set up my business in Jakarta, Indonesia but because of competition and the fast growth of market which I cannot keep up with, a lot of business funding sources rejected me. Despite all prepositions, some were just sure that my business won’t last. But I don’t have the time to sulk and get depressed with all those rejections. Every pitch presented an opportunity and after a lot of rejections and almost being in the edge of defeat, an investor accepted my business plan telling me that it seems I have had researched about it all throughout since I know all the pointers needed.