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Acquiring funding for your growing company can come about for a variety of reasons. Let's look at why we need money and the different options we have for sourcing it.
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I've done a fair bit of marketing and a good amount of sales, but
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revenue isn't growing as fast as I'd like it to.
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I need to increase my marketing activities or
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hire a few more sales people, but I can't afford to do that right now.
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Oftentimes, you may find yourself in a scenario like this,
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where you are making money as a company and bringing in profit.
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But you know that you need to act quick and
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capture a larger share of the market before your competitors do.
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This is where external financing comes in.
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Taking money from outside sources can provide you with the extra cash you
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need to hire a larger workforce.
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Or provide a needed cash buffer so
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you can focus on activities that increase your customer base, while not having to
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worry too much about higher expenses eating into your bottom line.
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Getting external money can be overwhelming, however.
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You have a few different choices of how you can do it,
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and each one is substantially different from the other in terms of process,
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advantages and disadvantages.
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It is important to know which type of funding process best benefits your
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company, and how to go about obtaining it.
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We're going to cover debt financing, equity financing and
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a little bit of crowd funding.
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Let's get started.
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