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21 Jul

Alana Downer

Financial Expert Blogger

If you have recently received a loan application rejection letter, don’t give up. You are not the first and not the last to do so.


Rejection is not a sign that you start up is done. You can still run your dream business. Alternate sources of funding are out there; you must do your best to find something that will be successful for your business.


Here are 4 ways to finance your start up without a loan.


Crowdfunding platforms

Crowdfunding is a new means of gaining money for a start-up. It has been criticised but also has been wildly successful. Some people are concerned that it would bring unsophisticated money to an idea. Another issue is that it may be bringing money to a flawed or illogical idea.


Others look at successful crowdfunding as a validation that their idea is decent. If customers are willing to spend money crowdfunding and developing your product, later on, a venture capitalist would be more inclined to invest further.


The best aspect, the fact there are so many sites you can try to get crowdfunding. Sites like Indiegogo, Angel List and Gust all provide a platform to get your product or service out there and start getting funded. Additionally, angel investors use some of these sites and platforms to find new companies. The Harvard Business School Alumni Angels of New York use Gust to find the best new ideas.


Currency Trading

Currency trading can make you great money. The forex market is one of the most liquid markets in the world. It’s estimated there is around $5 trillion moving each day on the forex market.


If you know nothing about forex or trading it, you are like many others who started with no knowledge. It’s wise to learn the basics. You can find great workshops and courses that give you a solid understanding, insight and technique into the basic of Forex from Learn to Trade.


Typically, you need a larger amount of money to invest in stocks to see a decent return. Forex has low barriers to entry and allows you to start with smaller amounts and build your confidence and skills. Furthermore, forex trading lets you make money when a currency is going up or down.



A lot of the time organisations or business schools are running a contest in the hope of finding the next best thing. You just need to go and search for the competitions on the internet.


Listing of elevator pitch events, entrepreneurship contests or business plan competitions are easier to find than you think. Depending on the people running the competition you can gain money, mentorship and more. One significant aspect is the market exposer from winning. Often, winning won't get you that much funding and you may have to find other sources of finding at the same time.


If you don’t win the competition, you can use this as a way to learn. You can gain a feel for presenting in front of people, seeing what investors are after or getting a glimpse at other technology or competitors.



Clients that would pay you to build a product?

This is a rare scenario, but it can happen, a customer investing in building your business. A target customer paying you or investing in your idea to make it for them. What more validation do you need?


There are a few different ways a client can invest. Covering the cost of an early prototype development, a direct investment in your business, or helping build a business in the case that there are no other options or competitors.


One negative outcome is being absorbed by that client. A client may try to shape the product to suit themselves rather than make a product that applies to many other potential clients.


There is no limit to acquiring funding, you can try each of these methods. Spend the time to do some research and figure out what is best for you. Good luck!

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