Entrepreneurs are, at heart, rebels. In order to create something new, one must do away with tradition to an extent. However unconventional one’s startuup idea may be, at some point one will have to contend with the time-honored convention of funding. But fear not- financing for your startup doesn’t have to be too tedious. With a bit of creative thinking, you can master the art of hustling and be well on your way to debuting that IPO of yours. Business Insider recently featured an article on non-traditional ways to acquire startup money.
Early Bird Specials
Take a hint from your local diner and bait potential clients with an offer they can’t refuse. Somewhat like a beta test for funding, if you give a few select customers an incentive to part with their dollars (although it doesn’t seem like those are worth much anymore, anyway) from the get go, you’ve succeeded in establishing an early client base as well as securing some much needed cash. Better yet, if you offer your early birds a discounted rate for all eternity, you might catch enough to generate enough funding to build a nest.
Calling All Angels
While praying ardently for money might be an option, summoning another type of angel in the form of an investor is a more realistic option. With the proper pitch, you could call on the aid of venture capitalists who are willing to invest in your startup in exchange for a future payment with added interest or a share in ownership. However, if you’re looking to channel a few kind-hearted spirits, meditating on money wouldn’t hurt.
Relish in Royalties
As any financially savvy musician will tell you, the money is in licensing fees and royalties. If you’re looking to avoid going bankrupt, it’d be wise to harness the power of royalties for your startup. By offering customers or investors the option of a percentage of future revenue in exchange for a small fee upfront, you’ll be singing a sweet song for years to come.
Tickets and Fines
If you’re anything like me, your rampant forgetfulness has caused you to accumulate your fair share of library fines over the years. If you’ve ever owned a car in New York City, I’m sure you’ve begrudgingly paid a seemingly exorbitant parking ticket or two. Similarly, if you offer your services up front for free in exchange for future payments, you can lock in a solid amount of money in the long-term.
Pay Your Rent
Depending on your startup’s needs, renting or leasing equipment can be a good way to minimize your overhead. Luckily, there are an array of startups that can be harnessed to rent necessities ranging from a runway ready outfit to a car and a place to stay. And if you feel that a solid source of inspiration is crucial to your success, you can even rent a work of art.
If I learned anything from heated Monopoly games as a kid, it’s that over time, you can make a fair amount of cash if you accumulate some decent properties. However, if you ask my parents, they’d nostalgically tell you that I always insisted on being the banker. With a solid business plan and a suave approach with your potential investors, you’ll be well on your way to passing go and hopefully collecting more than $200 in the process.