After formulating the idea of the project and determining the product and the customer, the war owner of the project will need a source or sources to finance his plan to complete, and the type of resources is determined after estimating the cost of the project and its requirements.
In this article, we will discuss the top 10 sources of funding:
- Self-financing: a person contributes his funds to the project according to his ability
- Family and friends: If the amount provided by the owner of the project was not sufficient, he goes to his family, relatives, friends and acquaintances to request assistance and grants, and this type is essential if the owner of the project has a good reputation and an honest person And, and …
- Angelic Investor: They are people who contribute their personal resources in building the projects of others in exchange for a certain percentage or return.
- Business Incubators and Accelerators: It provides assistance to entrepreneurs who join their programs to accelerate business.
- Government funds, funds, and aid: A government institution provides support to the project owner.
- Venture capital: These are investment funds specializing in investing in emerging projects that have exceeded the start stage and reached the growth stage.
- Crowdfunding: through online platforms that provide the project owner with the opportunity to present his project, and link it with people who want to acquire the product or investors who wish to invest in this project.
- Banks: This is through the services they provide, such as loans
- Pre-Order: In this way, you pay customers the price of your product or service in advance. They can be excited about this method by making special discounts for pre-order. The money you will receive will be beneficial to you to finance your project even partially before completing it and starting selling the product
- Creating new ways of miserliness: This method is not a way to find financing, but rather a way to reduce costs and expenses. Among these methods, for example:
- Workplace: At the beginning of the project, you usually do not need a big place and many offices, you can rely on the home or headquarters with a small area and simple capabilities, used tools, for example…
- Workers and services: By reducing the number of workers and the need for external services such as transportation, design, financial and accounting work, according to the level of demand and seeking the help of friends and acquaintances, even if the friend and the time of trouble.
- Postponement of payments: by reducing or postponing the cost paid to suppliers.
These were the most critical ways of financing projects. Do you have other ideas?