Living, working, playing… Your startup is the pathway to it all! What are some clever ways to fund your startup in Miami-Dade, and how can you receive help during this time? Here are four of the top tips!
1. Crowdfunding for the Win to Fund Your Startup in Miami-Dade
Crowdfunding has become a popular – and successful – way to acquire investments for your startup. With the right pitch and the skills to win potential investors over, give crowdfunding a try to get that startup up and running!
Options for business purposes include both debt and equity crowdfunding. Debt crowdfunding allows for your contributors to be paid back in monthly installments, whereas equity crowdfunding gives them a share of your company.
2. Don’t Be Afraid to Ask for Help
Those closest to you will understand and recognize your passion for your startup. While it’s not always the smartest idea to do business with friends and family, it’s not always a bad idea, either. Chances are, they’d donate to you anyway, so don’t be afraid to ask family and friends for help when funding your startup!
3. Strap on Those Boots
Bootstrapping is a tried-and-true method used for centuries, and there’s no reason why it can’t work in the modern world. So many businesses that are now household names used to be unheard of with a barely there budget and hardly any contributors.
Bootstrapping starts with a tight budget and grows gradually, or rapidly if you’re lucky, as you bring in cash flow. A major benefit of this method is that it allows you to own your business completely.
4. Look for Grant Opportunities
Grants can be very daunting and take time, but the opportunity for free money to start your business shouldn’t be skipped. Federal small business grants require an application and can take a long time to get approved but are well worth it.
If that’s not for you, consider local grants available via nearby entities that offer grants or hold contests for funding.
Seeking to Fund Your Startup in Miami-Dade? Call the EDC of South Miami-Dade!
The Economic Development Council of South Miami-Dade is committed to helping our community thrive, and that includes small businesses. Contact us at 305-378-9470 for resources and more!