The coronavirus pandemic had a devastating impact on the global economy. Many companies had to downsize while others were forced to close their doors entirely. As a result, people lost their employment and started looking for other streams of income.
During the current crisis, the number of small businesses around the world has increased by a considerable number. With that said, numerous people face financial challenges when starting a business. Fortunately, there are many resources that small business owners can take advantage of to scale their businesses. Here are a few ways you can find help when trying to get your business off the ground.
1. Network
Networking is the process of building solid mutual relationships with new people. These interactions are meant to place you in the limelight and to help you get insightful ideas. Entrepreneurs should strive to network with experienced people in their industry who can guide and mentor them throughout the process. Additionally, networking allows you to meet people who might later become your customers and refer other people to your business.
2. Government Support
There are several government entities and organizations that can help you get started in your entrepreneurial journey, such as the Small Business Administration. This government-run organization enlightens potential entrepreneurs on ways to save money to start a business, like negotiating a lower interest rate from your bank, minimizing credit card debt, and creating an automated saving account deduction.
3. Incubators and Accelerators
Incubators and accelerators are organizations that offer a variety of support services to small businesses. These support services include legal services, management training, connections, and intellectual property. Business owners who are members of these organizations receive financial support and mentorship in exchange for a stake in their promising businesses.
4. Angel Investors
If you invest in tech, you probably need more capital than what savings and crowdfunding will afford you. The other viable option to get capital is reaching out to investors. Angel investors are professional financiers who invest in promising businesses.
To get an angel investor, visit the Capital Angel Association or consult people in your network. Besides, you can look for angels online on websites such as AngelList – a website that connects savvy entrepreneurs with investors. Up to date, the site has helped thousands of entrepreneurs to get started. Besides providing finances, angel investors organize networking events to offer entrepreneurs an opportunity to share ideas.