Preparing to start a new business can be one of the most exciting times of your life. While coming up with the business plan and clarifying your awesome new idea is often exhilarating, raising the funds for your new venture can threaten to tamper the excitement. However, it doesn’t have to. Raising funds for your new business may often feel like a dead-end journey, but we’ve got some ideas to help you put a deposit down on that beautiful office space you’ve had your eye on for months.

Fundraising Venture #1: Host an Event

Who doesn’t like parties? While hosting an event isn’t the cheapest fundraising option, the results will be well worth the cost! A party gives you the freedom to invite whomever you want – that includes family, friends, other small business owners – the whole town! The amount of people you know that are willing to support your new business is probably much bigger than you think – so invite everyone! The small cost of admission to your event will pale in comparison to the support your friends and family want to offer your new business. In addition, you can let your invitees know that a portion of the proceeds will go to a charity that is important to your new business. This incentive may be just what convinces your not-so-close acquaintances to attend your event.

Make sure to let the whole area know about your event by promoting it with a press release explaining the purpose behind your gathering. You will also want to create a page on your website dedicated to the details surrounding your event.

An important aspect of your fundraising event is making sure you have an area at the party dedicated to collecting sponsors for your business. Not only can a party collect money through admission costs, but also through new sponsorships.

Click here for some great theme ideas for your event!

Fundraising Venture #2: A Personal Letter

While sales letters don’t sound near as exciting as a Casino-Royale-themed fundraising party, that doesn’t mean they can’t be just as effective. Letters are a perfect way to reach all the homebodies you know. More than likely, there will be several people that receive your event invitation that either can’t attend or would rather not attend. Don’t let this be a missed opportunity! Delivering a letter personally to these individuals could turn them into a donor. Much like your press release and invitation to the party, your letter should explain in detail the purpose of your business and all the ways in which someone can donate to your business. Include in your letter certain perks for becoming a donor – such as a financial stake in the company or personal recognition on your website. Your letter should also include your contact info so it is easy to contact you for further questions.

Fundraising Venture #3: Business Plan Contest

A business plan contest is like the smaller version of Shark Tank. Amazon, Walmart, and a number of Universities offer business plan competitions that you can enter to win money for your company. In order to enter you usually have to provide a copy of your executive summary. Once chosen for the competition, you are invited to give a live presentation in front of panel. If your business is chosen as the winner, you could win thousands for your company! Sounds like an inexpensive way to give your business the chance it deserves! Click here for a list of some of the best business plan competition happening this year.

We know starting a business is a huge task, so we want to support you in any way we can. Contact Good Life Financial Advisors of NOVA today and let’s discuss all the options available to you!

Once you have your business up and running, be sure to check out our blog on business budgets!