Food Business Funding: Where To Get The Money |
Posted: August 16, 2013 |
How Do I Get Funding For My Food Business?That is a question asked by many a newbie food business owner. Finding capital is not the easiest task but it is the most important. After all, without the needed cash to get your food business started, you could be closed before you ever start. As the author of "How To Start A Food Business With Little or No Money Down", I know that most any business can be started without cash (because I've done this, of course), but eventually, you are going to need some funding. If you are lucky enough to have relatives or friends who believe in what you're doing and have the cash, your worries would be smaller or even non-existent. But for the rest of us who don't have that luxury, whether your business needs equipment, inventory, or simply to get by from day to day, searching for food business funding can be a long, painful task. So what are your options when you need funding to get or keep your business rolling? Well, there's the good ole' traditional way of applying for a bank loan. These days? Good luck with that! You could turn to VC's (Venture Capitalist) or Angels, who will ,in return take a good portion of your profits and maybe even your business. Imagine working so hard to get your business off of the ground, growing it to a large company and then having your "business partners" remove you-kick you out of your own business! You have heard the stories again and again (the latest being George ZImmer, the face of Men's Wearhouse and the one I remember from years a go- Wally "Famous Amos") Even in my own town of Renton, WA. there is a guy who was removed from his own restaurant and can't even use his own name to start another. (He survived by the way, starting 3 other popular restaurants). The point here is, you have to be careful what you will do for money to fund your business. Well, have no fear, there is another type of funding on the horizon and designed to suit local food business owners. It's called CrowdFunding. CrowdFunding is available for most any business, but there are a few companies that developed a system for food business owners to get funding from their favorite source: Their Customers! Two of these companies are Foodstart and Credibles both provide a way for food business owners to fund their businesses through the loyalty of their customers and it's working! So, go forth and get funding! Tap into one of these great alternatives to traditional funding for your food business! Read about CrowdFunding in this issue of Freelance Foodie Magazine. On Sale Now for only $20 year.
Need more information about starting or operating a food business? Visit The FoodiePreneur Annette Washington “The FoodiePreneur- Oh! The Awesomeness of it All!”
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