Entrepreneurship is fast becoming a key battleground for politicians across the globe, particularly in the wake of the coronavirus.
After all, the International Monetary Fund (IMF) projects global economic growth of 6% and 4.4% in 2021 and 2022, respectively, following a historic contraction of –3.3% during the previous year.
Governments are looking for ways to empower and incentivize entrepreneurs and artists, who can subsequently revitalize national economies and drive higher levels of consumer spending.
This article will discuss how you can fund a business venture or independent project without utilizing your own capital, or any of the money you currently have saved in your bank account(s).
We’ll start with crowdfunding, an increasingly popular way of generating capital for your project or startup. Websites such as Kickstarter and Indiegogo are synonymous with this method of funding, having helped launch hundreds of thousands of projects in the digital age.
However, while these sites are typically synonymous with businesses and commercial ventures, they’re also used by artists and hobbyists to raise cash and fund independent projects.
With this in mind, crowdfunding has evolved to offer numerous platforms and models to those searching for funds, from those that provide small and bespoke awards to investors and others that reward participation with equity.
Obviously, social media is key to the success of crowdfunding initiatives, with channels such as Facebook and LinkedIn ideal for raising awareness and generating interest around a particular project. This will enable you to secure hundreds of small investments from interested parties rather than relying on larger contributions over time.
2. Trade Forex Online
You could also leverage your existing capital to create lucrative streams of passive income, particularly through financial markets such as the foreign exchange.
The forex market should be particularly appealing to investors, as its derivative nature makes it possible to speculate on price movements and optimize profit without assuming ownership of the underlying financial instrument.
Similarly, currency trading is margin-based and offers investors access to inflated leverage, enabling them open positions that are considerably larger than their initial deposit amount.
So, although there remains the potential to lose money through forex market trading, it can also deliver increased and passive gains (so long as you research the market thoroughly and utilize licensed brokerage sites that place caps on the amount of leverage on offer).
3. Attract Sponsors and Advertisers
If you’re familiar with the entertainment business and sectors such as music, you’ll know that these entities rely heavily on advertisements, product placement, and lucrative sponsorship agreements.
Luckily, the digital age has made it easier than ever to promote your venture and attract potential sponsors, which can, in turn, generate revenue streams that fund your product (whether this is a new art display or an exciting album).
In the digital age, you can also create viral advertising and messaging to generate interest around your concept, which can, in turn, capture the attention of well-resourced sponsors and cultivate mutually beneficial partnerships.
The key is to think outside the box when creating advertising and marketing content while targeting relevant ad channels and potential sponsors that can add value to your proposition.
WRITTEN BYBrand Voices