Searching for funds to start a new business is never a walk in the park. But opportunities can be found in the least expected places and circumstances, and all you need to do is keep your faith strong and your eyes and ears wide open. Among these unexpected opportunities we can mention winning the lottery or inheriting a fortune. Getting funding for your start-up with the help of your freshly won lottery jackpot prize sounds like a dream come true. However, compared to a more demanding bank loan that requires you to fulfill a series of conditions and prerequisites, winning the lottery sounds easy.
People who have played the lottery for many years will nevertheless tell you that you have a greater chance of getting your bank loan approved – or getting hit by lightning for that matter – than to actually win the lottery. Let's take a look at a few other ways of financing a new business.
Join A Credit Union
One of the most recommended alternatives to funding a business is to join a credit union. You will get the chance to borrow a relatively small sum of money; but keep in mind these credit unions usually cater to the needs of individuals and tend to turn businesses down. So in case you are setting up a limited company, you might want to move on and look for a different type of funding. If you are an individual with a bright entrepreneurship idea, keep in mind you will be required to save for at least three months with them. Since banks are more and more cautious and limited in the number of credits they offer, you should seriously consider joining a credit union if you have one around.
Play The Lottery In A Syndicate
Syndicates are groups of lotto players sharing the costs of a ticket in order to play more games. This automatically boosts their winning chances. In case a syndicate wins, the prizes will be shared equally among all the members of the respective syndicate. You also have the opportunity to play Systems as part of a syndicate. You can check out a few of the top world's lotteries on websites like Lottery Master and see if you can opt for the syndicate game play alternative with them.
Another great advantage of playing the lottery on the Lotterymaster site comes from the fact that you will have the opportunity to play lotteries that are not organized in your country. This will boost your chances of winning one of the many jackpot prizes out there and not solely limit your game play to one or two national or state games.
You can also create your own syndicate together with the people you are planning on starting up your business with – or your relatives and friends. You can pick your favorite game and ticket option then divide the total cost of the tickets by the number of shares and find out the cost per each member of your syndicate.
Apply For Government Grants
These grants are different from one region to the next. But you should have no problem finding advice on raising finance and loans available by getting in touch with your local governmental authorities.
Find Angel Investors
They will offer you risk capital that has zero security and will be last in line for repayment in case your company later on turns insolvent. They will however take a stake in your business which usually varies from 10 to 30 percent.