Sometimes, it just hits you. Out of the blue, a fool-proof, feasible, and original business idea comes ringing into your mind, just waiting to be turned into a reality. Unfortunately, many of those who experience this kind of enlightenment brush it off, not because they don’t want to take risks, but because starting a business needs funding. In Malaysia however, people are empowered to establish businesses, which is proven by the fact that 97.3% of total business establishments are SMEs. While they don’t all have the financial flexibility to just start ventures, there are sources in the country that make it easy to find the right financial assistance. Find funding for your business today, and turn those dreams into realities by checking out these 6 easy options.
- Crowdfunding – If you think your business idea will really hit it big in the industry, you can try crowdfunding. This option allows you to collect random amounts from willing donors who want to see your vision become a reality. All you need to do is find a crowdfunding service, put up your page, and explain how much you need and what you intend to do with it. Anyone who likes your idea can chip in and donations are accumulated to reach a set goal. If you don’t meet the set standard, you won’t get the fund. But if you do, it’s all yours.
- Strategic Partners – There is no greater asset than a supplier, distributor, or even a customer who finds so much value in your proposed idea, that they become more than willing to foot the bill. Look for partners through trade fairs, and start business relationships to help fill in the financial gaps.
- Bank Loans – This has to be the most common source of funds for business owners looking for an extra hand with their finances, but it does have some process to it. Find out your eligibility and be sure to secure a loan with a bank that gives the best deal, to avoid having to pay more than you can afford in the future.
- Bank Overdraft – An overdraft is basically an arrangement that means you’re allowed to withdraw more than your current account’s limit. Consider it a miniature loan that you can take out as you please. The only catch is that you have to pay for it including the interest upon demand. A bank overdraft in Malaysia can provide you a hefty sum, enough to help with the basics of putting up a business, making it a popular choice for a lot of start-up owners in Malaysia.
- Pledge Future Profits – If you think you can earn big with your business in the future, you can pledge some of your future profits in exchange for cash amounts today. There are different online marketplaces that offer this option, which is mostly ideal for those who don’t just think they have a good idea, but have proof that it will be a hit.
- Friends and Family – When it all comes right down to it, those who are near and dear to you will always be the ones willing to go the extra mile to see your dreams come true. Discuss your business plans with friends and family, and find out if they’d be willing to help with the expense. Pay them off in the future with profits, or turn them into stakeholders who get shares from your business later on.
That dream business doesn’t have to stay in your head forever. Funding exists if you look in the right places. Find the right financial assistance for you by exploring these 6 options, and watch your vision become a successful start-up reality.