If you’re not numerically gifted, then trying to keep up with financial news is like trying to weightlift an elephant. Every day the NASDAQ rises while the pound flounders or the dollar implodes, while sombre looking men in suits sit in newsrooms, describing inflation in impenetrable phrases.
And if you’re running a business, it’s easy to let these figures run rings around you. In an attack of percentages and decimal points, the entrepreneur will be left begging for mercy.
Indeed, even as the world recovers from 2008’s global financial meltdown, businesses’ trust in banks is at a staggering low, and it’s leading those in niche markets to turn to alternative modes of funding.
In the higher risk category of loans, construction finance or an untested startup being the most prominent, the banks have all but shut shop.
With that in mind, where in the world can your niche business gain the finance it needs – without having to wade through jargon?
Niche Lenders For Niche Businesses
Speaking of construction finance, there are numerous niche lenders who specialise in exactly that. If you’re a budding architect with a solid business plan, there are numerous lending platforms to help you.
Naturally, these companies don’t work all that differently from banks. However, having a specific knowledge of your needs means they won’t regard you with bemusement upon presenting your business proposal.
There’s little worse than being stared at with a glazed expression in your eyes when you’re after investment capital, so hunt for a niche lender to suit your needs.
Away from banking institutions altogether, your best bet is to hook up with a wealthy business partner. If they can trust in your business abilities, then there’s no guessing how much capital they could pony up.
While this might mean giving up a few of the decisions to your new cohort, it also gives you a sounding board for ideas and someone else to share the burden of responsibility.
But if you’re not interested in sharing the reins with anyone, find a silent partner who’ll part with funds but keep shtum about business operations. That way, no one will step into the fray – unless your plans are going belly-up!
Butter Up The Government
Government funding is always in decent supply if you can prove your business will help the economy. With a regular browsing of the government’s official website, funding opportunities for your sector are bound to pop up some time.
This could, admittedly, lead to jumping through hoops more than you’d like. It raises the question, how many compromises will you make for some cash?
If you’re able to mould your plan to fit the wants of the government, then you’ll be in business. And you can get someone else to decipher the jargon!