Whether you’re starting a new business or planning to expand an already existing business, it all boils down to money. Mantis funding in New York helps to fund businesses that need to grow through various options.
Savings, Cash Advance, and Grants
Using your savings from a personal account can be a great way to start a business. It also ensures you have total control over every aspect of your business while giving you the feeling of complete satisfaction that you could fund your cause. It also saves you the obligation of paying interest towards a debt or credit card.
The problem here though is, once your money is used up there is nothing to fall back on. In case the business fails then all the saved up money will be wasted. Taking a cash advance from a company like Mantis Funding will not only provide money but also valuable guidance and mentorship which you may lose out on if you rely only on your savings. The next option is to secure funds through a bank or a financial institution.
Before you obtain one you will have to submit a complete business plan along with the application. Grants are usually awarded to specific types of businesses for a very specific purpose. Once the grant is obtained, there are certain instructions that need to be followed explicitly. The added benefit is that the money does not have to be repaid and therefore does not deplete your finances.
Family, Friends, and Crowdfunding
You can also rely on friends and family to help raise money for your business. It can be a faster process and an easier one with flexible payback options. The drawback though is that money is given without any clear understanding of the business plan and its execution. Crowdfunding, on the other hand, involves taking money from a large number of people that you have connected with over the internet.
While this method uses your network as well as those of family and friends to find investors, it also presents itself with the potential to expand the business or add new aspects to it. Angel investors, on the other hand, are wealthy individuals who function independently or as a group, to fund your business for a share of equity in the business. Since most of them will be experienced, they can offer the best advice and guidance with regard to your business.
Venture Capital and Small Business Administration Funding
Venture capitalists have a nose for businesses that have a potential for growing and getting good returns on investment. They help to fund your business in exchange for business equity and also receive returns when the business is sold or goes public. Venture capitalists like Mantis funding customer services, not only provide money but also mentorship in order to develop your business. SBA’s are government-driven and provide both capital and contracts to small businesses that check their strict qualification parameters.
Many Mantis funding complaints are can be avoided if business owners educate themselves on the various options available. So, before you choose your source of funding make sure you review your financial requirements and its urgency.