Sometimes your business needs just a
little bit more cash to make it through. You don't have the time -- or want to
spend the effort -- to raise a huge round of funding. So what do you do when
you only want a small amount of capital? To find out, I asked 12 founders from YEC their best nontraditional methods and resources
for rising just a little bit of cash. Here's what they suggested:
1. Microfinance
A lot of people jump into Kick
starter a little too quickly -- I believe this should only be kept in your back
pocket as an emergency plan. I prefer micro funding: getting a loan between
$5,000 and $50,000. You have to have been in business for longer than two years
with a credit score of at least 550, so there are limitations. But in my
opinion, this is still the best.
2. Charge Cards
Charge cards are different than
credit cards. There is no pre-set spending limit, giving entrepreneurs the
freedom to spend more when business needs arise. Unlike credit cards, charge
card balances have to be paid back in a shorter period of time (typically 60
days or less), but they are a great tool for expanding your short-term cash
flow. ZinePak's favorite charge card is the Plum from AMEX.
via:www.business.com
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