{"id":907,"date":"2013-12-31T18:18:19","date_gmt":"2013-12-31T18:18:19","guid":{"rendered":"https:\/\/blogs.poly.com\/?p=907"},"modified":"2013-12-31T18:18:19","modified_gmt":"2013-12-31T18:18:19","slug":"crowdfund-your-way-to-a-new-small-business-venture","status":"publish","type":"post","link":"https:\/\/blogs.poly.com\/crowdfund-your-way-to-a-new-small-business-venture\/","title":{"rendered":"Crowdfund your way to a new small business venture"},"content":{"rendered":"
For these reasons, many established small business owners and entrepreneurs are turning to crowdfunding as a means of financing projects, such as developing a new mobile app<\/a>. Crowdfunding, which is generally conducted over an Internet site, involves raising money by soliciting contributions from individuals to support your project. Contributions can be very small \u2013 even $5 \u2013 or large depending on your funding needs. Crowdfunding projects have a financial goal and deadline. \u00a0At most crowdfunding sites, if the goal isn\u2019t met, the funds are returned.<\/p>\n The National Federation of Independent Business (NFIB) describes<\/a> the four steps to the crowdfunding process as: find a crowdfunding website that is appropriate for your particular project (some are geared more to nonprofits or the arts while sites like Crowdfunder<\/a> and WeFunder<\/a> support small business and startups); become familiar with the site\u2019s criteria; create a profile, which includes how much money you need to raise and how you plan to use it; and set a timeframe to run your campaign.<\/p>\n<\/a>Do you have an idea for a new product or service offering for your small business but need funding to get it off the ground. \u00a0A bank loan is an option but getting one has become challenging for small businesses. \u00a0Since the recession, banks have tightened the requirements to qualify for a loan, and according to the New York Times,<\/a> consolidation among banks has reduced the number of banks focused on small business lending. \u00a0Angel or venture capital investing is another avenue but finding the right person or group who would be interested in your particular project or business venture can be difficult.<\/p>\n