What is the best way to finance your business in 2024?

You may be thinking about expanding your business in 2024 or perhaps you want to provide more products and services or invest in equipment or technologies that can scale or optimise your operations. Every big idea and initiative would require upfront funding that you need to access in order to realise your business goals and strategies.

What are the most effective and easiest ways to finance your business this 2024? Let’s explore the best funding opportunities within reach.

1.   Bootstrapping

2024 is coming along as the year of startup bootstrapping, with more and more startups valuing independence and strategic flexibility. VC funding is great, but it does have strings attached. Resorting to quick cash injections may lead to premature scaling, loss of control over the direction of the company, and equity dilution.

Bootstrapping may seem like a restrictive move, but it actually allows for more strategic resource allocation and organic growth, leaving companies to be more laser-focused on the core value proposition and customer satisfaction. Bootstrapping can breed a culture of creativity and efficiency, which is what startups actually need. You can start with self-funding and once you get into the rhythm, you can have a go at the other financing options.

2.   Get investment

You can work with business angels, crowdfunding investors, and venture capital investors or even find equity investors through government initiatives. This will require you to give up a portion of company control and ownership, but if you need substantial funding to achieve your biggest goals, getting investment can be the way to go. The good thing about starting a company via bootstrapping is it can give you some leverage in your future fundraising journey. You’ll then be entering from a position of strength as you have established a track record of achieving key milestones without relying on external funding. This success record can result in better valuation, better terms, and a stronger partnership.

3.   Business loans

If you don’t want to give up any control and equity, you can also just resort to business loans. From banks to alternative lenders, there are a lot of business loans for businesses of all shapes and sizes. For easy access to business loans, you can use platforms like Swoop to automatically get matched with the right financing solution for your business needs and goals.

4.   Business grants

Grants can require a lot of time and effort to get, but the reward is free money. If your business fits the criteria of the grant opportunities available, it’s an area worth pursuing. Depending on the nature of the program, the funding awards can go into millions.

Access funding with Swoop!

Whether you’re looking to attract investments, get business loans, or access government grants, you can get the type of funding you want and need with Swoop.

All you have to do is register and wait as our matching technology compares all the funding options relevant and suitable to your profile. Once you’re ready to apply for a product, we will help you every step of the way. Ready to get funded? Sign up today!