How to Raise Funds for Your Business using Blockchain Technology
Starting a business in 2021 is not easy, especially due to recent changes in the economy.
HR Departments started to ask for a minimum of experience, even for entry-level jobs, so a lot of graduates found themselves needing to start their own business in order to have something to work. That significantly increased the competition level for start-up funding projects.
The next resort would be banks, which are known for their high fees and variable loans. Plus, you need to already have a percent of the sum in order to get the loan. So with the year 2020, the word “savings” started to become a beautiful fairytale.
And don’t even think a personal loan will cover all your startup costs – that accumulate the registration costs, the headquarter, the utilities, and more. Don’t forget about the salaries per six months, because you can’t depend on profit so soon.
Need to say more? If you are thinking of starting a business by yourself, working from home with your own devices, the chances for success decrease severely. Unless you got into a domain with very low competition and therefore low interest on the market.
So what is left to do?
It’s simple – try a different approach. If the fiat world doesn’t give you many opportunities, it’s time to see what cryptocurrencies can offer.
Start a crowdfunding project with your own token
Creating your own token is not rocket science when you have so many token generators that don’t require any technical knowledge.
And platforms like Student Coin, for example, found a way to use the token generator idea in order to help entrepreneurs from the entire world.
Student Coin allows users to customize their own token and then put it on sale under a crowdfunding proposal. When they raise enough money, they can exchange them into fiat and use them to launch their business.
The biggest benefit here is that you will pay back the money to your investors in installments just after you start making enough profit.
Get a Crypto Loan
There are platforms like SpectroCoin that give you the possibility to use your crypto holdings as collateral to back your crypto loan. And you can access a loan with a minimum of just $30.
Basically, a crypto loan allows you to maintain ownership of your crypto funds while gaining access to the fiat you need to found your project. Like any other bank, you would have to pay attention to interest rates, but be sure that they are way lower than those of traditional banks.
And what’s better, you don’t actually have to deal with third parties. Everything is done automatically based on the smart contract.
Start a crypto business with an IEO
If you want to fully embrace the cryptocurrency world, there’s no better way than creating your own token and then selling it to those willing to join your vision.
You can divide your IEO supply into phases and increase your token price after each phase. With the money raised, you can invest in developing your project infrastructure, get new employees, and focus on marketing. The more you get involved, the more successful you will be.
So as you can see, there are many solutions that can help you start your own business, so don’t rely just on traditional funding. Do your research, pick the best one that suits you, and go conquer the business world with your startup.