The idea of a “get rich quick” scheme is one which rightly sets a lot of alarm bells ringing in most sensible heads. The idea that there is any infallible, proven way to get rich even at a sedate pace is one that we’d all agree is fanciful. Add to that the idea that you can take a short cut to easy street, and you’re dealing with a concept that is suspect from top to bottom.

Nonetheless, there are plenty of guides out there to making money in a hurry, mostly aimed at the personal finance end of things. Some of these articles are bunk, but others offer sound advice; a person won’t “get rich” as a result of following them, but if they need to find the money for a necessary expense, the accelerated earning potential is welcome. The question is: is it possible to raise money this way for a business? With the higher stakes involved, it’s helpful to know if there are avenues to boost that bottom line in a hurry.

It does depend how much you need

As has been made clear, getting rich quick as an individual is a fantasy; it’s a lottery (literally, in some cases), and planning ahead is necessary to raise any money at all. The first thing you need to know is how much money you need to raise. If you’re talking about an amount that outstrips what your business makes in a year, then you can probably forget about it. But once you know how much you need, you can look at ways of raising cash that will fit into your plans.

First, look at reducing your liabilities

The first step in arriving at a financial goal is looking at how much you have going out, and more specifically how much you absolutely need to be spending. You may learn by checking reviews that you can cut into your outgoing costs, which will make a big difference to any fundraising drive. If you can drive down your monthly spend, then it’s not just a one-off saving, but an ongoing reduction in liabilities which could be of huge benefit.

Is a fundraising event appropriate?

While it’s become more complicated to plan events in the current climate, it’s worth considering whether you could raise funds by appealing to potential donors. You may not be able to host a black-tie gala right now, but creative ways of raising money via Zoom have already been shown to have an effect. If you can plan an online fundraiser that grabs people’s attention, it might be what your business needs right now.

Are you prepared to sell off equity?

If you really do need to raise money in a hurry, then it might be time to consider whether there is something to be gained by inviting investment in your business. It does mean that, in the long term, you will be required to accept a smaller share of profits, as the investment will usually entitle any benefactor to a share themselves. However, if it means the difference between keeping your business afloat and not, then future profits become a moot point.

Greg Kononenko
Greg Kononenko

My name is Greg Kononenko and I am a full-time online blogger and owner of Dad's Hustle. I'm a dad, and my passion is to help other mums and dads to start their own "hustle" and improve the financial future of their families.

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