In 2013, 95% of UK businesses employed less than 10 people. That’s 4.7 million micro-businesses vying for space to grow in a persistently tough economic environment.
Until the banks release the tight grip on their reserves, micro-SMEs sometimes have to seek alternative forms of funding to overdrafts and bank loans. Crowdfunding is becoming more popular for many.
Crowdfunding is a way of raising money from lots of people via a website. Businesses with a good idea pitch their project online and offer rewards or financial returns for people that pledge or invest money.
However there’s a lot more to crowdfunding than just raising funds. It’s a great way of building a community of followers, engaging with a target audience and establishing long term relationships with those who will support the business into its future.
Many of us have perhaps heard about crowdfunding for business. But start-ups and micro-SMEs that are considering using it to raise funds need to fully understand it before diving in. That way they are more likely to reap the rewards they’re after.
View our full Crowdfunding guide or browse through the content below to learn more.
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