54 November 2016
|
beautystorebusiness.com
BrianAJackson,
gettyimages.com
Gain the insight needed
to determine whether
crowdfunding may be
right for your business
venture or expansion.
by Manyesha Batist
he Digital Age is transforming the way beauty businesses are launching and expanding
their retail ventures, products and services. It used to be that when small businesses
needed funding, they would toil through their fundraising efforts via the means and
"hoops" required by banks, venture capitalists, angel investors, small business loan
providers, family and friends; even draining their savings and retirement funds. But in 2016, many small
businesses and hopefuls are gaining capital to fund both business needs and new ideas through what
some are considering a much easier and, arguably, more profitable route: crowdfunding.
Experts contend that the general concept of crowdfunding has been around for centuries in some
form or another. The concept, generally speaking, is simply the effort of amassing the support and
financial means necessary to complete, produce or bring to market an end product via its end users
and other supporters.