16 Creative Ways to Finance Your Passion Project (Infographic)

Updated on January 31, 2020
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No matter your budget, you shouldn’t let your lack of finances keep you from pursuing your dreams. There are many options out there for people looking to fund everything from their new app idea to their knitting business. Even if you don’t have much time or money, there’s always a way to raise capital if you’re motivated to see your project succeed.

Your passion project doesn’t have to make you rich for you to reap its benefits. With the rising cost of living and stagnating wages, it’s no surprise that 44 million Americans have some form of side hustle. With expenses so high, even just a bit of extra income can help free up your finances so you can chase your dreams.

In addition, you’ll gain the opportunity to explore what interests you and spend time doing fulfilling work. While the work may be challenging, you’ll gain a wide range of skills in multiple fields that will make you indispensable no matter what you do. The measure of success for your business shouldn’t necessarily be whether or not it becomes a viable business, but whether you grow as a professional, leader, and creative.

Depending on how much financing you need and what your business goals are, there are many options for raising funds. You’ve probably already considered bootstrapping with your savings or borrowing money from your friends and family. While these traditional methods of funding are straightforward and practical, there are many other worthwhile options that you should consider.

To help you get your project funded, check out our list of these creative ideas below:

Sources:
BusinessInsider | Inc | Arkenea | Forbes | Time | TechCrunch | Entrepreneur | Entrepreneur | Recode | Time | LendingClub | Fundly

Meredith Wood

Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera. She launched the Fundera Ledger in 2014 and has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending. She is a monthly columnist for AllBusiness, and her advice has appeared in the SBA, SCORE, Yahoo, Amex OPEN Forum, Fox Business, American Banker, Small Business Trends, MyCorporation, Small Biz Daily, StartupNation, and more. Email: meredith@fundera.com.
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