Every day you see a new businessman embarking with his or her technology business expecting to become the next Bill Gates or Steve Jobs. However, more than 90 percent entrepreneurs are seen failing in their ventures for a number of reasons. Yet you would see certain people doing well in their business and surviving even in the toughest times of market. Such are the people who know the art of managing their finances properly. So, before you embark with your technology business, if you know certain cheaper options for financing, you can end up playing safe.  The below is the list of cheapest ways to finance a technology business. Let’s check them out:

Find Investors

Approach not less than three good investors once you receive the introduction along with getting a strong cover letter, which enlist your important value proposition and don’t forget to attach your executive summary. If you see no response coming in three weeks, make sure you now try out the three more investors the same you did before. Make sure you attach the profile and intro of your company along with the executive summary while you mail it to a venture capitalist, as without these documents there can be a risk of rejection.

You can think of using collateral such as your home or car in order to get a loan from a reliable lender. The moment you are able to secure your loan, make sure you ask and get much better kind of interest rate as compared to someone who is getting an unsecured loan.

Participate in a Business Network

Speak to different people known in your contacts database, and check who is able to give you a number of recommendations for the venture capitalists. At the same time you need to consider the angel investors who are seen contributing to a smaller amount of capital, however, do keep in mind to take a smaller portion of your equity. Do embark with a list of these companies, and don’t forget to check their websites to find simply the best. If you are making a small start, try financing your technology business from your personal savings, which can allow you less earning interests than the loan will be seen costing you at the end.

SME Business on your own

For smaller start, you can even think of borrowing money from your friends or family rather than approaching any bank. You can even think of putting certain item for collateral in order to make your money arrangements a lucrative option. In this way, you would be able to find out a smarter route, which can lend you smarter interest rates than the traditional lender could even think of giving you.

You can think of charging the money on a much lesser credit score card provided you own one. As per the amount of money you need, you would end up getting profitable deal before you think of paying the money back before you see any interest is being charged. Or you may end up getting the interest extremely lower than any bank would even think of offering for the standard financing options.

Claire Reed is a finance writer for loansforbad-credit.co. Loves to write about social media, technology and banking.