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Small Business Tip of the Day: Is Crowdfunding For You?

While crowdfunding has gotten a lot of press in the past few years and crowdfunding success stories tell tales of easy startup money, according to small business insurance provider Hiscox’s latest report, the majority of business owners surveyed say they have not considered crowdfunding as a viable option—even though 95 percent of respondents ages 30 to 39 say getting funding for a new business isn’t easy. Given that they’re struggling for cash, why are small businesses not flocking to crowdfunding in droves? It could be the traditional industries of the businesses surveyed (one-third of the businesses provided business or professional services). Before you decide to try crowdfunding, read up about it on the SBA website and ask fellow business owners who’ve done it what their experience was like.

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