The Top 6 Funding Platforms for Shopify Stores
Running a Shopify store seems like an ideal business choice. It requires minimal effort, it can help expand your business, and it can even be done as a side hustle if you have a job already. But there’s just one issue: it can be hard to get started if you don’t have any funding. To help out any shop owners that need a bit of capital to make progress, here are the top funding platforms for Shopify stores.
Shopify Capital
In terms of simplicity and ease of access, there are few funding platforms that are better than Shopify Capital. It is all done directly through Shopify itself, making it really easy for sellers looking for a bit of economic help. The major downside, though, is that you need to be invited by Shopify to participate in the program. If you have a solid shop, though, it’s only a matter of time before they reach out.
SellersFunding
SellersFunding has the best of both worlds: not only is it quick and flexible, but they also offer large amounts of funds. You can get up to $1,000,000 in total from SellersFunding, and their loans are often delivered in two days. While SellersFunding isn’t recommended for brand new shops, you can still work with them if you have only been around for about 6 months. You should probably be making five figures in revenue before using SellersFunding, though.
8fig
One of the funding platforms that has gained a lot of notoriety recently, 8fig is increasingly preferred by many Shopify sellers. 8fig works with almost any store that wants to start growing quickly. Their only requirements are that you made $100,000 in revenue last year or are making $8500 a month. Their growth plans are priced according to the unique needs and risks of your business.
Crowdfunding
If you’re the type of person who doesn’t want to reach out to funding companies to get some cash to boost your ecommerce business, you may want to consider crowdfunding. This works best for those with business ideas that can capture the imagination of the public. If your business is solid but not exciting, you may not do very well going down the crowdfunding route.
Traditional business loans
There are lots of unique companies out there that can help you finance your Shopify store. But that doesn’t mean that there’s anything wrong with just going to your bank and looking for a traditional business loan. The only problem here is that these loans can take a very, very long time when compared to platforms like 8fig or SellersFunding. They can offer large amounts with low interest rates, though.
