From design, renovation, and personal development plans to fundraising, charity, and awareness events, a personal project can represent anything that supports your interests, passion, and creativity. Even though these projects are often necessary for reaching new growth and success opportunities, one issue often arises with personal ventures – money. Capital is essential for realizing any type of project, but it is also incredibly difficult to come by if you don’t have enough finances of your own to invest in your dreams. In those cases, finding different ways to obtain outside funding for your personal project is the only viable course of action, and here are some ways you could do just that:
Apply for an available grant
Grants represent specific sums of money that are given to support research and cultural projects, and often don’t need to be paid back as long as all the necessary conditions are met. They can be provided by governments, private institutions, and non-profit organizations, and could come with various deadlines and unique conditions, from grants meant to finance small projects to those aiming to support professionals over several years.
The types of grants that are available to you will likely depend on your location, so aim to do thorough research on any funding solutions in your area for your personal project. While grants might seem truly ideal, “free money” often comes with plenty of competition as well, so keep in mind that getting approved for a grant could be particularly challenging.
Choose crowdfunding platforms
Whether you’re starting a new business, building a personal brand, or even planning a major event, crowdfunding is one of the most popular funding solutions for all types of personal projects. This option enables the community to invest in you, collecting smaller amounts of money from private individuals in order to reach a projected goal, as long as you manage to attract and engage an audience.
First, you will have to select a crowdfunding platform such as Kickstarter or GoFundMe, and create a profile on one of these websites. There, you will get the opportunity to present your project in detail and encourage audiences to invest in your campaign. While success isn’t always guaranteed with crowdfunding, an interesting idea, a compelling story, and an engaging video could be enough for gathering the needed funds.
Take out a quick Personal Loan
Loans are often a popular option when it comes to funding a wide variety of projects. However, more traditional and specific loans can be difficult and time-consuming to acquire, not to mention that most of them require collateral in some form as well. This can be quite a lengthy and expensive process, which isn’t ideal when you need to fund a project urgently.
That is exactly where fast personal loans come in. Using an online application, you can get a loan decision in under an hour and expect a payout in a minute after approval with a personal loan. This loan also provides great loan rates and suitable solutions depending on your unique needs and circumstances, being a brilliant option for any type of personal project you might be planning.
Think about an artist residency
If your personal project is more creative in nature, an artist residency could be another viable solution. These places allow individuals to work on their dream projects while providing all material needed for realization, and can be found all across the world in many different forms and sizes. Artist residencies provide quite valuable resources, with many of them even offering rooms, stipends, studios, and meals to their residents.
This solution can significantly reduce the financial burden you might feel, allowing you to truly focus on your personal project and produce quality work. Although artist residencies can be incredibly competitive as well, they do offer unique opportunities for networking and exhibitions if you manage to find your place in one of these supportive creative communities.
Attempt to win a commission
Trying to win a commission might be another good funding solution. Postings for commissions generally appear in government projects, job listings, and websites of private institutions, and tend to involve proposals, budgets, 3D renders or models, and several mockups.
In case you succeed in winning a relevant commission, you might be able to gain more recognition and respect in your field while funding your personal project at the same time. But bear in mind that commissions relating to your project could be difficult to find, and they will nearly always include plenty of compromises due to the high number of people you will have to work with.
Consider selling your products
If you make a specific product or provide a service, you may also be able to fund your personal project through sales. For instance, you could sell arts and crafts using websites like Etsy, advertise marketing and consulting services through a personal website, or even share unique knowledge and skills on social media platforms such as Instagram, Facebook, and YouTube.
Putting yourself out there will not only allow you to raise the necessary funds for your personal project, but it could also be a great method of promoting your work. Exposure gives you the opportunity to reach a wider audience that might be interested in your project, in turn increasing your chances of growth and success.
Finding enough funding to support a personal project is arguably one of the most difficult aspects of developing new ideas. Hopefully, one of the solutions mentioned above will enable you to sufficiently fund your venture, regardless of the type of project you are planning.