Sponsorships

Getting sponsors to pay for products or services associated with a promotion, an event or activity is a potential source of income. For instance, say you are in the business of conducting training programs for would be entrepreneurs. There are many parties also interested in reaching out to this group of individuals. Therefore you may be able to persuade, say, a  financial institution to partially sponsor the training program. Usually there are certain conditions attached to the sponsorship such as including the name of the sponsor on the flyer or brochure. However, the conditions are generally not onerous.

As another example, suppose you are setting up a pet supplies store. You may be able to persuade a supplier to sponsor the costs of furnishing a section of the store to display their products. When the store is up and running, you can tap on the same supplier for sponsorships of sales promotions and events.

The company that is sponsoring the renovation, event or activity considers it as a form of advertisement. However, to your startup, the income that they provide or if you prefer, the costs that they help to defray, helps to improve your bottom line.

 

 

Identify Income Sources