Have you thought about crowdfunding?

Have you got an idea for a new business, but don't have the funds to take it from plan to action?

Well, crowdfunding might be the solution you've been searching for!

According to business.gov.au, it basically involves getting the public to donate money to you through a crowdfunding website.

This can benefit you in a number of ways. In addition to providing you with money, crowdfunding helps you promote your products and services before they've hit the market and build a customer base that supports - and, more importantly, wants to purchase - your wares.

You also don't have to share control of your new business with anyone else, which you might have to do if you get venture capitalists or other investors to back you.

In addition to this, launching your products and services on a crowdfunding website is a great way to garner feedback from prospective buyers. They can let you know what they like and don't like about your idea before you start mass-producing it, which could save you quite a bit of heartache in the long run.

There are a number of Australia-based platforms that you may want to consider investigating. These include the Australian Small Scale Offerings Board (ASSOB), iPledg and ChipIn.

All three crowdfunding websites connect investors - both large and small - with entrepreneurs and help start-up companies get off the ground every day.

ASSOB reveals that $138,323,862.00 has been raised so far on its website, providing hundreds of Australian businesses with the capital they need to share their products and services with the world.

Once your new business does get off the ground, make sure you organise business insurance!

Having a policy that includes business liability insurance, for example, will make sure you are covered if your products or services cause any harm to a third party.