Funding a Start-Up Business
Imagine you are the boss. Nobody can tell you anything, you run the company, and you make the money. A good imagination can make that a very pleasant image. The question is, how do you make that beautiful image a solid reality? The answer, as simple as it is, is actually quite complicated. The first step is to create the business itself. In order to do that, you have to have funding.
Funding is an important part of any business. It is essentially what you need to go and do. You pay your bills, and buy more materials so you can produce more goods and make more money. It is a very simple recipe. Where does that money come from to start with, and how do you get it? The answers are all over, but before you start looking into answers, you need to know how much money you need.
Having an idea of your start up funds is important. In order to ask for money, you have to specify an amount. Next you need to find a way to raise that fund. Before you start asking around though, do you have a business plan? Most investors and banks are willing partners for start up funds. However, without a good business plan, it is hard to convince them to lend their own cash.
Business plan, check, capital requirements, check. Now it is time to find some investors. If your project and business start up is less than one million, you are in luck. More and more entrepreneurs are turning to the web as a form of capital funding. Investors are actually driving this trend because it means less money they have to spend out of pocket to find good investments. Sites like thefunded.com and onstartups.com are excellent places to start your funding search. Micro lending sites like Prosper.com are also an option for businesses that have smaller capital requirements.
Some of the things to keep in mind about your business before going to these investors are about your business model. For these light capital business plans, they focus on several factors that will help you get funding. One factor is cheap customer acquisition. If you can get more customers faster, you make more money. Another factor is a clear and inexpensive growth strategy. This is important because without growth, why would people invest?
The last and utmost important thing you need to get investors interested is a clear differentiator. What is that? It is what sets your business apart from the others. These factors will get you investors. Investors will grant you the money to start up your business. When you have these factors, investors will be easy to find. They are literally everywhere.
Search through the phone book and local areas. If you have no luck there, or are starting an online business, investors are a Google search away. Nothing is ever easy, creating the plan, having a differentiator and planning your growth can be very difficult. However, hard work will pay off. Finding the funding takes time and dedication. In the end you will realize that dream of yours.
By Indeshaw Adenaw
Funding a Start-Up Business
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