When you first set up a business it’s essential to pour your blood, sweat, and tears into everything that you do to ensure your business gets its feet off the ground.
If you’ve just set up a new business and are looking for ways to spearhead it, read on. This guide gives you some top tips on how to appropriately fund your new business, keep it growing, compensate your team, afford all overheads and ultimately, achieve success.
Family and Friends
The initial success of your start-up relies heavily on word of mouth, so reach out to friends and family for support. While in some cases this might mean requesting their time or emotional support, in other cases it might refer to their capital support.
Private Lenders
Private lenders are the ultimate funders because entrepreneurs do not need to reach out to the government for funding access or assistance. There are many private lenders out there looking for investment opportunities (check out My Business Funded) so do your research and find a lender who can quickly get your business off the ground so that you can worry less about operational costs and focus more on selling.
Angel Investors
An angel investor is an affluent individual who is willing to provide capital for your business start-up. Also known as ‘angels’, or ‘seed investors,’ angel investors are looking for:
- Passionate, committed entrepreneurs
- A unique market opportunity that has the potential to grow very large
- A well thought out business plan
- Innovative use of technology or intellectual property
- Appropriate valuations with reasonable terms
Angel investors like to see an entrepreneur that is able to clearly articulate their business pitch, provide a prototype or working model of their proposed product or service and find a decent early customer base. Founders need to come across as knowledgeable and passionate
, while the investor must be convinced of the need for your product or service. Angel financing can take some time to find, but if you locate the right angel investor who is interested in your sector, your business can benefit substantially.
Crowdfunding
Thanks to the internet, countless individuals and businesses have turned to crowdfunding websites such as Indiegogo, Gofundme and Kickstarter, to reach out to a huge audience in their niche and gain strong funding. Crowdfunding websites also give you the opportunity to acquire people to test, utilise and help innovate your product or service.
There are a number of ways to fund your new business, though it’s important to find the right method to suit you and your financial circumstances. It is believed that receiving aid from private lenders is the most resourceful option available to entrepreneurs, as this enables them to get started the right way while offering minimal risk.
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