In early days it wasn’t much of a challenge to get funding for your startup as it is nowadays; clearly as every other person on the planet is now starting their own business. If you don’t know how to get people to fund for you then you must be scratching your head and having a hard time.
This situation can be stressful. In this article, we’ll help you with 4 amazing tips from which you can get funding for your new business.
Investors these days are quite afraid to take risks particularly because of such a big market of startup these days. This lead in increasing the difficulty bar. Furthermore, if you’re a new entrepreneur in the market then this can be problematic.
According to some reports out of every 10 entrepreneurs who start their own business, 8 of them fails within first 18 months. Almost 80% of the new business fails and usually run out of money. If you want to have money then you need to take some steps for making your dream come true.
1. Clear Your Own Business Plan
If you want to succeed then have a clear mindset as for what you want and what’s your plan. You cannot make other understand your ideas if it is not even clear to yourself. For proving your potential to the investors you need to explain them your financial metrics and give them all information they need.
2. Use Crowdfunding
The popularity of crowdfunding is increasing as it’s quite amazing, easy and very profitable way for the newcomers to get the fund they need from those private people who demand nothing else than to use their products and end up creating things.
There are some websites which can help start-ups get some pledges that they are in need of to get their business keep on going, one of such site is Kickstarter.
3. Have a Great Network
It’s really important to have a good network, use all the social media platforms to build your network. There are sites other than Facebook that you can use to get connected to some amazing people who can fund you, such as LinkedIn.
4. Persistence is Key to Victory
It’s hard to raise fund for your startup, it requires hard work. And you want your investors to be happy, and you need to keep up with them.
Your startup will get better and better depending on how much you are pitching it up, never hesitate to ask why investor denied to fund you (if they did) so you’ll know what you are lacking and make it right.