Got A Big Idea? Here Are 3 Tips To Fund Your Start-up
Many of us have got that big business idea that we never really pursue. Some would say they don’t get enough emotional support to pursue their idea, some would blame themselves that they’re too scared to dip their feet into the business pool, and many would say they just don’t have enough capital to jumpstart whatever they’re trying to jumpstart.
But what if there’s a solution to your third and biggest problem? Of course, there is! Your big idea balloon doesn’t have to deflate if you’ve got enough air to pump into it!
Look for alternative funding sources
According to Forbes, 90 percent of start-ups fail and 25 percent of these collapse on their first year of operation. Many start-up ideas get buried in the sand because of lack of capital. This is because many starting entrepreneurs would use their money or borrow from their family and friends to funnel money into their business.
A true business model doesn’t have to be this way. There are many options such as angel investors, venture capital firms, grants, crowdfunding sources, and even start-up incubators that are willing to take the risk for you. Kickstarter, GoFundMe, and Patreon are some of the most popular crowdfunding sites out there that really help starting entrepreneurs to get their engines going. There are also global accelerators that give funding for overseas start-ups such as Founders Space, PlugAndPlay, Y Combinator, and Startupbootcamp. There’s so many places to tap, depending on what you’re trying to develop and manufacture—you just have to know where to start.
Create a mind-blowing business plan
For a business to work, you must actually be prepared to do the dirty business side to it. A big idea doesn’t stay an idea for too long. For your idea to launch, there has to be tactile, intelligent, and hard data that should support your plans so you can market it to investors.
If you’re not business savvy, your first step is to get someone business-y on board. Seek help to create a solid business plan that will assure your investors you know what you’re talking about and that you are worth their money. Create a market analysis, draft a marketing strategy, set your goals and deadlines—all the works! Impress yourself, impress your investor, and the rest will follow.
Network—all the time
While it goes without saying, we’ll emphasize it just one more time. Network, network, network. The best way to find investors and to get more people interested in your idea is to go out and sell yourself and your idea. You want to build relationships with people who might be instrumental to your start-up’s success. Go out. Mingle. Attend local events. Talk to people. Listen to people. Talk about your idea.
Always remember that you can never network too much because your goal is to expand your network as wide as you can. You’ll never know when you’ll be needing a supplier of this thing or a specialist of that thing so it’s always handy to get to know a lot of people in different fields.