“How to get funding for startup”
One of the frequent questions I get as an entrepreneurs is “How to get funding for startup“ I always answer that there isn’t any magic and popular myth“Nobody is waiting in the wings to throw money at you just because you have a new and exciting business idea”.
On the other hand,there are many additional creative options available for starting a business that you might not find when buying a car, home or other major consumer item.
If you have the fire to be an entrepreneur and planning for funding for startup. I encourage you to think seriously about each of these.
As an entrepreneur, we are entitled to feel a sense of pride in “going against the tide” and launching a self-driven, innovation startup and finally get funding for startup.
You cannot expect your venture to take off unless it is a good funding for startup. Due to fundraising-problem many tech entrepreneurs struggle at the starting time.
Here are few tips that could make funding easier for startups:
- Be Prepared to Fund yourself: – If you are not willing to invest your hard earn money into own venture don’t expect others. Because the people who is funding for startup are very smart for winning their confidence you should show some confidence with cash.
- Master Your Business Plan: – The business plan that you are going to present to investors makes or breaks the deal. Therefore you should have every tiny to major calculations with logical answer and reasons. On the other hand you should have to demonstrate measurable strategy to achieve your goals with specific time frame.
- Don’t Rule Out Other Sources:- Don’t Say NO without thinking through it.Because many states are initiating grant programs that offer loans at reasonable interest rates to promising business ideas.
- Bootstrap: – A startup which is in initial stage every penny counts. Thus it makes sense to pay while you are capable to manage your expenses better. Bootstrapping at every stage to attain a good market validation can make it much easier to raise funds.
- Online Request: – There are many funding firms are available online, you just need to search them out and send online request and you will get confirmation mail from them if your ideas is innovative.
- Connect with government schemes: – Now a days state/Central government is running many schemes for startups, you just need to search and connect with them . In such schemes government offers subsidy on loans and guideline support as well.
- Networking and More of It: – Often, the best mean to get funding or to access people who can help you get the start-up capital is to network. Remember, networking is an ongoing process and MUST NOT stop anytime.
Also for startup we should minimize the cost @ every steps. As we all know that for startups every penny counts.
Here are some tips to minimize costs:
- Start office with co-working concept.
- Use rental / used equipment like computers, printers, coffee vending machines.
- Striking a mutually beneficially deal with suppliers
- Minimize travel expenses by Conference call.
- Hire Interns from local business schools.
That’s all from me. If you have any query or questions you can leave your comment on comment box below or mail us on email@example.com.
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