“How to get funding for startup”
One of the frequent questions I get as an entrepreneur 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 items.
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 a startup.
You cannot expect your venture to take off unless it is good funding for a startup. Due to fundraising-problem, many tech entrepreneurs struggle at the starting time.
Here are a 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 your own venture don’t expect others. Because the people who are funding for a 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 answers and reasons. On the other hand, you should have to demonstrate a measurable strategy to achieve your goals with a 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 that is in the 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, or by blogs you just need to search them out and send an online request and you will get a confirmation mail from them if your ideas are 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, the government offers a subsidy on loans and guideline support as well.
- Networking and More of It: – Often, the best means 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 a startup, we should minimize the cost at every step. As we all know that for startups every penny counts.
Here are some tips to minimize costs:
- Start office with a 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 the comment box below or mail us on firstname.lastname@example.org.
Also Don’t forget to like and comment on our social handles mentioned below and keep visiting on this space for the latest blogging, tech, funding for a startup, SEO updates.