Tag: finding finance
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After writing a business plan, Raising finance for a new business is often the most challenging task of the entrepreneur. Yes the business plan can be created using the latest business plan software and investors can be found through networks such as Investors Network, yet still it will take plenty of dedication and commitment from the entrepreneur. No one enjoys asking others for money (well almost no one) and going hat in hand to your local bank or investment firm is perhaps similar to a trip to the dentist. But it does not to be that hard. Raising funds should be seem as your first real opportunity to see whether you fist of all can communicate your idea effectively an secondly whether other professionals see the opportunity in the same light that you do. Its one thing convincing friends and family, who after all are often interested in seeing you in a good mood, vs convincing the people to such an extent that hey will invest money into the idea. Granted that if you are one of the lucky few, friends and family may be the same people who will be funding the business in the first place.
In general, raising finance for your business can be divided into 6 simple steps.
1. Seeking out the Investors
Whether you are looking for Venture Capital, Angel Investment or loan funding, this is arguably the hardest part of the process. If you are someone who regularly runs to stay fit you will know that the hardest part is to put your shoes on and start running. Once that is happening the rest sort of happens by itself. Most people start within family circles, friends, business associates and other acquaintances. Others may go directly to the bank or government institutions proving grant or loans for start-ups.
Once you find the right contact willing to finance your business, a well written business plan should normally take care of the rest. The first step often takes the longest so don’t loose fath when I takes longer that expected. Is your idea is viable and it excites you then the right investor or investment body will come along.
2. The Approach.
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