The main qualities of successful entrepreneurs are their passion and smart business acumen. On the other hand, the biggest challenge is funding. Many people come up with fantastic business ideas. However, few entrepreneurs have access to the required funds, making their ideas impossible to begin.
Smart entrepreneurs know that they don’t have to be rich to launch a business. They need to sell their ideas to the right investor.
If you have not mastered this skill, this article will guide you on getting your ideas funded.
Start by Doing Your Homework
You must know your business and the market pretty well. No one will fund you unless you can articulate the details of what you plan to sell and who your target market is. You must also be clear on how much you need, how you will make it happen, and how you will keep the business sustainable.
These details are best presented in a well thought out business plan. It is not just another document that gathers dust on your shelves. It’s a living document that you must own and internalize. After all, it’s a picture of how you can actualize the dream.
Many entrepreneurs have a hard time developing a comprehensive business plan. We suggest that you reach out to an accounting services company in Singapore or company incorporation services to help you develop a solid business plan.
Strategize on Which Investors to Target
Although finding an investor is no walk in the park, not all investors are suitable for your business. Investors are choosey when considering businesses. In most cases, they default to industries that they are familiar with. You should also do the same and zero-in on investors who have industry experience in your particular market and would provide more than just funding.
Make a list of potential investors that are suitable for your business. Network strategically and look for opportunities to pitch your ideas.
Be Resilient and Consistent
Anyone who says that you’ll get funding within the first few attempts is outright lying. Seeking funding for a startup is more about resilience and consistency. It’s not just about great ideas.
Finding an investor is hard. It’s harder to find one who’s open to new ventures, where competition is cut-throat. So, prepare to receive more negative responses than you’ve ever received. With each negative response, take a cue from Thomas Edison, who describes his unsuccessful trials not as failures, but as 10,000 ways that didn’t lead to the invention of the lightbulb.
Try Out Other Sources of Funding
There are many other sources of funding, apart from business investors. However, the above steps still apply. You can save up for your startup capital, ask family and friends, look for strategic partners, seek out bank loans and apply for funding from one of the government agencies such as the Startup SG founder.
As a tip for the last two funding sources, you must be on top of your numbers. So, plan to reach out to an accounting firm in Singapore to help you prepare your presentation.
Positioning Yourself for Funding
Lastly, present yourself as one who is ready for funding and is aware of the risks and how to mitigate them. Emphasize on the scalability and sustainability of your idea. Register a limited company and open up a bank account. When you position yourself right for funding, it makes your business more appealing to investors, which may lead to successful funding for your business proposition.
If you require any assistance on accounting services, feel free to drop us an email at firstname.lastname@example.org or contact us at +65-66358767. At Ackenting Group, we offer a free 30 minutes online consultation for us to understand your business requirements better.