How do I get funding for my start-up?
Big start-ups require huge amounts of money in order to be successful. If you have a start-up idea it means you’re going to need millions of dollars in funding. And unless you’re able to acquire this money you’ll never achieve your dream of being a start-up millionaire.
So how do you do this…how do you get funding for your start-up? There are a few methods which you can use for example:
Start with an incredible idea.
The sad truth is that almost 90% of start-ups actually fail. One of the biggest reasons why this happens is because the start-up idea is a total dud. A lot of people think that they have some grand slam million dollar idea but a lot of the time this simply isn’t the case.
The key to getting funding is to actually have a decent idea. This is why it helps to think through your idea thoroughly and from all angles. Take your time and consider all aspects of this business and decide if it is actually viable and worth someone investing in it.
Get your business idea into the public.
No one is going to fund your business if they have never heard about it. You’re not going to get funding by sitting in your kitchen dreaming about it. You have to get your name out there and spread the word about your start-up idea and business.
There are many ways to do this. One of the easiest ways is to approach a start-up incubator. These are organizations which help to nurture and develop start-ups. If your idea is good enough they will help you and can even secure funding for your start-up. Another way is to attend local Angel investor groups.
These are groups of Angel investors who are always looking for new start-ups to give money to. Finally, you can also attend start-up events. There are dozens and dozens of start-up conferences and events. At these, you can network and meet people who may be interested in funding your start-up.
Create a three minute elevator pitch.
An elevator pitch is basically a very short pitch which describes what your start-up does. The idea is that if you were stuck in an elevator with someone for 2-3 minutes, what would you say to them. If you’re going to be meeting investors or attending start-up conferences you need to have one of these pitches.
Your elevator pitch needs to be short, concise and explain exactly what your start-up does, why you think it has a chance of being successful, how much money you’re going to need and what you’ll need it for.
Get a second job and save money.
If you’re really serious about launching your start-up then consider this option. By getting a second job you can save money and gradually accumulate the funds you’ll need to get your business going. Yes, this might take longer, but once you’ve managed to start your business (And had some success) you’ll be able to attract more serious investors.
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