Entrepreneurs have a lot of great ideas and a lot of drive to make them a reality. But none of their ideas matter unless they’ve got the finance to back them up. The problem today for many entrepreneurs is working out how exactly to get the money that they need to make their venture a success. Many are scrabbling around for the money they need, week after week, never getting a chance to really hunker down and focus on their businesses.
As we head into 2017, the startup universe is growing at a faster and faster rate. There’s more support than ever for entrepreneurs who want to make it happen. It’s just a question of finding it. Here is some advice for getting funding for your startup.
Think About Your Niche
Like most entrepreneurs, you probably don’t want to run a “me too” business, Chances are that there’s something original about your idea, driven by the fact that you want to make a substantive difference in the world. If that’s the case, it’s worth talking to a business finance broker since there are many financial products designed for specific business niches. For instance, if you want to start up your own haulage company, there are specialist finance options for taking out loans for trucks. These niche loans typically come with additional benefits and offer lower rates of interest, provided you can convince the lender that your business model is sound and has every chance of success. It’s a good idea, therefore to research investors who would be interested in your niche and find people who understand what it is that you’re trying to accomplish.
Find Grants
If you’ve ever tried to apply to a top school or university, you’ll know that many of them provide scholarships to cover the cost of education. Now there are similar schemes, called grants, the partially cover the costs of starting up. Of course, it’s difficult to land a grant, given how rare they are and the competition for them. But it’s a great way to get money for free to plough into your latest project.
A good way to succeed when it comes to grants is to find a way to make your startup stand out from the crowd. You can do this by either presenting your ideas in a novel way or if pitching through an essay, write in such a way that makes the idea stand out. It’s a good way to practice your marketing skills if nothing else.
Crowdfund Your Ideas
Crowdfunding is one of the most fabulous inventions to come right out of the internet. Finally, people can connect with businesses directly, and not have to rely on investors as middlemen, trying to figure out what products consumers actually want. For startups, it’s great news. Sites like Kickstarter and Indiegogo have provided the funds for thousands of businesses already, and those companies are making some of the most exciting products out there. The popularity of crowdfunding means that there is a lot of competition for funds. So the trick here is to inspire your audience by dazzling them with a product they could have, if only they were willing to part with a bit of cash.