Your Essential Business Start-up Funding Checklist

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By BizBritain

almost 3 years ago

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To have a fantastic business idea without the required capital to get it off the ground represents one of the single most frustrating scenarios anyone is ever likely to face. You genuinely believe your concept cannot fail and are so close to bringing life into your dreams – all of which doesn’t matter if you cannot secure the funding you require.

To have a fantastic business idea without the required capital to get it off the ground represents one of the single most frustrating scenarios anyone is ever likely to face. You genuinely believe your concept cannot fail and are so close to bringing life into your dreams – all of which doesn’t matter if you cannot secure the funding you require.

1 – Exhaust Every Option

There are so many different types of funding available from such an extraordinary variety of sources that not to explore every avenue really doesn’t make sense. Not only does broadening your approach increase the likelihood of securing funding, but it also improves the likelihood of securing funding with the most agreeable terms and conditions possible. From sponsorship to credit cards to equity release to overdrafts to loans from family members to crowd funding and so many more, chances are you haven’t even begun to scratch the surface as of yet.

2 – Know What You Need

Another critically important box on the checklist is that of working out exactly how much you need, in accordance with your goals. Too much money will make it all the more difficult to justify the investment to those you are looking to source from – too little money and you won’t be able to get your business venture up and running. This is absolutely no time or place to pull estimates out of thin air – you need to know exactly how much you need and be able to justify every penny of it, in order to be taken seriously.

3 – Crunch Those Numbers

Still on the subject of numbers, it is important to remember that investors tend to be extremely detail-oriented and will only ever consider a proposal if it is accompanied by figures that do most of the talking. This means coming up with accurate and quantifiable estimates and projections, in order to comprehensively illustrate to prospective investors what they can expect by way of returns and when. Even if it means bringing in outside help, it’s a must.

4 – Get Serious With Your Business Plan

It’s exactly the same story with your business plan too, as you need to come up with a clear and concise document that shows how you plan to transform your idea from a vision into a successful business. Even if the idea itself is absolutely spectacular in every way, chances are they will not go near you unless you can get them through every step of the process from where you are now to where you intend to be going forward.

5 – Be Patient

Last but not least, don’t fall into the trap of hoping on securing even a penny of capital for your business without it taking quite some time. Even when things go to plan, which they often don’t, you may still be looking at a minimum of several months before you get your hands on the cash you need. Attempting to rush the process will only ever lead to an enhanced likelihood of failure.
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