Getting Funds for Startup-Most Important
This is the point where most of the Startups get stuck. This the point where some Startup take-off and some of them gets shut down. Imagine that your major problem i.e capital or funds gets resolved and you are very excited to go further. Seems to be interesting! Yes, it is. First of all question yourself Why do you want funds? It can be for business or any other reason. Make a well-organized plan, that when you will receive the amount the money. What will you do with that money? Make your purpose clear, it helps in explaining your plan more understandable to people.
A question will arise in your mind that HOW TO CONVINCE PEOPLE that we will make the best use of that money to render useful services. Now, it is the time to explain the plan which you have made earlier, you have to explain every element of your plan like How will you make your team and train them, the competition in your field, etc. People will have some doubts about your idea, make them clear in their understandings. But where to do this all, you can contact media, gather people and deliver a speech about your idea. It will definitely have an impact on some people if your idea is about helping people, creating value for them, or solving their major issues. When your intention is to help them or to provide better service you will definitely get results for your effort. Be Persistent in your effort results will not come immediately it will take some time, but when it comes, it comes in HUGE amount.
Intelligently Organizing your Capital
Without having a Well Organized plan for your Capital you cannot make a multi-billion-dollar company. Making a well-organized plan is essential for GROWTH and SUSTAINABILITY of your Business. Make a plan which includes competitor research, Advertisement, Product Development, Drawings, etc. Invest the money intelligently to get higher returns. Managing your Financial Accounts is equally important, appoint an Accountant which will keep a record of all the transactions. After having sufficient growth of your Business your profit can be able to pay your dues on time which will ultimately increase your business efficiency. Having unselfish thoughts, providing useful services at a much affordable price will bring riches to you.
Personal Savings and Crowdfunding
You should invest your personal savings in the business along with the investor’s money this will help you to focus more on the business because your money has invested and you will not lose your money in any situation. Crowdfunding can help you to get funds for your startup easily without much effort. A lot of people can give you a small amount of money which will be a Kickstarter to your business. You can also take help from incubators which will provide you the funds and other things that are necessary for the initial stage of your startup and in return they will receive some amount of share in your company. Remember you should have the capability to sustain the business in the long term then only you will get funds for the startup.
Debt Management -Startups
90% of the businesses fail because of debts. They take the debts from banks or any other non-institutional sources and fail to repay them. I will tell you the things which will give you more return. See how many EMIs you have taken and which loan is taking the highest interest from you, clear them first, and pay the short term loans in a small amount. If you pay the high-interest rate loans on a huge amount in less time it will give you 3 to 4 times more benefit than paying in medium amounts. Sell the things that are useless and unnecessary lying in your storeroom that can pay some loans of yours. Keep in control of the unnecessary expenses, comforts, and luxuries that can also help you in paying the loans. Always have the habit of budgeting your money so that you know in which area you are spending more and that you can redirect to your loans. The last point, build strong your savings with your income so that you don’t need to take loans and pay the interest. You can invest in mutual funds or the stock market for extra savings.
Investment in Knowledge
Do not stop here, your journey has just started, you have only gathered capital for your Business. The most important thing which will make your Business to the NEXT LEVEL is gaining more and more practical knowledge about your field. Which will keep you ahead of your competitors. All the best for your Startup!
I hope you have understood what I have told you and soon start implementing it. Further Articles about Businesses will be published soon. If you like this article leave a comment below. Thank you!