Strategy #5 – 30 Essential Small Business Funding Strategies
Back for more are you? Well good!
The fourth funding strategy we discussed last week was very interesting and a lot of you sent in emails thanking me for the points. In case you missed it, you can read the points here on how to not neglect valuable funding sources.
This week we will be talking a bit more about looking good for potential investors.
So lets get down to it!
Funding Strategy #5: Build a Track Record From Nothing
Getting your small business funded is no different then going in for a interviews for a new job. The key points include selling yourself, and your skills in order to impress the hiring manager to give you the offer. Same goes for potential funding agencies, banks, private investors or potential business partners.
But if you are a new small startup business, what do you have to go in with? Probably little to nothing – unless it’s a crazy idea that just seems guaranteed.
Potential funders want to be confident you’re going to succeed at your new business, but if this is your first time launching a business in this field, how can you give them that confidence? Here are a few ways that you can leverage your experience and measure up!
Demonstrate your experience
It’s a plus if you’ve worked in the same field even if you’ve never started a business in the industry, or even better, if you’ve managed a company in the field.
Spell out the parallels
Maybe you’ve successfully launched or managed a business in a different field. Make a convincing case for the similarities between the two industries, and show how your experience is an assert to your new endeavour.
Hire experience
While you’ve built a case for the applicability of your experience to the new venture, don’t ignore the gaps. Identify where your experience falls short, and find someone to complement your skills.
These are just 3 simple ways that you can demonstrate to potential investors why they should fund you (and trust you). Remember to create a intriguing presentation when presenting these points to the audience. We also recommend the Investor PitchDeck tool available through CanadaStartups.org to get you started.
That’s pretty much it for the 5th funding strategy on getting your small business funded. Use the information learnt here and better your chances. Tune in next week for the 6th funding strategy to learn how to seek experience and funding at the same time.
SEARCHES RELATED TO BUSINESS EXPERIENCE
I WANT START A BUSINESS IN...
IS THERE HELP IN MY INDUSTRY?
- Expansion Capital
- Funding For Equipment
- Business Acquisition Funding
- Consulting Services
- Hiring & Training Staff
- Management Support Services
- Manufacturing
- Mining
- Professional and IT Services
- Transportation and Warehousing
- Accommodation and Food Services
- Agriculture
- Construction
- Culture and Recreation
- Finance and Real Estate
- Forestry, Hunting and Fishing
- Health and Social Assistance