“If you don’t build your dream, someone will hire you to help build theirs.”
Isn’t this just one of the oldest questions in the book? If you have been in this situation, you’ll know how unbelievably frustrating it can be, when it hits you, that big idea. For weeks you cannot do anything else but break it down and build it up in your mind. It’s a no brainer and it’s a wonder how no one has done it yet. You see visions of world conquering success and market monopolies. But then, just as you start putting it into place and preparing, you realize the cost of getting this right, is non-negotiable. And it’s a lot. And you don’t have that kind of money. It’s a bummer, but not necessarily the end of the road. There are many chances to fund a business now a days, especially if you know where to look and as with everything, can sell the idea.
Angel investors are almost exactly that to an entrepreneur in need of startup capital, angels sent from heaven. Angel investors usually provide the much-needed capital in return for equity or profit sharing. Now before you turn away in disgust at the thought of giving up equity, bear in mind that many successful, world renown businesses have been started in this manner. And if it is the only way to get your business going, surely its worth a shot. Such investors are rare however, making them all the more desirable adding to the fact that they are some of the only people around who will give you money for an idea. Most other investors at least the very least like to see some sort of cash flow through the business. Another great advantage of an investor, although this extends beyond just angel investors, is the networks, experience and mentorship that is usually worth more than the money they put in.
Business Incubators / accelerators
An often overlooked, yet very powerful opportunity to get your business off the ground is to make use of the ever-increasing number of business incubators. These incubators are designed to propel exponential growth of small businesses by acting similarly to an investor. They provide funding, experience, mentorship and networks in the field but often have strict requirements in order for businesses to sign up. A great piece of advice is to talk to a number of incubators and decide for yourself which one will provide the most for your business. Remember that this will not lesson the workload of starting your own business, and in fact might even increase it due to the demands that will placed upon you once the money is introduced. A great way to know if this is the route for you, reach out (VERY DOABLE) these days to past incubators students who have gone on to success and even possibly those who haven’t!
Now these are becoming less and less popular due to the rise in alternative funding options, however they should not be disregarded. One thing we do recommend though, is to shop around, extensively. Try and research what the banks are currently invested in, gauge the principles they look for in a business and align yourself with what you think is the best fitting match. Be prepared once again however to part with at least some equity in the process and make sure you prepare for the pitch of your life.
The last option is to bootstrap your startup. This refers to the practice of trying to start your venture with little to no startup capital. Although not easy, this option is definitely not impossible. A little ingenuity, a lot of passion, the ability to learn and a fierce fighting spirit is what is required. Anything can be learned, if you’re prepared to put in the time and slow growth is sometimes good growth as it gives you the time to tweak every business process to the most efficient it can be. This is the kind of business we support here at Ciya Business Solutions with our affordable websites and exposure platform.
As always, let us know what you think of the information above and what else we can write about. All the information and advice is gathered from extensive research and experience, and of course it is written with the aim to help other start out entrepreneurs succeed and unfortunately not necessarily guarantee returns or success as much as we wish we could. If you are currently working on a start-up, write to us via our contact page and we will be sure to publish all the info you would like to include about via our platform for nothing else other than the chance to help you reach more people!