Glenn Sandler, Entrepreneur, Talks How to Secure Funding for Your Startup
While running and operating a startup is a whirlwind experience, underpinning all of it is the company’s financial foundation, i.e., where you get the funding for your venture. Not every business has investors waiting to swoop in with large amounts of capital; the vast majority of entrepreneurs must work hard for their funding. If you are trying to find a source of financing for your business, the following tips are sure to point you in the right direction.
Create a business plan
The business plan is the primary document that any investor will want to look at before deciding whether to invest in your company. A good business plan should be concise, precisely outlining what you intend to do with your business and how you propose to do it. Try to avoid the use of jargon and overly descriptive language, which tend to turn off investors who think of them as puff pieces. However, you should include market analysis and statistics to back up your business strategy; a good-quality study is vital in the fight for credibility.
Consider venture capitalists
Venture capitalists (VC) specialize in investing in the early stages of businesses in return for an equity share in the company. Though their funding can be invaluable, you should be prepared to yield some control of the company to them as part of the process. However, this is not necessarily a bad thing. A seasoned VC usually has experience in growing businesses and can use their skills to help build yours quickly and efficiently.
Utilize unconventional methods of funding
While going to your local bank or financial institution may seem like the best route to receive funding for your business, there are plenty of alternative funding sources available. With the advent of digital media, crowdfunding platforms such as Kickstarter and Indiegogo have become favorite ways to raise money from the public, as opposed to one or two individual investors. If your idea is well received, then you have the potential to build a large amount of capital in a short period.
Starting a new business is never easy. However, with the right funding behind you, the process becomes much more straightforward. By following the tips above, you will soon have the financing you need for your new enterprise.
About: Mr. Glenn Sandler is an entrepreneur in the financial space, operating as the founder and CPA of GI Tax. Glenn Sandler specializes in Forensic Accounting, Financial Statement Analysis, Business Consulting, Income Tax planning and Income Tax Preparation. Based in Florida, Glenn Sandler strives to understand his client’s financial situations so he can help clients reduce their tax liability.