26 May 2017
Before you market your business or choose which coworking space to work from, you have a significant step to do while building your startup. After you make sure you got enough feedback from the test market, you will have to prepare for larger market.
Here are some sources of funding to help you start your business:
Although it requires more paperwork, bank loan could be helpful. When you have no easier option, or if you have more time to fund your startup, bank loan will help you to raise the amount of money you need. This option could give you a chance to build network and gain information respecting your business.
If you think your idea is great enough, you can acquire fund from angel investors. Angel investors could be found from everywhere, including the Internet or networking. You have to impress them with a well-prepared plan, and be ready to have their involvements in your business.
One option to fund your startup is with crowdfunding. Through crowdfunding, you could search for people that have the interest in your values regarding the business. This type of funding could raise the possibility of stretching to the market directly. This allows you to have better evaluation on how the market thinks about your business. However, the challenge in crowdfunding is that you have to go for an extra mile to share your plans to wider market.
Friends and Family
Friends and family are the networks you already had. The relationship you have with them would create a rather easy way to acquire funding of your business. Besides, knowing each other a long time, communicating about peaks and valleys of your startup would not be a big problem.
One challenge of building your own startup is funding your business. While seeking for investors could be even more challenging, you have the chance to fund your own startup. You can utilize your self-funding by constructing your business plan carefully, budget the personal expenses, and be efficient in the process.
- EV Hive.