This week we’ll be exploring funding – a crucial stage in any entrepreneur’s plans to start a business. In the past weeks, we’ve been building up every other aspect of planning a new business, from the initial ideation and market research phases, through to last week’s topics on website design.
This means that by now if you’ve been following these articles, you should have a pretty good grasp of what you need to start your business… and an idea of how much this is all going to cost!
All businesses have one thing in common – they need money to get off the ground! Planning out exactly how much funding your business requires is an important step in the journey to a complete business plan. The sum that you need will affect the routes you consider for funding the business.
In this article, we are going to take a look at how you can fund your venture, covering the following sources of funding:
- Friends and family
- Grants and awards
- Traditional borrowing (loans)
Depending on the type of funding you’re going for you may need to be interviewed, present to a panel or take part in a pitch day. But who are you going to be presenting to? Your audience will determine the way you pitch your ideas, the language you use and the desired outcome of the conversation.
As your search for funding and grow your business you’ll find time-and-again that you need a quick, slick presentation about your business that you can give anywhere.
For more resources on this topic, check out these articles:
Next week we begin our journey into putting together a full business plan. If you’ve been reading this series of articles from the start, you’ll know that this is what we have been building towards! See you next week!