Here’s How To Fund Your Own Startup
Kick-starting your own startup can be a tricky job – but lifting it off from the ground up is an entirely different beast.
Even so, committed entrepreneurs don’t run away from a hurdle; they learn how to work their way through it, because they want to see their business succeed. And so, we’ve compiled 4 smart ways you can fund your own startup like a true professional:
Pitch To Your Friends And Family
This might sound counter-intuitive, but the gist is simple: if you can’t get good companions convinced about your idea, you can’t expect other investors to step in right away! Discuss your business idea with them, and talk about how you plan to use their funds to build your brand. Make sure you’re realistic with your approach, so that they realize that their money will be placed in good hands. The benefit of this approach is that there’s no threat of interest while repaying the loan, making everything less stressful – but you have to be sure you don’t let your loved ones down.
Another great way you can get funds from interested people is through crowdfunding. Websites like Kickstarter provide confident entrepreneurs a platform to pitch their ideas to a large group of people. Anyone who’s interested can then pledge a certain amount to help any business fund itself. With such a scheme, not only can you get the money you need to kick-start your business, but you can also create hype and attraction towards your business. This way, you can get loyal customers from the get-go.
Find A Business Partner
In any instance where you hit a financial rut in the middle of development, you can connect with any business partner you’ve previously met, or a major customer who trusts you and your vision. Talk to them about your business position, and ask them to support you financially. If they trust you enough, they will be willing to support you through loans or royalty payments.
Perhaps the easiest and most popular way to finance your startup is to do it yourself. Dip into your personal savings, inheritance money or current account, and watch your business grow. It might feel like a loser’s move – but in reality, this is a great way to get your business off the ground. This shows potential investors that you’re extremely committed to seeing your business idea flourish – and investors don’t forget such massive signs. This convinces them that your pitch is worth the attention and money, and so become more willing to help you financially.
Before We Sign Off…
You should know that just because you find a source to fund your business, does not mean your problems end there. Now, you need to focus on how you’ll be spending your new-found money!
The best advice young entrepreneurs can get is to spend wisely. For example, instead of buying separate software for every business aspect, why not invest in one platform that provides it all?
One such POS system in Karachi is Oscar POS. With just a single seamless software, you can manage multiple parts of your business, like inventory, sales, analytics, CRM and more. In much the same way, you should make sure your money doesn’t get exhausted over unnecessary equipment, workforce, marketing, etc.
For every entrepreneur, the sky’s the limit. That’s why financial burden should never stop you from achieving your goal – just make sure you make every penny count!