The seasoned ones say that it is more difficult to start a business than run it! So, if you have started your business, you have already won half the battle! The main dilemma is how to start the business. You have an idea- but how to transform it into reality and then start earning from it? With companies across the country on a cost-cutting spree, it is wise for the today’s youth to start their own business. Because, inventing a job is any day better than finding a job!
• Funding the Initial Stages: Initially, the financing bodies are shy of investing in your business because they do not yet have a working model in front of them. Angel investors could do more good to your business than you can think of! Try tapping the source and then you’ll never be any short of funds. After taking off, you can find financing bodies ready to invest in you because they have seen the working and can somewhat project the future of the same.
Government sources of funds like the SBA can also be approached for funding your business startup.
• Funding Running Stage: Now that you have taken off with your idea, even more funds are required to run the venture. Angel investors have done their job and now you need to find some other source of fund to run your business. If it is such a venture that has started reaping profits from the very first year, you will not have to search for funding as you generate money on your own.
This happens in very less cases and therefore, if you have given the investor a reason to believe in your business, you can approach the same source or even find a new source!
• Getting Intellectual Help: Intellectual help always helps. If you have a strategic advisor on board (even unofficially), it is logical that you will only be able to start your business faster. Other than intellectual help, you could also do with lots of networking as that will help you generate contacts. Those contacts will help you with funding or find funding for your business to at least start.
One thing that you must know is that businesses seem very sluggish when starting out and nothing better than expert help and funds will help lubricate the process – and reduce the sluggishness in the process.
• Experience and Enthusiasm: When you have experience and enthusiasm on your side, you’re sure to grow exponentially because it is so that majority of the strategic decisions will be taken by experienced heads and the pace of the work shall be maintained by the youthful workforce at hand. However, if it is completely new technological venture, you would do better without the experience part (strictly projecting the adjective as a person). This is simply because, as you run your venture, you will learn more in the process and learning from your own experience is better than learning from others’ experience!