The largest challenge that entrepreneurs confront when
beginning or expanding a firm is raising cash. Some young businesses fail
because they run out of money. As a result, acquiring money for a firm through fundraising
is a crucial survival skill for entrepreneurs. Without effective fundraising
techniques, even the most creative and ground-breaking ideas would vanish
overnight.
@amrisonblog is here with few tips to help you obtain
capital to launch or expand your firm.
1. USE WHAT YOU HAVE NOW.
There is a good chance that no
one will initially share your enthusiasm for your company concepts, thus, you
will need to start with what you have and put your money where your mouth is.
That is exactly what Sara Blakely, the creator of the
well-known women’s underwear company, Spanx had to accomplish. After several
attempts to acquire money for her original company concept of body-slimming
trousers, the majority of the individuals she spoke with either rejected her
idea or predicted that the items would never be successful. She duh into her
money and spent the full $5,000 in her account to launch Spanx in 1998 without
any chance of outside assistance.
The same company that some once
said would never succeed is now valued at over $1 billion. This company has
never received a single penny from outside. You may need to take a stance for
yourself and make sacrifices for your business if your ideas are truly
exceptional.
2. MAKE FINANCIAL WEALTH OUT OF YOUR SOCIAL CAPITAL.
It is time to
start turning some of your social capital into financial capital for your firm
once you have depleted your personal savings. The worth of your personal
relationships is what is known as the social capital. It originates from
friends and intimate acquaintances, present and previous co-workers, old
neighbors and classmates etc. These are those with whom you have a social or
emotional connection. They are more willing to listen to your views than
complete strangers because of the bond. They will also be your first real supporters
and admirers. This is the precise plan that was employed by Chinese
entrepreneur Jack Ma to launch Alibaba, the world’s largest e-commerce company.
3. THERE ARE SEVERAL GOVERNMENT PROGRAMS, INITIATIVES, AND ORGANIZATIONS
THAT OFFER GRANTS.
Subsidies and low-interest loans for all types of enterprises, but only
a few are aware of them. Government often employs these funds to promote and
support entrepreneurship, investment, innovation, research and economic growth
in a certain sector or region.
4. STEER CLEAR OF CONVENTIONAL LEASES.
Conventional
leases are typically costly and constrictive.
By avoiding the traditional lease completely and choosing a temporary
office space such as those provided by Bond collective, you may save much
needed money. Along with saving money, you will be in a better position to
change the size of your workshop as your company’s needs change.
We hope you
found these tips useful. Please kindly subscribe to our blog to get more
updates.
BY ADEGBORO
DAMILOLA
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