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So you’ve got a great idea for a business. You’ve thought it over, created a business plan, and are excited to put your plan into action. You’ve researched markets, done your due diligence in product and service development, and are ready to take the next step to grow your idea into a full-fledged business. Now, you need money to make it grow.
Raising funds for a startup is one of the most challenging first steps to building a successful business, and there are a few different ways to consider doing it.
Friends and Family
This will often be your first round of fundraising, reaching out to those closest to you who support your dream and have very likely heard all about it as you put your ideas together and developed them into a business plan. If you do draw in a number of investors from your social and familial circles, invest in solid legal representation. This isn’t the time to rely on a firm handshake and verbal agreement. Make sure you get legal advice and contracts drawn up, even if it costs. It will save you time, and hopefully good relationships, later.
Remember that even though they are friends and family, and are likely to be swayed by your passion, enthusiasm and general familiarity with what a driven, enthusiastic person you are, their help only extends as deep as their wallets. In order to fund a startup, you’ll likely need more than friends and family can provide. This is when you reach out to angel investors and venture capitalists.
Angel Investors and Venture Capitalists
This is where the big money is, but you’ll have to make an airtight case for the viability of your idea in order to make it in the big leagues of money acquisition. Check out tech-centric websites and publications such as Tech Crunch for directories of angel investors and venture capitalis… Read More
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