Are you an entrepreneur with a great business idea but unsure how to get started? You’re not alone. Every small business has to start somewhere, and getting the funding you need is often the biggest hurdle. So, how do entrepreneurs raise the funds they need to make their businesses thrive?
Let’s look at a few business funding formulas that are working for innovators across the country.
1) An Innovative Pitch Deck
A pitch deck gives investors a peek inside your business plan. Make sure your pitch deck is high quality, professional, and informative. You can do this by hiring a top-notch graphic designer to create it for you or even by using an online template.
This strategy entails creating a minimal viable product that has just enough traction to attract the attention of investors. Once startup founders have their first few clients or customers, they can then seek seed funding from venture capitalists or angel investors who are willing to take risks to benefit from the growth potential. This approach also means being resourceful about where you find money —consider crowdfunding as well as considering small business loans or simply asking friends and family members for help.
3) Rely on Data
Nothing validates a business idea more than data. The data, customer surveys, and customer trends should be in line with your business vision and the problem you’ve set out to solve. Use this data to convince investors that your venture is a worthwhile investment.
4) Present Your Idea with Style
No matter how much you validate your business idea through data, without an effective pitch to communicate it, not many would be convinced. Master the art of selling your vision and do so in a compelling way so you can get people excited about your product or service offering.
No matter how effective your idea or presentation is, if people can’t discern what’s in it for them, they won’t take you seriously. Clear the air and demystify your business venture and present it in an organized manner.
5) Build a Powerful Network
Investors look for opportunities where they know they’ll be able to leverage their connections and build rapport with like-minded entrepreneurs. Use this to your advantage by strategically networking with investors who are most likely to trust and fund your project.
6) Give Investors Some Love
Investors invest in people they believe have what it takes to succeed in their ventures. Nobody knows this better than Steve Jobs, who was able to secure funding from investor Mike Markkula after his intense determination and desire won over Markkula enough for him to agree that he saw something special in Jobs.
So there you have it, the business funding formula. It’s not a secret and it’s not rocket science, but it does work. And if you want to jumpstart your business with some powerful funding strategies, 7 Figures Funding can help. We’ve helped entrepreneurs from all over Chicago raise capital for their businesses, and we can do the same for you. All you need to do is apply now to our startup funding program.