If you’re thinking of starting up a new business but don’t have the funds to turn your idea into a fully operational reality, why not consider trying to source funding from third party investors? To help gain inspiration, we’ve put together some useful tips and suggestions on how to gain funding and get your enterprise off the ground.
Approach financers with an interest in your given area
One of the best ways to drum up investor interest is to approach financers that have an interest in your new business. Think about whether or not you have a niche market and target funding which applies to you. For example, there are a huge range of grants especially reserved for entrepreneur mums, students, eco-friendly projects and more. If you’re on the search for an ‘angel investor’ it pays to do your background research and approach people that have a history or special interest in your market.
Organise a clear cut insurance plan
One of the key factors start-up investors will look for is a clear cut insurance policy. After all, it’s their money that is being put on the line. Whether you’re launching a boutique hair salon or a taxi driving company, Compare Crazy will help you find a business insurance policy that is tailor made to suit your individual needs. After entering your business information, the site actively searches the web for the best insurance deals from all of the UK’s leading providers.
Explore crowdfunding campaigns
Over the past few years crowdfunding has emerged as the next big thing in the start-up scene. Using platforms such as Indigogo, Crowdfunder, Kickstarter and MumsMeanBusiness, entrepreneurs that are strapped for cash can rally for resources from opportunistic investors.
Enter a competition
If you think your idea is unique, innovative and inherently profitable, start searching and entering both local and national business competitions. Tapping into the prize pool of competitions such as the Amazon Web Services Start-up Challenge is a great place to start!
Consider a loan
For entrepreneurs that are absolutely certain their business is destined for success, a loan can be a viable option. That said, it is important to do all the research and ensure that you aren’t setting your business up for sky-high repayments that surpass profit. The best thing to do is to have an in depth conversation with your chosen bank and arrange a realistic loan scheme that best suits your needs.
As you can see there are plenty of options available to savvy entrepreneurs and those with a business brain – this is just the tip of the iceberg, so with a bit of research you could be set up in no time.