Business Support for Start-up Funding
“Right! I have my business plan so all I need is some start-up investment funding.”
Easier said than done – chasing cautious investors who can’t share the business vision is a drain on your limited time and energy. If you haven’t already performed a SWOT analysis, it should be done first. The analysis will reveal the areas where you need to supplement your experience or expertise.
Here are three steps to strengthen your chances of funding.
By increasing your number of contacts – via breakfast meetings, linked-in or other means – you can attract attention to your business for now and for later, when you need to send a different kind of message, such as “buy my product”. Follow these tips:
- Ask people for their names, repeat the names, remember them and use them. And smile.
- When conversing, look directly at the person and give them your full attention.
- Allow them to finish their sentences without interrupting them. Then ask questions.
- Follow up all conversations in good time, by telephone, email or whatever means is appropriate.
Each of these people is a potential asset and a gateway to more potential assets.
Often, start-up businesses lack entrepreneurial skills and therefore remain insular. From your growing network of people and information, you will be able to identify respected and trusted allies. Choose the right business advisor to introduce you to the resources you need for your start-up enterprise.
Set up an advisory board for your business, using peers, perhaps offering to sit on their board in exchange. Recruit experts in their fields: H.R., I.T., whatever you need to round-out your skillset. Here are some suggestions:
An entrepreneur who has started at least one or two successful companies.
- Someone with investment connections.
- Someone with connections in your industry.
- An experienced branding developer.
- An internet marketing person.
- A P.R. person with connections to mainstream journalism.
- If required, an expert in production and distribution.
If you are not prepared to pay for some of the services, question how valuable you believe them to be. You may be able to trade experience or defer percentage payments for some advice.
Growing your business requires funding and successful growth is more likely with experience, which is why the right business advisor is essential. Coaching for business growth will cover a number of key business areas from strategy, through finance, operations and staff.
At MIERA Consulting, we have supported a number of start-ups, helping with SWOT analysis, business plans, building on-line profiles, evaluating business angel networks, crowd-funding and grant funding.
Get on board with us and see how we can help your start-up or growth plan. Call 0208 634 5200 now.