Written by By M.Johnson
Many people start a business with high hopes and dreams of making it big. It can be quite romantic to always think about the one story of that person who made millions overnight, with a desire the same will happen for you. Well, for 95% of us, we are quickly brought back to reality when we want to run our business but there is just no money to get us off the ground or to expand. In most cities across the UK it is relatively easy to find short courses, networking groups, meet up, webinars and so forth. But what has grown to be a challenge for entrepreneurs is securing adequate business funding.
Below are 3 ways to help you raise money for your business.
1. Find an angel investor
Angel investors are people with a net worth exceeding £1 million or an annual income of more than £200,000. They usually operate alone but may team up with other angel investors and form a fund.
An angel investor can be a great source of capital for your business. First, you must have a solid business plan along with a great pitch. When presenting your idea you have to capture their attention and imagination with your enthusiasm for your business. Share information about your company’s current situation, future predictions, and other relevant data.
You can find Angel Investors here:
2. Launch a crowdfunding campaign
Over the past few years, there have been many crowdfunding success stories. The right idea along with the right pitch can change your life. In Bristol Nick Hounsfield had the idea to create a wave park on the outskirts of Bristol. To raise the funds the owner decided to set up a Crowdfunder. The idea of a water park inspired hundreds of people to donate to the project resulting in them successfully raising over £200,000.00 in a short amount of time. Fast forward to November 2019 and the first wave park in Bristol has now officially opened.
Crowdfunding can give you the chance to connect and build relationships with people who support and believe in your dream. Having this close connection allows you to engage and get a better understanding of your audience.
So, how do you launch a successful crowdfunding campaign to raise capital for your business?
1. Develop your story – people are interested in how and why you turned your idea into reality. Why do you need support?
2. Perfect your pitch – whether a video presentation or a written story.
Visit Crowdfunder here:
Another option to look at for regular financial support is Patreon.
3. Use Your Savings
Does your business operate in an industry that requires large start-up costs? I’m thinking of businesses like product manufacturing or transportation…If not, accessing funding for your business could be easier than you think.
You may be anxious to fund your business yourself and you have good reason to be. But do explore all your options before calling it quits on your big dream. So, let’s say you have a small amount of savings and you believe in your business idea. Have courage and fund the start-up of your business, not only will you work harder to ensure your success, but it will also show investors you are serious about your business and not relying on a handout.
Start Now!!!
There are many ways to access finance for your business. It is important to be resourceful and persistent. Don’t let money stop your idea from coming to life. Get creative, share your mission, and develop your story.
