The first port of call when turning a new idea into a successful business is finding and securing the funding. This can sometimes be difficult and stressful. The best thing you can do is find a trustworthy source to help guide you through the process. Looking for Business Advice? Smarta have guided hundreds of people successfully through this initial process.
Recent statistics show that only around 1% of all new businesses actually secure funding. This is why it's wise to get the support of knowledgeable people who have been through this process before.
What Smarta has done is create a platform for new and experienced entrepreneurs to connect. This is a platform that helps you learn and gives the best advice for new businesses. It enables you to avoid the mistakes that others have made when starting up a business.
Three tips to help you secure the funding you need:
- Have a good, strong business plan. One to is oozing with your enthusiasm and tells a clear story. A story of how you are going to create and grow your business.
- You need to know you industry inside out. This means putting in hours of research and proving you expertise.
- Be realistic with your budget: Don't factor in your need for a huge new office if, realistically, you could work out of a garage. Don’t worry about the need of paying 100 staff members if, realistically, you could use temps and freelancers. The challenge is to make your financial projections realistic whilst appealing.
Finding and Securing FundingBy talking to people via Smarta you'll be able to work out ways to assess the valuation by researching other recently funded businesses that are as comparable as possible and try out a few valuations with individual investors before you present to a larger forum. Get advice from others who have a similar budget or from a similar industry.
Once you've had your brilliant business idea we advise you to save as much money as possible. Many people think of a great business idea whilst being employed elsewhere. As tempting and exciting as it may be to quit your job and put all you time and effort into your new business it's best to save cash first.
Starting a new business can be demanding and cash flow will be tight. You don't need the added stress of worrying how you're going to pay your bills or buy food. Save first to eliminate these issues. Aim to save your living expenses for the first year.
Starting your own business can be stressful but it’s also very exciting. Smarta is here to help you get through any difficult situations, they will give you advice that have been tried and tested and they will make the process of starting your own business a lot simpler and therefore a lot more enjoyable.