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Making it Fundable

Everyday, many businesses have been formed to deal with various products such as clothing, Information Technology, computers, jewelry and others. These businesses are commonly referred to as Startups. One of the major problems of startup and why many people fail is the issue of funding. Where does one get funding? How will I use these funds? These are some of the questions that young and budding entrepreneurs face but in this article, we will show you how to get funding for your startup, factors to consider before sourcing for funds, and the steps to getting your startup fundable.This process is as easy as counting one, two, and three, and it is dedicated to all those who are looking for funding.

With so many businesses coming to birth,several factors must be considered in getting funding from various people like venture capitalists or banks that must be kept in mind.

1. What kind of business are you venturing into?

This usually looks like a question that one may answer right at the top of their minds, but it is one that should be really well thought of. Every idea that you are thinking has been thought by someone else. Is your business unique?In what way?How different will it be from companyXYZ?Andwhat new thing are you bringing to the market?

2. What are your potential clients?

“A satisfied customer is the best strategy of all.” -Michael LeBoeuf. Have you identified your potential customers and their needs? Is your product or service fulfilling a certain need, or solving a certain problem? Remember that your customers make your business.

Having answered these questions successfully, how will you get funding? These are the simple steps to make your business ideas become a profitable business.

1. Business Plan

It is very important before securing funding for a business to have a business plan. A business plan is a document that shows a guideline about your business, reason for business existence, goals, and how the business seeks to attain those goals.This is a very important document as it shows potential investors what you plan to do with the money that they intend to give you, and how they will benefit from it. A good business should have the following (not listed in order):

  • Mission and Vision for your business
  • Potential Clientele
  • A well-written budget
  • Shares (if any)
  • Objective of the business
  • Number of employees

2. Human Resource

Human resource is the most important thing for any business. This includes the people that will be working with you in order to achieve the goals. The team that one is working with should be very reliable and goal oriented.

3. Visibility

Do you have a website? Are you on social media? These are avenues that show your business has started, and that it has a gone a notch higher to try and create a brand for your business.

4. Prototype

If your business deals with software development and focus on mobile apps, it is important to have a prototype that they can use to show potential investors. This will give them a better idea of what your business seeks to do. If you are in the film industry and you seek to start making movies or a trailer of a pilot episode, this will go along with securing funds.

5. Customer Base

As much as it is starting up with a number of customers, a record of sales will play a big role in securing funds. This will show potential investors that despite the little funds that you have to start your business, you get some income, and boost your funds.

6. Personal Investment

Personal investment is all about the funds that one has put into the business and the time that they spend in that business. This is a very good sign for potential investors because they see and know that by risking your own money, they will not be at risk because they see the dedication that you have.

7. Letters of Intent

If your startup is bringing something unique to the market, and “big players” in the market have noticed your product, they may want large quantities from you. Presenting such a document to potential investors shows them that it has already been a recognized business, and as an entrepreneur, you have actually done the footwork and gone out to look for business.

Getting funding for your business is very simple. If one follows the above guidelines, it will be very easy for startups to grow, and it will soon be a very profitable business.

hand with tools

It is very easy to talk about innovation. CEOs do it with the help of the corporate communications department. But, how do you walk the talk? Companies want to be known for their innovation. In fact, some want to be called “TheInnovative Company.” But, what can leaders do to drive a culture of innovation and to motivate employees to think outside the box? Here are some tips that can help foster innovation in employee culture:

Create Awareness

Awareness goes beyond sending a delegation to seminars and conferences on new technology. It also entails a correlative ability to understand how various tools and concepts in the company work. Therefore, one of the best ways to infuse innovation culture in a company is to create awareness for employees to be intuitive as they work. There is an innate curiosity about problem-solving that heightens employees’ awareness of the possibilities for problem resolution.

Communicate

Communication initiates most things. Communicate effectively to the employees,and let them know that innovation is an integral part of the company agenda. Innovation must be like blood running through the veins of every employee if the company wants to strive for innovation. The culture of foster innovation should encourage experimentation and risk-taking. Failure in the company should not be rebuked but viewed as part of the ongoing learning and improvement process.

Recognize

Recognition of somebody else’s ideas and efforts is a crucial factor in a company’s success. In fact, it is the greatest motivator of innovative culture in the organization. The success of an organization like Wikipedia and social media rests on recognition. The company should recognize the employees’ contribution to the success agenda, and give them a platform to shine. The company must celebrate the risk takers, the bold thinkers, and the great ideas that did not meet the threshold test. Recognizing the effort will have the same impact as celebrating success and will foster an innovative culture where risk taking is embraced, practiced, and where every employee is thinking outside the box.

A Surfeit of Skills and Competence

The extent to which a company is populated with highly skilled people portrays its innovative capacity. The company should therefore, formulate a measure to allure a pool of talented and competent employees. The company should then engage these employees to critical thinking in the most efficient ways to find solutions to problems facing the organization. It is through creative and critical thinking of the talented employees that innovation will come about. Therefore, create a winning company, attract a pool of talented employees, and the innovative culture will come as time passes by.

Engage

Every stakeholder in the company wants to be involved, motivated, and valued. The outcome should create an interactive platform for innovation that will bring people and ideas together. The platform should continuously demonstrate that the company is interested in the people’s ideas and that it appreciates and emphasizescreativity that can come from anyone and anywhere.
Innovative culture will always seek to change or innovate something in the company’s routine that ought not to exist in its current form.

get funding

The world of business financing is difficult for many people, especially to those who are looking to acquire some help for their working capital. Many small business owners go through traditional channels such as banks to get loans for their business. However, securing loans through a bank has its own set of challenges.

Most banks don’t give loans easily to small businesses. This is especially genuine regarding the matter of those businesses that are esteemed as risky, for example are restaurants, development of audio feature business, education, car sales, tattooing, duplicate business, aviation, and many more. Restaurant financing is hard to get. Once in a while, you may even oblige a little push to help your business. Thus, it is essential to make utilization of the many sites available on the internet that gives unsecured business loans to small businesses. Many banks just offer loans to large corporations, ignoring the needs of the minority. These sites don’t require long business plans, large stacks of paper that give details on your finances, assets, and liabilities, nor they oblige months to actually give you the cash regardless of the fact that banks do approve, and you will just see the cash on your account after several months.
You can increase your chances of securing a loan effectively by being prepared to meet those expectations. Preparation is the way to getting small business loan. In the first place, gather all the records that will help convince the moneylender that you need a loan, and that you are at a decent risk.

Before applying for a loan, you have to make the following ready:

A Business Plan

The business plan will demonstrate the moneylender why you want to secure a business loan in any case, and what you are planning to do with the cash.

Cash Flow Forecast

The main question that any moneylender might want to know is that if the borrower has the capacity to repay the loan. Your business’s cash stream forecasts will give the moneylenders a cement financial data that they could use to assess the risk.

Personal Financial Status Statement

A list of your personal assets and your obligations can also give the loan specialist a clearer financial picture.

Past Business Tax Returns

In the event that you have an established business already and you have past business tax returns, it is also an incredible idea to take them with you to give the moneylender a smart thought of how your business is doing financially.

FICO Assessment Report

You establish a FICO assessment basically by buying things using a loan, and then paying back the cash that you acquired. Your history of repayment plays a major part in establishing your FICO assessment.

A business loan is a monetary loan that is granted for starting a business or improving an existing financial condition. Getting a loan may appear like an exercise in patience and in perseverance, rather than a business transaction. The fact is each business needs to experience getting a business loan to survive, develop, and get to be fruitful.

On the off chance that you are a small business proprietor, you’ll require a loan at some point or another to get the operating capital for a business startup, or finance your business expansion. Whether you’re approaching a bank or a companion for a loan,you haveto take a few things into consideration.

In the event that you always had a dream or a wish to maintain a business you could call your own and are experiencing troubles, it is vital not to surrender. Business loans are your privilege, and in the event that you feel that you can turn it around with a helping hand, then you ought to take the credit. Many sites like these give an arrangement of the businesses they have helped in the past. A small business loan is just a couple mouse clicks away.