Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

How To Weather The Storm As A Young Startup

startup plan

Before you start a business, you will have drawn up a business plan that you will present to potential investors to bring them onboard. Still, your business plan will be one of the thousands of its kind that your peers will draft and present to this small group of investors every day.

The numbers are bleak for start-up success. Only 1 in every 10 will survive the first year of operation due to various reasons. High on the list of reasons is the lack of sufficient capital. Well, let’s just say that finding a brain injury lawyer in Vancouver is way easier than getting investors to believe in your vision unless you are taking the road less traveled.

How To Stay Ahead of The Pack.

Currently, startups have several ways to raise funds to get them off the ground. After they have operated for a year and have tangible results, it becomes so much easier to get an investor to believe in your plan.

Be Ready To Fund Yourself.

Say you have a fat trust fund or you know a friend with one, you may have to put in that money in the first year of the company’s operations. If you believe in the company’s success and you must have, or you would not have started it, then you should have no problem going all in with your trust fund. The first year is the most crucial, but after that things may ease up after you break even.

Be Proactive.

You may need to find alternate sources of capital just in case one fails. Talk to as many individual investors as you can about your start-up and get them interested in the plan, but also have a plan B. Crowdfunding is making waves these days, with organizations setting up accounts to bring people

As an entrepreneur, you kill two birds with one stone when you crowdfund. On the one hand, you allow the world to invest in your venture while on the other, you create awareness for your product while allowing future investors to measure your growth.

Network and Never Stop!

One way to penetrate your market and raise funds is through networking. The more you create strong business connects, the better your chances of funding will be. Never miss an opportunity to sell your services in circles that will benefit you immensely.

One way to connect with potential investors (as well as cut cost) is by sharing offices with like-minded or interconnected start-ups. You will easily meet investors who need their services and get the chance to sell your services, seeing as your ideas will be interconnected.

Know Your Business Plan.

Knowing the ins and outs of your business is undoubtedly one of the most important things a businessperson can do. The same way you would expect your HR manager to retain an employee write-up form, you should be aware of every system in your organization, so you are able to sell your vision correctly whenever a chance avails itself.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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