If you’re an up-and-coming entrepreneur, you’re going to face the challenge of getting investment for your small business.
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Start-up funding can seem hard to come by, and indeed the funding landscape is not as favourable as it was a few years ago. However, this doesn’t mean that money isn’t available. Great ideas still get funded, but you need to think carefully about the kind of investment you’re going to take, and the terms on which you’ll take it.
Keep reading to discover some of the different business funding options available for small businesses like yours.
By Rosanna Parrish – You can read this article in its entirety HERE on Simply Business’s website
How to get funding for a business – 5 tips to stand out
There are many different ways you can get funding for your business (which we’ll go on to discuss in this article) but how you achieve this funding is often the same. Whether your aim is to impress investors, convince a bank for a loan, or secure a business grant, here’s some tips to follow.
1. Develop your business plan
If you’re looking for funding to grow your business, you’ll need to show that your business is not only successful, but knows where it wants to go next. A good business plan is realistic yet optimistic – showing you’re prepared for any potential obstacles that may come your way.
If you need funding to tackle a particular problem, you’ll need to highlight this and clearly demonstrate the steps you’ll take to overcome this with your potential funding. Investors and banks will look at your business plan to make sure the funding they provide will help you – and offer a return on their investment.
Take a look at our full guide on how to write a business plan if you need some inspiration.
2. Understand your market
You might be an expert in your industry or trade, but to impress potential business funders you need to show a strong understanding of the business world. This could include demonstrating you’ve done sufficient market research into your industry – such as predicting upcoming trends or gaps in the market.
It’s also important to know what your competitors are doing. You can impress lenders with competitor research when you’re applying for different funding opportunities. We have a guide on competitor analysis to help you get started.
3. Market your business
Never underestimate the value of good marketing. Any potential lenders will want to see that you’re putting yourself out there and building a strong brand. Social media marketing is a great (and free) way to advertise your small business.
Why not try increasing your followers on Instagram to show there’s a genuine interest in your work?
You can also upskill in SEO to help increase your online visibility and reach more customers.
Whatever you choose to do, make sure it’s all clearly displayed in your marketing strategy.
4. Ask the experts
If you’re just starting out and looking for funding opportunities, is there a way for you to ask the advice of someone successful in your industry? Or someone who has a strong understanding of the business world in general? Getting their expert tips before you go into a pitching meeting to get funding could help you stand out from the crowd.
Check out our guide on the ways a business mentor can help your business.
And if you don’t have a personal business mentor of your own, why not check out…
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