Planned your start-up concept but don’t have enough funds to kickstart it?
This AVCOE blog is just for you!
To start your business, you need to get your concept to ideation, and for that, you need a Minimum Viable Product (MVP) that is ready to pierce the market. Getting funds for your start-up is not at all easy, especially when people are unable to understand your idea.
So, what can you do?
Consider going to your relatives. Make your parents believe in your vision. In fact, top business people like Elon Musk, Jeff Bezos, and Donald Trump took funds from their family when they were in the early stages of their business. Later, they were able to turn this initial funding into a million dollars startup for themselves, and their family, with sheer hard work, smart decisions, and consistency. But if you don’t have that option, here are AVCOE’s top 3 ways to raise fundings for your startup:
Crowdfunding
Crowdfunding is one of the quickest and safest ways to get funds. Why? It’s because the crowd here doesn’t ask you to give it back. They just want the product or service you agreed to offer. Check out KickStart, Indiegogo, Patreon which are some amazing crowdfunding sources that allow the crowd to get products for funding the startup. Many reputable businesses have become successful using this crowdfunding tactic.
Angel Investors
Angel investors are private investors who invest during the seed funding stage of the startup. They are called ‘angels’ because of the risk of investing in a new company is higher than usual. All you need to do is pitch those investors. Seeking an angel investor for your company can be easy if you have the right connections. Try to find them through your own network, searching on social media websites and then sending them your startup pitch.
Pitching Competitions
Another great way to get funding for your startup is through pitching competitions. They are perfect for those who are looking for feedback about their startups. To participate in pitching competitions, start looking for startup events and seminars in your city, and participate in them. You may have to pay registration fees to enter in the pitching competition.
Stay tuned with us for more entrepreneurial blogs and share this one with your fellow friends and family!
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