At present, this is the easiest time in the history of the world to realistically achieve something on your own. We have to be grateful to be witnessing such drastic change in digital world that in turn is responsible to generate numerous opportunities right on your our fingers tips. Agree with me?
But, there are certain issues yet to be addressed when we talk about building a successful business, for example the most difficult part of any individual with an intention to establish a business of their own is capital, and we often wonder how are we supposed to meet this requirement? Although we find certain helping techniques online and offline but in reality most of time these methods do not work at all.
We do find countless information on this topic but the realistic method to go about no one says it with clarity and transparency
Now you tell me being a business owner or an entrepreneur did you come across this phase? Yes! Definitely! I know it’s very rare any prospective entrepreneur or business owner would be able to completely get away with ease in this sector. Yes it’s possible when you have a rich father! But most of us don’t have that scenario so we struggle hard to raise capital, raise funds from countless ways possible.
What we hear
Having said that, we often come across people around suggesting us to ask help from family and friends – which according to me is one of the vague suggestions anyone with lack of expertise to survive a business would have given, most of times startups fail due to the burden from everywhere
Suggestion for an Angel Investor
You may even come across people suggesting to ask for an angel investor these are not at all practical. An angel Investor comes into picture later on because even to apply for an investment from an angel investor, the business should have certain fulfilled parameters financially and with respect to profitability unless an angel investor would not even be interested to fund, well now keeping this scenario in mind let’s think about how exactly one can approach and find solutions for this major issue and are there any ways that caters to these situations with a well structured approachability. Let’s also focus on how to generate funds for startups? What are the ways to get the startup funding? And much more
Requirements of funds is mandatory for every stage of a business because startup is all about experimenting, we often experiment in terms of several segments of a business and this in turn is a bundle of experience along the way.
Venture capital
They are approached almost at the end when you have successfully established and scaled your business all across. So, as of now let’s forget about them
All that matters is your hard work, commitment, right mindset, right strategy, your step by step techniques and thorough research
Imagine you have an idea, you have done a full proof market research, you have very less to not much competition and you are assured of its success but remember that money investments in a business happen in every stage of the business. What effectively helps us to estimate and sustain better in terms of sustainability and growth is constant market exploration and earn profits at the same time is what you need to focus more on.
Your main focus is to progress with your startup and have enough funds to invest in it. Here are 5 impactful ways to generate funds by strategically planning and building authority
STEP 1: BUILD A SIMPLE AGENCY
We know that to create a mark in the market and build trust you need to have a thorough understanding of your client or target audience agree? So, instead of starting and just experimenting with financial difficulties have a step by step strategy to follow along? Having a simple service agency related to the product or service you want build is an ultimate way of having practical knowledge on your client’s or audience requirements in depth once u start having meetings with them. This in turn builds a sustainable business model for your startup, progress with the high ticket client to generate enough funds to invest.
Startups tend to fail unless you have a strong foundation of right mindset, strategy, financial stability plus thorough knowledge about the market needs and requirements. Agency model is more preferred when compared to startups due to less risks and structure.
For example: if you planning to build a cosmetic product, it’s good to build a digital marketing help for brands that already exists in the market so can find the loops and understand the Cash flow better. Learn from agency and invest in startups
STEP 2: BUILD AUTHORITY
People trust you only when they see you often may be via social media or any other form of media, now no one would invest without trust and confidence. As much you are seen the more the trust is built in the minds of the people. We know him/her already and I know she/he is an expert in the field. So to create this authority over some stream you need to be a SUBJECT MATTER EXPERT. Create contents and social presence it’s free of cost, be consistent and build a sense of expertise who comes across.
During this process understand the questions and requirements of your audience. Invest this knowledge in your startup later on
STEP 3: RIGHT PARTNER
A single individual may dream of building a business but to build an empire you need the best of the bests!
We know that the secret to a successful business is have experts around you, like minded people or you may even call as surround yourself with people more smarter than you, yes! Don’t believe me it is the secret of the successful business today, being an entrepreneur or a business owner you should be able to handle and delegate work to people who are smarter than you that’s when your business sees success soon. Or have a partner who has the right competencies, who can compliment you in your weak streams, who can withhold your morale and support you, most importantly, who believe in your idea and is ready to share both the risk and the profits.
STEP 4: CHOOSING THE RIGHT FREELANCERS
Being cost effective is a major issue we often come across, post 2020 most of the works are done online with remote jobs, find the best yet appropriate freelancers who can understand your prospective plus deliver quality at the same time, in this way you can focus on generate revenue instead of renting an office space. This saves time and helps you to focus more on building the foundation for your startup and business goals.
STEP 5: DROP SERVICING
Here is a new concept, comparatively less known, this is different from drop shipping wherein tangible products are not included. It’s all about you are an agency based mediator wherein you receive the clients requirements and then deliver it with quality with other freelancer, but the point is you charge higher to the clients (mostly done for US based clients as dollars are higher) and spend less on freelancer here but you deliver the service via your agency but take the commission. People often generate profit margin of 75% in such services, there are numerous videos and information available online to get clarity on this topic.
Conclusion
Diving into new venture without proper research and a strong foundation is as equal to doing nothing. Instead of loans and funding headaches from others, be strong enough to generate your funds with your smartness and techniques, have thorough strategy step by step goals, once you understand the market and your respective clients enough with building authority. No one can stop you from creating a successful business that can sustain the test of time yet be profitable.
Hope this blog helps!
