Coming up with a great idea for a business is the easy part. It’s scoring the funding you need to turn that idea into a thriving company that’s hard. Here’s how experts like Paul Saunders of James River Capital get it done.
What Are Your Choices?
Applying for a traditional bank loan is always an option, but it’s definitely not your only one. Don’t forget to consider the following as well.
- Pay a visit to your city’s business development center or chamber of commerce. These are great places to connect with local investors and fellow entrepreneurs, as well as learn about local lending options that might be right for you.
- Connect with angel investors who might be interested in helping your business get off the ground. (This can be done either locally or online.) Crowdfunding via a platform like Kickstarter is a great option to consider as well.
- Are you and your partners looking to launch something really big? Venture capital is a better fit for entrepreneurs in search of $1 million or more.
Connect with the Right Professionals
While it’s definitely not impossible to obtain the funding, you need on your own, professional assistance is well worth considering. This is especially the case if you need help securing higher numbers, as with venture capital. An entity like James River Capital can take the guesswork out of connecting with the right investors for your future business by connecting you with the right candidates.
Whichever way you decide to go, make sure you have a solid business plan to show any investors you do meet with. Investors expect to be shown in detail how you plan to put their funds to good use and give them a solid return on that initial investment.
Be persistent in your endeavors. If one investor isn’t interested, approach others and keep moving forward. When it comes to business, determination and tenacity win the race.