Any startup whether big or small requires a lot of brains, efforts and yes quite a lot of money. Money plays a very important role in building your startup, but what’s difficult is raising this capital. Raising capital can be argued to be a fundamental act of any organisation more so for any startups. Often the founders of various startups spend a lot of their time and energy in developing strategies to attract funds. Well raising funds is not at all an easy task, but lets just make it a little simpler for you!
1. Get an Idea Sirji:
It always starts with an idea! But having an idea is not enough to attract funds. You will need to dig deep into your idea, breaking your idea into parts with the intention to identify what is ‘unique’ about it. Identify your “unique selling point” that would make you shine out of the crowd. A bright idea would lead you to great funding.
Related: Top 100 startup ideas
2. Build a prototype:
Now when you know the USP of your idea, try to build a prototype around it. For the development of the prototype, you could take that unique feature of yours and put it into a PowerPoint, Photoshop, or draw it out on a piece of paper. What’s important is that your prototype should clearly reflect your idea so that it could be successfully presented to the potential investors.
Once you have developed your prototype, see if you can ‘test it/do a bit of reconnaissance’, which means go out see what others have to say about your prototype. Get to know if your product is really liked by your ‘prospective customers’. If it’s a hit then bingo, you’re on the right track. And if not then you know the things that need to mend.
4. Take it to the next level:
Now when you know that your idea is capable enough to attract customers, the next step is to take it to the next level and transforming it into a business plan. Make strategies, create schemes and build upon your business plan. After implementing these strategies, you could procure some funds that would allow you to move on to the next step.
5. Get funded by the Government:
Once you know that your business plan is unique and deserving, you could even expect to be funded by the government itself. And now with the PM Modi’s startup scheme you could easily get funded with a a lot of money.
7. Locate the investors:
You cannot always rely on the government so what you need to do is reach the investors. Also make strategies for the investors to reach you. For this, you could advertise your product on social media or on newspapers or also on platforms such as LinkedIn.
7. Refine your product:
While undergoing the process of finding investments, ‘equal efforts’ have to be put in to constantly refine the product, adjusting it to the changing internal or external variables. In refining your product you could also be hitting the box of ‘innovation’ and allowing you stay in tune with the latest trend in the market.
8. Investor satisfaction:
Once your product has gained investments, it doesn’t necessarily mean that the deed is done. You would constantly need to satisfy your investors and customers. Meet their demands and fulfill their desires and there won’t be any stopping for you.