Be it from family members, friends, banks, philanthropists equity or Angel investors, make sure you’ve all or must following sorted out to avoid the heartaches and pains that comes with disappointments and failed promises or application.
1. Have a good knowledge of your Business Idea:
In the 21st century which is also known as the knowledge economy era, what you know and how well you know it determines how much you’ll make from it.
Before starting any business or going out to seek investment or funding, ensure that your well knowledgeable if possible in all aspects of the niche you’re venturing into.
Know the different revenue streams available in your chosen business.
2. Start the Business: I know you are already saying but I don’t have the capital yet.
But that’s not true, you don’t need capital to start certain things about your business like acquiring needed knowledge and planning.
“Start now with what you have from where you’re.”
3. Document every of your Business Transactions: You can overlook the place of bookkeeping and record keeping as a start-up.
4. Register your Business: Not only does getting your business registered gives you and your investor(s) a sense of security, it also goes to show that you’re serious and ready for business.
In Nigeria and other African countries, having a registered business name is a prequalification to access loans and grants from private or government agencies.
It’s also a requirements for opening a corporate account.
5. Open a corporate account: You should know by now that no one will do any serious business with you in your personal account especially when it’s long term and millions are involved.
6. Develop a Business plan for your idea: Business Plan writing can be tasking and time consuming especially when it comes to financials which happens to be the area every investors lookout for.
Your business plan serves as your representative and spokes man in front of your investors. It should speak well of you and your business.
7. Develop a website, blog or your Business:
In the 21st century where your competitors have gone beyond the shop next door to you, ignoring the internet is akin to not keeping up with trends around you. Having an online presence this days is a Major credibility indicator.
8. Have a Social Media Presence: While it’s possible not have the need cash to build and own a website as a startup, opening social Media pages and account are still free and very easy to do. Facebook, Instagram, Twitter, Linkin and even Whatsapp have the ability to put your business on the faces of whomever you’ll like to see it.
Like someone said, your social media is your CV. Make sure it tells same story you want your business/brand to be known for.
9. Get people to always review your applications:
Here is the part most “Ideators” miss it.
Wanting to do everything themselves. To have a standout application, you need others with more experience to help you review it.
my mentor once told me that “the thin line between being a mediocre and a success is having a MENTOR.”
Avoid the mistake/temptation of filling any application directly on the site or form.
10. Develop a powerful story to sell your business:
Show me a business idea with beautiful brand story and I’ll show an idea that will win multiple grants application. Stories are what sell businesses, so learn how to use stories to sell yourself and brand.
The art of story telling can be Learnt.