Having a bright idea is one thing, turning into a business is admirable but actually getting it off the ground and turning it into a profit making machine is quite another and many people have tried and failed in the past. I you are in the early stages of starting a business then it is important that you so not get discouraged by the failures of many. Yes it’s true that over 50% of start ups fail within their first three years but if you fixate on this then you could be doomed to fail before you have even started. Let’s take a look then at how you can best get your start up off the ground and go get that success.
The first place that you need to start is getting financing for your company, your own money can only take your business so far and unless you have broken ground with a low cost/ high revenue idea then you are going to need some support. Let’s see what options you have.
Because there are so many start ups that have gone on to find success, many angel investors likehave seen this as a great opportunity to make money. These investors can help to give your company a cash injection and they won’t expect the money back directly, they will be taking the risk as much as you are.
A tried and tested method of getting financing for your business, banks love start ups and if they believe in your idea then they can lend you money with favorable terms. The benefits of this kind of loan is that the bank will dedicate someone to helping your business.
Many governments and private companies offer grants and small loans to help start ups, these won’t be sizable but they can help you to get off the ground. The benefit of the grants on offer is that you will not have to pay them back.
In these early stages of your business, spending money can often be a bit of a moot subject, spending money on marketing however is a must and if you want to let the World know who you are and what you do then you need to invest in a marketing strategy as early as possible.
It is vitally important that you make as many contacts as humanly possible in order to help your start up achieve success. You should be looking for key influencers within your niche, logistical and distribution services as well as companies who compliment your product and services. Many businesses require support from their industry peers and if you want to get off the ground and make a success of your business then you need to have a black book full of important contacts with whom you have a solid relationship, you never know when you might need them, or they might need you.