Funding a New Business For Dummies

Chapter 20

Ten Tips for Successful Startup Funding

Building a business is like driving across the country on a road trip. Not only do you have to be reasonably confident that your car is in good enough shape to make the trip, you also have to plan to determine where you’re going to stop at the end of each day, how much money you need to keep you and others fed, and where you’re going to get more fuel to keep you going.

You need help getting the monetary fuel to get your startup on the road and going all the way to your final destination. So, here are ten complete tips for getting startup funding to see if you need to check and see that you haven’t forgotten anything before you start the engine and move out.

Design a Clear Value Proposition for Potential Investors

Potential investors aren’t interested in just throwing money around like the irresponsible ones did during the initial days of the Internet revolution. They want to avoid the dot-com bomb or any other correction that leads them to losing money somewhere along the way. So, by following these steps and tailoring them to your specific business, you can craft a value proposition that grabs investors’ attention and paves the way for successful funding conversations.

Uncover the compelling narrative

When you’re talking with potential investors, you’re not just giving them a bunch of numbers; you’re sharing your story and inviting them to write your business (and life) story with you. Start by talking about the following ...