Well, it’s really good to know that you have come up with a pretty brilliant idea that would not only lead you to the path of progress but will prove to be beneficial for others as well. Yes, with your services you will be definitely adding convenience to their lives . Now, the idea has also been finalised and you started working on it from the scratch. But the next big question is where to find funding for your Business?
Funding for your Business? basically refers to the act of providing financial resources to an individual or group of individuals who are willing to give physical form to their idea. The aim behind funding is to finance a project, need or a program. Funders are like angels to the start ups as they take the initiative to finance a part or all of a project’s cost as an investment, grant or loan. A Funder can be individual as well as an organisation comprising a group of funders. A Short Guide on What Funders Look for
In order to get your project, program or a requirement funded, it is imperative to know that along with a great idea, there is also a great need to prepare yourself for the presentation. For instance, presentation of an individual looking for funding for his organization needs to have confidence, zeal, passion, commitment, capability to convince and scalability of the business at the time of presentation to the proposed funder. There is no doubt that your funder needs to be doubly or triply sure when it comes to investing his/her hard earned money. Thus, he keeps a hawk eye on all the intricacies of the presentation of an individual who needs funding and not to forget, on his behavior also. In short, being an individual looking for funding, what matters the most is your unique selling proposition (USP). A Short Guide on What Funders Look for
In order to ensure that investors are convinced that your business will grow, it is prudent to know what funders look for? All funding organisations or individuals look for your track record and the impact that your proposed project will make on the community.
The short guide below will provide you with an insight into what funders look for:
Clarity of Aim: Being an individual looking for funding, clearly briefing your aims to the proposed funder makes him realise that you are a person with clear vision and goals. A person with clear motives goes in a right direction without any distraction. Thus, this is the first and also the most impressive thing that any funder looks for.
A Realistic or Pragmatic Budget: Another most significant thing that funders look for is an individual who takes a pragmatic approach and sets a realistic budget. It helps both the funder and the individual looking for funding as they have a clear and defined budget unlike the expenses that arise all of a sudden during the project.
Acknowledgement of Potential Risks: Yes, nothing is more attractive than an individual who is ready with all the intricate details and is highly presentable. Thus, funders also tend to look for an individual who knows the potential risks and problems that can arise in near future and is also prepared for them with all the solutions to those problems.
Last but not the least, attention to details and a good relationship with funders are always the pros for the person looking for funding for his/her organization. Moreover, it’s also prudent to go for a detailed know how about the funder and carry a confident smile on the face at the time of presentation. Funding Business