Finance is the lifeblood of any business, and in case it’s a self-funded venture, which needs a timely influx of funds to survive. The term startup in itself gives an incomparable satisfaction. Startups face a lot of problems and to be honest the failure percentage is very high. But you must have heard this saying “NO RISK NO GAIN”. Or “A PENNY SAVED IS A PENNY EARNED”.For a first-time businessman though, the world of funding seems complex and challenging. So, let’s try to dive deeper and have an in-depth understanding of financing options available to startups and how you, as a founder, can leverage this knowledge to fund your next venture. See, it is not necessary that every startup company will become successful overnight. It is quite obvious that time is required for the growth of the startup. Each startup is implemented and guided by an idea and that idea should get its due reward, and for any business, the most appropriate reward is its finance and goodwill.
Here are the solutions for building successful startups-
Equity Financing- It is not necessary that each startup will need a co-founder but if your startup is having a co-founder then this person shall contribute to business capital, share risk and participate in profit sharing as well.
Skills required- each startup does need the right talent. A right team would comprise of people possessing at least the following skills:
- Consumer understanding.
- Proper analysis of the market to be catered to
- Critical analysis of the product for improvement
- Make a well drafted business plan comprising of a business model
- Make it as structured as possible
- Include marketing strategies
Persistence and commitment-
- Golden words! easy to read, difficult to implement. Never leave your passion and always be committed and persistent.