Funding: JP’s Top Tips

Jul 29
2011

money money money!1. Don’t leave it until the last minute. Finding funding takes time. Getting the cash takes longer!

2. Self funding – savings, loan, credit card, job. Most start-ups are self funded. Get feedback on your biz plan and budget!

3. FFF – Friends, family and fools. Manage their expectations, they can and poss will lose it all! Are you ok with that?

4. Bank loan – don’t always like start-ups, harder than personal loan. Typically £10k+. Often want security!

5. Angel investment – high net worth individuals. Can hunt as a pack, see http://www.nwbusinessangels.co.uk/. They expect high returns! You need to demonstrate an exit.

6. Crowdfunding – see http://www.crowdfunder.co.uk/, http://www.crowdcube.com/, pitch online to community of investors. Interesting new concept.

7. Venture capital – need to demonstrate significant growth potential. Need an experienced team and track record. Not quick, not easy. Not for 99%.

8. Grants – good luck! Try the Princes trust if under 30 or ask your local council as they should know your local area. Not as many as there were.

9. Don’t plan to fail and don’t fail to plan. You need credibility, the more unanswered questions the less credibility.

10. Network like crazy. You may need a jigsaw puzzle of investment, talk to people, ask for help. Good luck!

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Funding

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