Having a great idea for a new company is just the beginning of a successful new businesses. You must develop a strategic plan developed specifically for your product, location and industry. Once you have a plan, you have to find sufficient funding to adequately get the company launched. If you do not personally assets to back up your new business, you will need to seek investment funds from venture capital or labor relations.
Write a business plan that explains what the company does, how much money is needed and what the money will be used. Include projections regarding the performance, explaining how investors will receive money for investment. Visit the Small Business Administration (SBA) website for models on how to write an effective business plan.
Make a list of prospects to seek investment funds. Start with family and close friends who can afford to make an investment. Expand this list to former bosses, colleagues or associates. If someone in your immediate network is able to type your new business requires investment, start compiling the perspective of investors venture capital through SBA resources, the Chamber of Commerce and functions of online searches for Venture capitalists and angel investors.
Appeal to potential investors a quick phone business to determine if there is an interest to invest in your project. State who you are, your business and explain very quickly that you want to set up a meeting to discuss your new business.
Meeting with potential investor. Dress professionally and have a copy of your business plan with you. Briefly explain to the investor that your business is, what are the investment needs and how an investor will make money.
Answer all questions honestly has the potential investor. If you do not have the answer, do not try to invent one. Say you need to look into something is a legitimate and honest response. honesty, respect and investors will get the answer rather than someone trying to slip a fast one past them.
Give the investor a business plan at the end of the meeting. Thank him for his time and tell him that you will follow within a week after it has a chance to review the documents.
Call of the investor, after a week of monitoring and responding to all questions that may have resulted from the revision of the plan. Set up another meeting if the investor is still interested in the project to discuss how it can invest.
help start a small business
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