How To Raise Money For Your Business:The Ultimate Guide For Startup Businessesby Bloomy Tokan is an excellent resource for new business startups. Tokan provides important advice for navigating some of the most difficult challenges new businesses face.
Tokan explains that it can take from 3-18 months to secure funding from a pool of at least five or more completed applications. The classic problems new start-ups have include the fact that funders don’t understand the business or the applicant doesn’t understand the funder’s requirements to make a successful pitch.
There are other important dimensions to securing money, such as a complete business plan, marketing plan, operations plan, financial plan, perseverance, a good management team, some sales or demonstrated ability to sell the product, and putting up some of your own money initially.
Tokan explains that funding sources want winners. They seek a good sales pitch that makes sense and is internally consistent. An example of a compelling product is the iPod.
In addition, funding sources want clear objectives that can be measured objectively, and achieved based upon understandable measurement rubrics. Tokan advises new startups to create a written agreement. Good samples may be found in places like lendingclub.com.
Tokan provides specific grant sources for startups like the SBA and others. For instance, there is a recommended website that serves as a grant source in the UK.
How to Raise Money for Your Business by Tokan is an important resource for acquiring funds from a variety of sources. The guide provides important planning documents, milestones, and objective measurement criteria to attract funding for startup purposes. The presentation is complete and easy to understand.
A strength of the presentation is that the author addresses the all-important sales pitch and documentation required to obtain the financial backing based upon simple rule structures.