How To Raise Money For Your Business:The Ultimate Guide For Startup Businesses by 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 5 or more completed applications. The classic problems new startups have is that funders don't understand the business or the applicant doesn't understand the funder's requirements.
There are other important dimensions to securing money like 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 grant source in the UK which can be accessed at the website: http://www.startups.com.UK/grants-for-starting-a-business.html
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 objectivemeasurement creiteria to attract funding for startup purposes. The presentation is complete and easy to understand.
Credits: First Published on Blogcritics
What did you think of this review?