Given the tough economic climate at the moment many businesses are struggling with regards to finding funds to push forward into the coming years. It is of course a smart option to try and take on investment in order to make a push to survive and thrive throughout this ongoing global crisis. A friend of mine works in Sertant Capital, which looks to help businesses find funding for new equipment and he told me that in this climate so many businesses need to do more in terms of getting funding because of course there is increasing risk in the survival of these companies, which means lenders are worried about getting the money back. If you are looking to get funding for your business, heroes how to go about it.
The most important step here is to ensure that you are realistic in terms of how much money you are asking for. The reason for this is of course so that you can increase the probability of getting accepted for funding. Under normal circumstances if you were aiming to secure and investment of $8,000, you may ask for $10,0000 so that you can run a marketing campaign or something like that. Under the current climate however it is absolutely essential that you remain realistic in terms of how much you are asking for.
Cent by Cent
Every single cent that you are given should have been planned out both in terms of how it will be spent and then how it will be repaid. Under normal circumstances you should have a perfect understanding of your numbers and never has that been more true that it is right now. You need to be able to show the lender or the investor exactly why you need the money, what you are going too spend it on and most importantly, why it is a good idea for you to do so.
The Need For Honesty
We are living in a time where there is no room for avoiding the truth regarding your business and it is going to be essential that when you start looking for investment, that you are as honest as you can possibly be. Your honesty will be welcomed by most lenders and investors and it will help bridge the gap between you both. They will understanding the degree of risk that is involved of course and this is why it is up to you to ensure that they are confident in the investment and that they will be able to get their money back.
Ultimately this is about looking at an area of your business which is ripe for investment so that you can turn the corner once this pandemic is done. Funding for it is there but the onus is very much on you to go out there and convince people to part with their money for you. Get your numbers right, be likable and creative, be investable.