Starting by having a few UNIQUE and good ideas is an essential step in your business building process. However, you need to transform these ideas into a structured document on which you are explaining all your business aspects in details. Your business plan must represent your project and your ideas. It's your image, your vision and most importantly your AMBITION.
Once you are able to convert an idea into something ambitious and achievable, you'll need to show your project as attractive as possible.
As for the funding question, I recommend our experienced company: John Gore Investment. We can fund your project, everyone can have an opportunity with us, though, we are very selective.
For more details consult our platform: www.goreinvest.com
Best of luck Arron.
Arron, ideas by themselves don't get you funded. You need an executable action plan that builds a system with dollar figures attached which are defendable and ideally proof of concept to get funded.
Questions to ask yourself:
Can you generate presales? Will the market buy my concept?
Do I have a financial model, with forecasts?
Who are the competitors in the space?
Why would the market buy my product/service over theirs?
Who do I know who believes in me enough to lend me cash? (Think family as a funder wants to know what skin you have in the game)
Do I believe enough in what I'm doing to sacrifice for it?
Why would I believe in me if I was pitching to myself for funds? (What's my credibility?)
If I have no credibility or it's not believable who can I partner with and leverage off their credibility?
What am I prepared to sell in order to bootstrap this?
What is my sales pitch to customers?
What is the business system I am building?
Who can give me external feedback on what I've done?
Many questions and work to do before you get in front of funders whether its a bank or an investor in order to be successful.
If you've got this sorted then well done. Here is what you could do.
Talk to family/friends.
Talk to your bank, very risk adverse but you can extract feedback and even if they say no, ask why as you'll need to overcome this before you speak to the next person.
Talk to your accountant/lawyer, who do they know who has some spare cash to invest?
If you get bootstrapped and start trading can you use a form of invoice factoring to accelerate when the cash comes in? (https://invoicefactoringsolutions.co.nz/what-is-invoice-factoring)
Join a business association.
Talk to people in related industries who are successful.
Join the local startup groups
etc. etc. etc. If you believe in what you are going to do then just keep swimming.
Just start without cash and put sweat into it if this is possible.
Have you thought about Angel Investors? Who are they?
Angels come in two varieties: those you know and those you don't know. They may include professionals such as doctors and lawyers; business associates such as executives, suppliers and customers; and even other entrepreneurs. Unlike venture capitalists and bankers, many angels are not motivated solely by profit. Particularly if your angel is a current or former entrepreneur, he or she may be motivated as much by the enjoyment of helping a young business succeed as by the money he or she stands to gain. Angels are more likely than venture capitalists to be persuaded by an entrepreneur's drive to succeed, persistence and mental discipline.
Angel investors vary widely, but they are typically willing to accept the risk and demand little or no control in return for the chance to own a piece of a business that may be valuable someday.
For example, a man who helped a lot with my business is Tamir Zoltovski who is the Chairman of the Board at the International Fintech UAB and executive director at Moneta International and has helped many businesses strive in today’s competitive market. You can contact him at email@example.com.
Arron, you can start by building what is referred to as an investment deck – or a platform from which you can solicit funds from private individuals or non-establishment investors. A deck consists of a detailed business plan, which clearly states the goals and objectives of the business, defines the market in terms of product/service, price, place and promotion, analyzes the competitive landscape, defines the uniqueness, benefits, and features of the new business, describes the strengths, weaknesses, opportunities and threats, and places this all in a financial context.
If you truly feel passionate about your project and have done your homework on competitive offerings, market acceptance, a preliminary survey of consumers and potential customers it becomes a matter of persuading those with money to get involved. At this stage of development, the established avenues of funding such as banks and other financial institutions cannot be targeted because they are not risk takers and need existential proof of success in the short and long term. Many budding entrepreneurs are prevented from going further, as the money obstacle seems insurmountable to them.
Fortunately, banks are not the sole source of initial funding for a business, and many of the world renown companies started as basement or garage operations that were launched through the help of ordinary individuals or organizations that provide platforms to raise funds.
Friends and relatives – These people know you and hopefully trust you. You will want to minimize the risks to any one person by soliciting money from many individuals in this group.
The Indie approach – In this case, the reference is to the very successful online crowdfunding platforms of which Indiegogo is one of the most prominent players. They have helped raise over a billion dollars in funding for startups in various business categories around the world.
Angel investors – are individuals who have set a personal mission for themselves to aid and incubate new business ideas and concepts. They have a more sophisticated approach to choosing where and how they place their money on risky ventures.
Investment clubs – In most locations, there will be some sort of formal or informal investment club, where people seek peer advice and group market analysis to make investments in stocks and bonds. Members of these clubs are usually less risk-averse and therefore are more likely to welcome a presentation by a local entrepreneur with a good idea and plan.
This website offers more insight on the topic: www.bizsystem.com