How do I get started with securing financial help?
I am looking for finance / investment to increase my business. So far I have been working alone and outsourcing the work to other developers and now I am planning to have everything done in house. What is the best way to get started in securing financial resources?
Just to add to the suggestions given by ✔ Daniël A.D. Berckenkamp,
You may want to undertake an assessment of your finical requirements and clearly list what you need the finance for, how long for, and how you intend to pay it back.
Hopefully you have this information contained in your business plan. This will enable you to pin-point whether you need finance for capital investment, staff wages, working capital or for research and development. It will also help you target the right investment opportunity.
Depending on level of importance or priority, you may consider;
1. Seek (An angel) investor(s) - Investors with a particular interest in your sector.
2. Partnership - If it's B2B, usually, you could approach a potential client for mutual business development opportunities and financial investment.
3. Venture Capital - Offer equity in return for financial help or long term business support.
4. CrowdSourcing - If your business idea stands to benefit the general public, you could start a crowding campaign.
In every case, ensure you have a comprehensive business plan that clearly demonstrates your financial strategy including, sales, growth strategies and business requirements, how long you will need the financial help for, whether you need it in stages or at once, how you intend to return that investment (with profit of course).
Hope this helps and feel free to connect if I can be of further help.
From what I understand from your writing, what you need is not money. Having everything in-house is a new model you never tried, what make you success in the past may not make you success this round. This new model need to setup, test, improve, retest ...keep iterate until stable. The whole process need most is not financing support, what you need most is ability to secure more sales and bigger project sizes so that you can feed your in-house overheads.
If I am you, I will focus on my selling skills to convert more leads to business and improve marketing to position yourself better for sales capturing and branding. Outsource most businesses when necessary to keep yourself busy in getting sales and perform top level project management.
Once you achieve that critical mass of sales, you can start to convert into in house operation without any need of financial support externally.
I am saying this base on my own experience and adopting the technique of bootstrapping and sound prudent approach. It is fine to slow down when you are not fully prepared rather than sorry for a careless mistake.
Depending on your situation there are a few different options.
To start you off, here are the first few I could think of.
Best place to look in my opinion is within your own network of friends and family. Aside from that it might be an idea to save up some budget. Then there are always the options of going to the bank or investment companies with a well written plan that shows the viability of your business development.
CIPFA is the leading accountancy body for the public services providing education and training in accountancy and financial management. http://www.cipfa.org/
Do you have a business plan that properly defines your business? This document will help put your ideas in perspective. Once you have done this, imagine yourself as an investor and create a question list you would like to know about your business. Chief of which is How does this make money? Next, think of your business as a social solution. Ask yourself, what does my business solve for people, what problems do they address? Once you have all these handled, create an explainer video, motion graphics and any available presentation, approach VCs, Fundraising websites like Kickstarter and begin your Funding foundation. Remember, the Key is to believe in what you are doing more than believing in what is not working yet.