How can I fund my business as a young entrepreneur?
I've designed my own clothing brand called Crowns Clothing Collection and I need capital to be able to get started. I need to raise an estimated $1,000 to buy the clothing, heat press machine, screen sheet etc. I'm currently a junior in high school. What are the different ways I can fund my business? Are there websites that give grants or funding specifically to young entrepreneurs?
Hey the Pres got the laws setup to allow crowdfunding. Or you can look at non-profit micro-funding sites. Us that smartphone and your sewing machine to create a few samples, take pictures and post them in your appropriate social media sites for whom you are actually targeting your clothing line too. And the fun will begin!
Run a grassroots campaign through your friends who you intend to involve. Buy bags of candy bars for fundraising and charge $1.00 profit on each. You'll have $1000 in no time at all.
Since u r still very young, serious investors would normally be reluctant to invest. However, you can trigger curiosity and interest in the investors if you have a business plan with complete details of your business proposition. U need to search out the angel investors once u r done with ur business plan and elicit their interest in various ways.
Alternately, u could request your friends, ur relatives, ur social connects including associations etc. to sponsor you for the venture or for an exhibition of ur collections.
I can offer you an option that's both cost effective and efficient.
Dashia, I admire your entrepreneurial spirit. I would suggest crowdfunding might be a great option for you. Your goal should be to raise more like $10,000. The downside to Kickstarter is if you don't raise the amount you ask for, you don't get funded. For that reason, also consider Indiegogo. There is an excellent tutorial on their site. I have written a blog on crowdfunding which might be helpful to you. Here is the link. http://xlconsultinggroup.com/crowdfunding/ The key is marketing your crowdfunding campaign. It is a lot of work and key is having a great social network. Good luck with your project.
This is tailor made for a Kickstarter campaign with the reward being a shirt.
Then, use the proceeds to make the shirts for the reward winners and have enough left over to start your business. I also think you should be shooting for more like $50,000 to build up some inventory.
First, $1,000 in the business world is no money. It sounds like you need a business plan more than you need equipment. You might have the most fashionable designs, but w/out a plan you'll die on the vine. Perhaps consider taking a portfolio to 6 fashion houses and dressmakers and get their feedback. Hook up with a pro; at your age your time is limited and this will get you feedback and open some doors. Don't be discouraged; you have to kiss a lot of frogs, but once you produce do you have money for inventory, how will you distribute the cloths, warehouse them, etc.
Apart from getting gear second-hand at auction, I know nowt about financing a new venture, but branding is my thing and I say: Slow down!
'Crowns Clothing Collection' sounds cheap, nasty, and a bit amateurish - and I know that's not what you're trying to create. Give your brand personality - I don't mean call it 'Derek', I mean call it something quirky and individual.
There are books on branding. And brand failures - which makes very god reading.
Yes, there is but their are certain things that you will need such as your student counselor should be able to help you with some answers along with guidance and where to research for your future jobs and what web sites to get some answers that may help.You should be very proud of yourself for knowing what you want at a young age. I am 100% sure that if you do not lose focus and set your goals you will be a success and you will need to remind yourself each day that you owe it to yourself to keep your promise to reach that goal. Nothing is ever easy but you can do it and one day when you look back you will feel great that you did it! Best of luck to you and maybe one day I will see your clothing collection on wall street. Remember if you want success hang out with successful people and pay attention!