While the one key to your business is being resourcefulness with what you already have, the key to financing your dream is understanding the economics of your industry, as well as your business and the marketing plan you will be implementing.
The magic nugget to your business is “releasing the handbrake” of your business and going full out for it. The one key to this business is getting the finance, also known as:
“Show us the money”
The one key to understanding financing of your business is that it’s a relationship process. Banks, investment bankers, and even business incubators are going to finance someone they can trust, and basically when they sit across from you (in person or digitally) they asking themselves “will this person be able to pay my money back?”
Bet yourself that when you start the process of procuring finance it’s an interview, not a casual discussion. You will be able to answer any question they have with enthusiasm, and show any proof of what you claim. Be willing to provide the information in the format they want, i.e. 30 page business plan, 4 page business plan, port folio of business partners and employees, etc. Whatever format they request, make sure that you are enthusiastic in writing as well!
If financing in South Africa is not funding your industry currently, then look to foreign investments, there’s many tax rebates and deductions you can research to implement.
Keep to the business points that your business solves, don’t lose focus on what your business is, write up a mission statement to stick to the core business plan.
Offer training and structure processes to show a work-flow and train those around you to do what you do, to move on the next step. Be willing to reflect your flexibility in your business plan by offering flexitime as well as full-time for employees and projects, this way you accommodate the current labour market to get the results you need. Reflect that you have thought about the entire business front-to-back.
Business Relationships are built through flesh, bones and blood, human to human. Try to be as accommodating as possible to the person, who knows, they might just fund your plan!
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