Do you have a multi million idea in your mind to start up a new business? Do you want to get funding for your multi million idea? You can need a small place to work, some furniture, some technical people, a website and every month the cash coming that will support your business further and will also fulfill the financial needs of yours.
You need money to support your business. Whether it is a small new business, or an application or a small food corner, you need money for each one of these. Many of the entrepreneurs need money at the initial stages of their businesses to get started from the ground level.
It is the money that works just like blood flows in the body. When the blood supply stops the heartbeat stops. That is the same case in the business. If the money supply stops the business will also stop. So from where can you get this money? No need to worry my friend. I have the best funding ideas for you.
Also Read: How to get funding for your startup?
Let’s get started with the topic, “How to get funding for your multi million idea?”
Self-funding:
According to the survey, many of the new business flops in the very first years. Due to the lack of the funding in the initial year, the companies are unable to continue further. So the money acts as a support for the new business.
Go dig your saving account first to fund yourself. Go get your debit and credit card for the funds. If nothing is helping then get the help of your friends and family.
It is often seen that the self-funding has many advantages. There is less pressure on you to return money to the investors. Also, the investors, consider it as a good point in the later stages of your business. The good reputation of your will lead to more future investments by the investors. Mostly it is good for the businesses that require little money at the start. But for the business that needs money from the day one, self-funding is not a good option for such businesses.
You can also ask for the help from your friends and family. But all depends on the interest. They will also expect funds from you. So try to check your own pocket first. So self- funding is the best technique in funding your multi million idea.
Why not angel investors?
The angel investors have helped many companies in their initial stages like Yahoo, Google and many such companies like these. They invest an amount in the company and expect the equity of 30% in your company. they not only invest in the company but will give their suggestions and advice as well. They have a very big network for the screening of the proposals before the investment.
They will invest a huge amount of money in your company for huge returns. However, the investment is less as compared to the venture capitals. In India, there is number of popular angel investors that will help you get funding for your multi million idea. They are Mumbai Angels, Hyderabad Angels, Indian Angel network and much more like these. You get the help by going to their websites.
Get support from venture capitalists:
Venture capitals is a form of financing provided by the firm to fund very small or emerging companies that are at their very early stage. The venture capitalists invest in the companies with the very high growth potential. They will invest in those that have increased the number of employees or has increased its revenue or both.
They invest in the companies for the sake of equity. They take the risk of investment in the company by the belief that some of the firms will be successful. Venture capitalists invest in the companies that have very less operation background. The companies that are very small to increase their money in the market, who are not capable to apply for any bank loans. Companies like Uber, Flipkart, Xiaomi are the few companies that are very successful nowadays. They all had taken help from the venture capitalists in their early stages. This is how you can get funding for your multi million idea.
Crowdfunding:
Crowdfunding is an online technique in which the entrepreneur will put the description online about his business. This will include his plan for making the business successful, the goal of his business, how much fund he needs and what all are the things for which he needs fund for. Then the consumers will see this proposal and if they like them they can invest in it. The buyers have to make a promise to pre-buy the product and that he is dating his money. anyone can contribute to help support a new business.
Do not think that this is a very easy technique to gain fund. Until and unless your business proposal is very strong do not go for it. Because you have to impress the consumers with the little description online and with some images of the products. If some consumers like it then he or she can invest in your business.
Some of the crowdfunding websites in India are Wishberry, Ketto, Catapooolt, Indiegogo and many other. Some of the crowdfunding websites from the world are Onevest, GoFundMe, RocketHub, Kickstarter and dreams funded.
You can have a look at any of the website above according to your region and get funding for your multi million idea.
Getting money through loan:
The one place that immediately comes to your mind when it comes to funding your newly started business is the Bank loan. Almost all the banks like HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda and much more have different options to offers free loans for the business startups. The only things you need to do is to share your business plane, the whole project report and the valuation details to get your loan sanctioned. This is one of the best to get funding for your multi million idea.
Government Programs to fund your multi million idea:
The government has started many such plans to fund the innovative ideas of people who do not have the money to start their business. In 2015, Government has launched the bank of Ideas and Innovations program to support the very innovative idea of the people.
Also, there are many state-wise programs to raise and fund people’s ideas and businesses. For example, Kerela State Self Entrepreneur Development Commission, Rajasthan Startup fest, Maharashtra Center for Entrepreneurship Development and many more. These are the programs that will help to fund the people according to the state. This another great idea to get funding for your multi million idea.
Conclusion:
Let us have a quick recap. A startup is not really bad. If your business becomes successful then you can enjoy the freedom as well as money. Because working under somebody does not give you that freedom that you can enjoy with entrepreneurship. So the ways you can get funding are crowdfunding, getting investments from the angel investors, self-funding or funds from friends and family, Government loans, bank loans or getting help from the venture capitalists. Do not lose hope, my friend. If you have an idea you will get success.
