Without any doubt, capital is oxygen for emerging startups. However, considering the same fact, even pure oxygen can kill you eventually. The same applies to all the startups as well. Successful business tycoons and entrepreneurs always advise you to have the right amalgamation of startup funding elements to give your business the sureshot prospect to thrive in this competitive era. Remember that the precise mix of funding sources needs to be organized enough, especially when you are getting your startup off the ground.
Apparently, all these elements work on your startup model as well. Typically, the average cost of a small scale startup would be anywhere between $10,000 to $30,000. Thankfully, there are several ways to back your startup, and of course, you should have a myriad of sources other than just putting all the capital eggs in just one basket. As an illustration, you need to know that investors compile a wide range of portfolios, which clearly indicates that they don’t have all the money invested in a single source. In layman’s terms, it’s just that one aspect either goes into the company’s failure or success. Still, given challenging entrepreneurship, you need to contribute to your startup business a sureshot chance to grow.
Today, our post highlights the top two aspects to keep in mind while looking for funding sources. On the same page, if you have been wondering how much a startup founder’s salary would be in India, here’s a post to check out beforehand. Now, let’s get ahead with the important aspects.
START WITH YOURSELF FIRST.
Not every founder needs a venture capitalist to get a business off the ground. There have been startups like GiftHub, which basically was initiated by three different founders. Each of them pitched in to launch their startup, working extra on weekends until their side of hustle was all set to become a full-time business gig. And guess what? Now the online platform has more than 3 million users.
In the same way, you can fund your startup with your credit cards, bank accounts, or couch cushion coins. Even the most successful startup owners in history have shared that throwing some of your own money is an ideal way to show the rest of the capitalists and investors that you are extremely committed and serious about your venture. So, if possible, try to tap into your personal resources and have the right funding mix before heading with complicated and never-ending loan premiums.
GET HOLD OF ENTREPRENEURIAL PROGRAMS.
Yes, you read that right! Discover some entrepreneurial programs around you or online, such as incubators, accelerators, or venture studios, that introduce funding together with the right networking and mentorship. In many situations, such programs are quite feasible to give the startup founders a nice immediate funding push in no time. In addition, you connect with more funding sources down the extremely amazing line.
The mentors and contacts help you recognise the best mix for your startup funding and offer practical recommendations on other important aspects. So while looking out for entrepreneurial programs online, always seek out the one that covers your industry, hence making the most out of your overall experience. Also, don’t forget to examine the program benefits and look at how the program alumni have been doing. If the ex alumni have been doing quite well, you will also enjoy the benefits in the long run.
So these were the top two aspects to focus on other than knowing the founder’s salary in the first place. Again keep in mind that the right mix of capital is the actual oxygen your startup needs to thrive in the industry. Begin with yourself, reach out to potential people, and get the full benefit from valuable incubator programs. How did you give your startup a new chance at success? Let us know in the comments; we’d love to go through your experiences.