Getting business funding is something that you need to prepare for. In our first and second parts of this series, we talked about our friend Jackie, and her attempts to fund her own business. Luckily for Jackie, she was able to get her funding and out of stress.
But what if you are? There are plenty of businesses that do everything we’ve already mentioned and still struggle to get the small business funding they need. If that’s you, there are still options. So, let’s talk through them now.
Thinking about making changes to your business? ProStrategix knows how to help. Read some of our other articles below, or feel free to connect with us and get a complimentary thirty-minute consulting session.
Start with Your Business Plan for Funding
If you’ve been faced with a lot of rejection, it’s time to revisit your business plan. People aren’t supporting you for a reason. That reason likely starts with your business model. Where are people struggling with your company? What do you need to prove/demonstrate to get them to believe in you?
Has Your Field Been Too Narrow?
Have you only been considered one type of funding and excluded others for your business? Like we said in our previous post, ideally, fundraising should match your long-term goals for the company. But sometimes, things aren’t ideal. If you want to have a company, you may need to rethink your goals. A broader search for business funding is warranted if the focused on has become a dead-end.
Can You Lower Your Ask?
If you can’t get the business funding you need, it’s also time to ask yourself: how can I get to the next level with what I have? For example, you’re ask was $150,000, but the best you could reasonably achieve was $75,000. Now is the time to revisit your cost projection to see how you could manage with less cash. Can you delay a phase? Could you do a 1.0 launch? Is easier to get funding once you have a proven revenue stream for your business.
Get Help with Business Funding
Help isn’t cheap, but if you’ve gone as far as you can on your own, perhaps it’s time to find a partner, mentor, or consultant, who has been there before. They may be able to give you the guidance you need to improve your model, pitch, plan, and/or, whatever else is holding you back.
Rarely, does any business get all the funding they need at the start. If you are willing to use some of the tools in this series, hopefully, you will be able to navigate the challenges better and get more of what you need. Remember, this is an iterative process. Try. Learn. Adjust. Repeat.