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1200 women started a business yesterday. Read that again – one thousand, two hundred brave, courageous women step out every day to reshape the world, and themselves along with it.
Starting a business is not a process without difficulty, though. One of the most intimidating parts of starting a new business is finding funding. Fortunately, every business who struggles here is in good company.
Johnny Clarke and Michael Budden, founders of Locate a Locum, a Belfast-based pharmacy recruitment service, have decided to share four key ways they found funds in order to encourage new startups to follow in their footsteps.
Take Part in Incubator Programmes:
Incubator programmes are often run by investment firms, and aim to help start-ups find their feet. These schemes help new entrepreneurs to develop their business skills, build a network, and hopefully introduce entrepreneurs to potential investors.
Michael and Johnny, founders of Locate a Locum said “From participating in the program we validated our idea, grew a team and raised funding – all essential parts of a tech start-up.”
Start-up Funding has assembled a list of incubator programmes aimed at female entrepreneurs.
Seek Private Investors:
“I believe a valid investor was someone who not only had money but could contribute value … We have two investors – one who is in the pharmacy technology space and second who is a software veteran.”
To a young business, investors are often worth much more than their money. They offer insight, practical help, and can help to steer your business through troubled waters.
Michael and Johnny were able to find investors that could add massive amounts of value to their business. By targeting investors in their own industry they were able to partner with two seasoned professionals, who could help to make their vision a reality.
For your business, the principles will be the same – Find investors who know your market and can add more than numbers to your bank balance.
Seek Out Loans
Business loans can be a blessing in disguise to the wise. While managing an investor can mean a lot of admin work, managing a loan can be as simple as managing your ledger.
Taking out a loan may mean opening in debt, but it may mean that you are able to launch fully equipped for success.
Finance can also be generated by selling shares in your business – an advantage to this is that it allows you to generate funding without increasing debt.
However, often shareholders can be a burden – By being divisive or controlling in meetings, and by requiring regular updates.
There has really never been a better time to be a female entrepreneur than now – And there has never been an easier time to raise funds. By using the steps above, you can guarantee your business a strong start into the world.