In 2013 I decided to apply for The Apprentice. Why? Because I was unsatisfied with both my role and the business practices of my then employer.
In short, I wanted to start my own business, but with no idea about how or where to secure funding I jumped at the opportunity of battling it out to win a partnership with Lord Sugar and that all important £250,000 investment.
Evidently this is not a viable strategy for all start-ups looking for investment. But what is?
In an age where everything is entering the digital arena, more and more start-ups are looking to secure investment online through crowd funding and kick starter campaigns – calling on the general public to back their innovative idea and drive it forwards in return for equity in their business.
For me, crowd funding and kick starter campaigns represents the growth of funding online – offering an easy to use platform with no high payback figures.
However, they aren’t perfect and there are certainly a number of loop holes. For example, in most if you don’t reach your required investment amount within a 30 or 60 day period, you don’t receive any of the monies raised, even if you fall short by a small percentage of the fee.
In addition there is little guidance and support provided by the platform itself, leaving you to take the reins on promoting what offer you have on the table.
However, when you have a new business idea and want to share it with the world there is nothing better than knowing others believe in you too – and this is something crowd funding does very well. It proves that you are on to a winner when it’s successful, without having to make that gruelling appointment with the bank manager.
For those who don’t want to give away equity or shares there are alternative routes of funding available, but it’s so important to assess and outline what works for you personally, and then what would work for the business – as the two may be completely opposite in outcome.
Ultimately business funding and investment can be a real minefield, with conflicting ideas, offers and funding opportunities up for grabs. My advice? Join myself and a vast team of business professionals – including top mentors, financial advisors and investors – at the Business Funding Show this February!
The Business Funding Show will be taking place on Tuesday 2nd and Wednesday 3rd February at Old Billingsgate, London. To book your tickets please click here.
