So, you have this fantastic business idea, something unique and guaranteed to be hit; all you need to now is the money to make it happen. Sadly, we will never know how many great business ideas never came to fruition, largely because the creator didn’t have the capital to launch the business, and if you are certain that your business idea has got what it takes, here is some useful advice on acquiring the capital.
The Business Plan
When you approach any potential investor with your proposal, the very first thing they will ask to see is your business plan, which needs to be comprehensive, covering marketing, production, logistics and startup costs. You are advised to seek professional help with your business plan, because it could be the difference between a yes or a no from an investor, as they would take the business plan as a guide. When you think your plan is complete, hand it to a business guru and he or she will find weaknesses that you can improve, and there is always room for improvement with a business plan.
Online Lenders
When Australian entrepreneurs need startup capital, they turn to the online lender who offers low-interest unsecured business loans, and they process the application in no time at all! A simple Google search will take you to a leading Australian online lender and within a few minutes, you should receive pre-approval, and that means you can start to organise things. The amount of paperwork is minimal when compared to a traditional bank, who would want to see your business plan and take a week to consider the application, and with an unsecured short-term business loan, you are all set to put the wheels in motion.
Investment Partner
Sometimes called the ‘sleeping partner’, this is a person that funds the business but doesn’t have anything to do with the running of the business. Simply put, if you can convince someone with money that your concept will work, then they might well take a chance and invest in you. If you are planning to pitch your idea to a potential investor, brush up on your presentation skills and you might be successful. Of course, an agreement would have to be drawn up, which would be very detailed and signed and witnessed, and with a sleeping partner, you now have the funds to start the business, just remember to keep your investor informed at regular intervals.
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