8. Finding funding
Gaining funding doesn’t have to be hard – proving your business works with a small number of users first can really help to secure investors who can see your business model works.
The second tip is to design the initial stage of testing the idea and the associated business model with minimal cost. For example, do you need a fully functional app or website right from the start?
Consider a two-step process to funding:
Test if people value your business offering – you can do this yourself and for no cost. Creating an appropriate business model for this testing phase might also be helpful.
Design the business model so that the business can scale-up. Once you have established the demand for your business is there, now is the time to approach funders as you can show that customers want your product or service. Your business will be much more attractive to a funder at this stage.
Case Study: Touchstone
Creating a successful business involves a journey of making a series of changes and redesigns as you come to understand your business and your customers’ needs. Most successful start-ups go through between 3-5 major changes. Even for existing businesses, it is a good idea to constantly examine and rethink the business on a regular basis. Have a look at the video which talks about business innovation.