The lack of money has been the reason why many talented and highly-skilled people have given up on their startup dreams. If there isn’t enough cash to get you going, the idea of risking it all (meaning quitting your job and losing your stable paycheck) seems so crazy.
Bootstrapping a business isn’t easy and for many entrepreneurs-to-be, it is a no-go. Even though there are many funding alternatives out there – from raising money from family and friends through crowdfunding to getting venture capitalists and angel investors interested, many startup founders stumble to find the perfect match.
But when you believe in your idea and its potential, nothing can stop you – even the tight budget that you operate on. You can accelerate your startup success before raising money and here are three ways to do so:
Connect with the customers
More paying customers means more cash for the company. For a starting company, it is difficult to get the attention and trust of new customers without spending a lot of money on customer acquisition costs. So, you need to think strategically – put the customers at the center of your operations. Connect with them, listen to them and respond to their needs, make yourself accessible and open to them. Build your customer base quickly and soon investment opportunities will start coming your way.
Participate (and aim to win) pitching contests
Pitching your business on the stage of startup competitions is a great way to get the attention of a broad audience of investors, fellow entrepreneurs, mentors, advisors, and potential customers. Participating in pitching competitions is a great way to get the attention of the media and receive free coverage.
By entering a competition, you will also receive constructive feedback, and the opportunity to improve your pitch deck and your personal presentation skills. And, of course, you will have the opportunity to win an award, prize, and even secure funding. If you would like to pitch your business in front of some of the most prominent investors in Turkey and the MENA region, apply for The Pitcher 2018 here.
Find the right co-founder; build the right team
Finding the right co-founder and building a strong startup team of people who compliment each other’s skills and work effectively and productively together are increasing the chances of success. The future of the company is in the hands of the people, who work in it. Investors are interested in the team behind every project. If they are going to trust you with their cash, they will need to believe in you and your team. Find the right people and you will find the right investors to jump on board!