Yep! Entrepreneur Bootcamp | Funding and scaling it
Hurrah! We have a startup!
Why do so many start-ups that appear to have it all - customers, funding, and a bright future - fail? Ask a financier and you’ll probably hear that they have trouble “scaling.”
What does that mean, though?
Scalability is about capacity and capability. Does your business have the capacity to grow? Will your systems, infrastructure and team be able to accommodate growth? How to deliver to all those new consumers?
What steps will you need to take to scale?
Scaling a startup is a highly disciplined system. First and foremost, you need to develop the right growth strategy for your business. Other factors that you need to consider at this time include extending your market reach or export overseas; conquer a niche market (if you don't want to extend to new markets); diversify your products or services; develop franchising opportunities amongst other things.
Also, once your business starts growing, you’re likely to find yourself at a crossroads. For any company wanting to continue to expand and grow, it must have capital. But on who’s door do you go knocking?
As a business owner, it’s crucial that you understand why you may need additional business funding and, more importantly, at what time you should seek additional business funding.
Securing funding isn’t easy - a lot of it has to do with the product or service offering and how you pitch for funding.
Your pitch deck is kind of important - after all, it captures your rationale for why people should invest in your idea and give you buckets of cash.