Issa Asad Genius Tips for Funding Your Business
Technology has made starting a new business much easier than it was years ago. Nowadays, you can just use software programs that can already manage your employees’ payroll. Just years ago, it would have required people to perform this sole task. Let us not forget the fact that these types of programs are very inexpensive!
You can even receive payments anywhere and any time with an online payment system like Xoom and Paypal. If you need help in any of your projects, you can just run off to Fiverr and Upwork and you will find contractors than can provide you with what you need. Yes, it is that efficient!
A few decades ago, start-ups would cost you more or less $2 million to bring it nationwide. “Now you can reach out to the entire planet in just a hundred grand,” exclaimed Issa Asad Florida entrepreneur and businessman since 1996. Mr. Asad is also the CEO of 2 companies in South Florida, including Q Link Wireless and Quadrant Holdings. “However, $100,000 is still serious for seed money.”
This is why we have listed out four tips on how you can best tackle that. Find out reading Issa Asad genius tips for funding your business:
1. Save Up to Put Some Skin in Your Game
It is not advisable for start-up owners like you to rely on outside investors to fund your idea until you have built a solid track record. What most entrepreneurs do is to fund their own projects which means you need to sock away whatever you can and as much as you can starting from now on. It would be virtually impossible for you to find someone who will want to invest on your company unless you have already put in at least $200,000 of your own sweat and equity. If you have seen the TV series Shark Tank, you will notice that the person who gets the funding is the one who is making revenues or has customers lining up before the product.
2. Be Realistic On Your Crowd Support Expectations
If you insist, you can pitch your ideas on crowdfunding sites like Indiegogo and Kickstarter. Most investors would ask for donations to preorder the product/s they would want to create. However, it is not all too easy. Crowdfunding would require you more or less to be a social media savvy. It is because you need to have a strong social media presence and you should have fair amount of followers, typically around 6,000, to be able to make your campaign successful.
If this campaign is dedicated for Coke or Pepsi, the social media guy that runs the campaign can do it in his sleep and it will still be successful. But, if you have no LinkedIn presence then you might as well scratch that idea.
3. Know How Much You Should Save
For most start-up business owners, it would take them at least a year and a half to generate cash. You would need that time allowance to adjust your family life with your upcoming business and you need to do it slowly. You should also have at least 18 WHOLE months of dry sand to survive.
Most financial advisers would tell you to put aside two or three years worth of living expenses. This will help take out financial stress which could very much force you to close your shop prematurely.
4. Be Resourceful
It is not an isolated case wherein just saving up for a couple thousand dollars would last you forever. The answer to this is to look for other sources of income. Take a freelance consulting work or a part time job that could help pay your monthly dues. You can even rent out your spare room on Airbnb!
