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DRCI Business Insights Blog

Posted on: July 17, 2020

Tips for Securing Start-up Funding

finances

If you’re an entrepreneur in the planning stages of starting your own business, it’s likely that securing the funds to launch your company is one of your top priorities.

Whether you’re about to launch your first business, or you’re a seasoned business owner about to start a new venture, there are a number of steps you should take – and resources you can uncover – in order to raise the money that can turn your great idea for a new business into a reality.

Here are some ways you can secure the funding to not only get your business started, but help it succeed and grow:  

  1. Decide what’s essential. Ask yourself what services are essential to starting your business and what you can do without. Do you need a slick, custom-designed website when you’re still testing your products? Should you start hiring employees right away, or can you do most of the sales yourself? Do you need a private office, or would you be comfortable in a coworking space? Avoid overspending by buying only what you need until you start turning a profit.
  2. Look for local funding opportunities. If you’re looking for more capital and have been operating on a tight budget, your bank may be willing to offer you a small business loan. There may also be seed funding opportunities in your area or investors who are willing to support you.
  3. Join an incubator program. If you believe you have a solid idea and a workable business plan, a business incubator can be a great way to help you navigate through the critical next steps in launching, and growing, your business.   The DRCI STARTUP Program is a great resource here in the Lowcountry – to date, we have incubated 29 companies  – and continue to offer the resources, and mentorship, that has been critical in helping so many entrepreneurs in the early stages of their new businesses.
  4. Embrace social media. Social media has been a game-changer for startups and small businesses. As long as you build an attractive online brand and post regularly, social media allows you to engage with potential clients, showcase your products and services, and spread your message for free. If you don’t have an e-commerce website set up yet, you can also use “shop” features to sell your products online.
  5. Invest what you can afford to lose. There’s a big difference in the mindset of someone who invests and expects to get a specific return and someone who is willing to invest just enough to try and make their business work. If you invest what you’re willing to lose, you’ll probably be less stressed and more open to taking creative risks.

Raising the funds you need to start your business may present challenges along the way, but the rewards – as any business owner can attest to – are certainly worth it.  At the Don Ryan Center for Innovation, we can help you develop a plan to secure startup funding for your new venture; in addition, our business incubation may be exactly what you need to take your business idea to the next level.  Give us a call at (843) 540-0405 to learn more about the DRCI STARTUP Program and application process, as well as the current unprecedented opportunity for you to secure free membership at the DRCI.  Let us help you secure the funding you need to turn your business vision into a reality.    

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