Gaining traction for your business is an essential part of setting up and running a successful enterprise. No matter how great your product or business idea, how lean you can operate or how big you’ve grown already, more capital and financial leverage will always inevitably be a necessity.
Before Getting Started
Traction refers to the progress of a start-up company; as the business grows, so does its traction. Thankfully, there’s an increasing number of ways a new company can get noticed and connect with potential investors in today’s world. Understanding your investors before you ask for money is vital.
For the average entrepreneur, raising money can be an entirely foreign experience. Given that you’re dealing with financial professionals, your inexperience can put you at an immediate disadvantage. To mediate such a drawback, do your homework, understand your investors to ensure you’re in front of the right people and that they know their priorities.
Consider such factors as:
Three ways you can source investment for your business
1.Online fundraising platforms
In recent years, our social media and internet usage has reached an all-time high. This surge in spending time in the digital sphere has led to the birth of online fundraising platforms, with investors and funders taking hold of these new ways to deploy capital. Popular UK venture opportunities include UKBAA, AnglelList, SeedInvest and crowdcube.
Many businesses successes can be attributed to visibility, physically getting noticed and talking with investors, much like the age-old saying: it is who you know. Attending events is a great way to achieve this and get ahead of the queue. Try to find out who is attending the event ahead of time and schedule meetings to be productive and have your pitch ready.
3. Apply to Accelerators
Most major cities have programmes or open invitations for start-ups and entrepreneurs to apply to join the programme. Once accepted, the benefits range from a cash injection straight into your business to introductions to industry experts and investors as well as business advice and fundraisers.
Here’s a list of 181 business accelerators for start-ups in the UK.
Once you’ve got the investment, how to ensure you keep business booming
Just like many other things in life, businesses go through cycles of growth, stagnation, and decline: repeat. It can be a common occurrence for some companies that start well to hit a solid wall and fail. Losing focus of your company vision, inconsistent branding, remaining in the ‘safe zone’ and neglecting key clients all add fuels to the flames of a stagnant business. Luckily, noticing the signs that your business is losing its momentum is the key to prevention.
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