If you are looking to go into business for yourself and are hunting for an investor, but don’t have a proven track record in business, or in the field that you have chosen, you may have a very difficult time raising funds. Why do I say this–because I have been there and experienced the doubt and uncertainty that people have when you come to them with an idea for a business venture without having anything that will give an indication for future success. This doesn’t mean that they necessarily doubt you or your character, they just don’t see any previous accomplishments to give them enough confidence to invest in you.
It also doesn’t mean that you may not be successful in raising capital without a track record. You may have connections that will overlook your inexperience and give you the money you need. The odds, are, however, very low. When forming a business plan for a start up enterprise, it is much better to begin your venture as a scaled down, streamlined version of your larger vision. There are several advantages to doing this, regardless if you have funding or not. Here are some tips on how to proceed.
Focus on one product or service that you can market, promote and distribute with the least amount of expense. Choose one area, in other words, that you can master. Also, form a team of like-minded small businessmen and women who have the same overall goals that you have and brainstorm together. Bring in experts in their own fields like online marketing specialists and web site developers, as well as those who have businesses in related fields. When you network together with other entrepreneurs each will find in the other new sources of information and social business connections. For those of you who want to start a business but don’t have the money or the experience, there are several excellent companies, often called hybrid marketing companies, that you can find on the web that look for budding entrepreneurs. They offer free training and support and you won’t need the experience to get going. Whatever your circumstances, the only limitations that any of us have are the ones that we place on ourselves. Remove them and start your business life anew today.