Here’s A Step-By-Step Guide To Make Your Business Idea A Reality



May 8 2024, Published 8:00 a.m. ET

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According to the U.S. Chamber of Commerce, small businesses employ 43.5% of the U.S. workforce, and they help drive the economy immensely. For those who have the next fabulous business idea, it may be a good time to start bringing it to life. If you need a financial helping hand, however, you may need to call in the help of an investor or two to get you started.

The real question though, is how do you find them? Contrary to what you may believe, new investors may very well hide in plain sight. From calling up a forgotten network to signing up to beneficial investor platforms, we’ve put on our detective gear to sleuth out how to seek them yourself as well as the places to look.

1. Ensure Your Company Mission Statement Is Specific

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Source: Unsplash

When applying a mission statement to your company, you’re explaining the plans and objectives of your business concisely to those who may have never heard of you before now. To ensure the reader or potential investor understands your proposal for profitability, it’s vital to tailor the statement to read as precisely as possible. According to Harvard Business Review, over 90% of businesses with specific mission statements see growth and profitability that go past the industry average. 

Without a mission statement in place, business owners run the risk of losing out on potential investors because they are unaware of the company’s intentions.

2. Reach Out To Your Inner Circle

Sometimes the right investor may be closer than you think. Family and friends can be a great place to start small pools of investing. Start advertising your business to them and offer the option. According to Charles Schwab, while it may all be in the family,  it’s important to define the specifics of the investment, so there are no assumptions and undefined objectives. 

While offering a stake in the company or equity may not be necessary for initial investment rounds, it could be a potential discussion for those interested in having a long-term business relationship.

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3. Attend Related Events

By going to industry-related events as a business owner, you’re opening yourself up to several opportunities that otherwise wouldn’t be available to you. These events also allow you to put a face behind the company name, which can help attract more interest in your mission. 

According to Techopedia, those who want to measure the success of attending these industry-related events can do so by keeping track of the quality of the connections made rather than the quantity. One thing to note is that networking may take more time than other routes for investment, but the effort put into achieving quality connections is likely to show results further

4. Create An Event Yourself

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Source: Pexels

While it may be easier to attend another organizer’s event, it may also be beneficial to create your own. 76.6% of business event organizers say in-person conferences are critical to their company’s success as per Bizzabo. By initiating your occasion, you can control the type of people who may attend. You can also structure the timeframe, venue, and objectives of the event. Afterward, you’ll also have the opportunity to follow up and request feedback so you can adjust for the future.

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5. Apply To Accelerators

Select USA finds that those who are part of a startup can further contribute to the economy. Accelerators assist in this way by serving as initial incubators to jumpstart a new business.

By joining an accelerator program, business owners are given firsthand access to mentors and other colleagues related to their chosen industry. They have the opportunity to also receive constructive feedback that will help in targeting the right investors and customer audience.

6. Engage With Angel Investors

Angel investors are utilized specifically for investing their funds into new businesses in exchange for some part of the business such as equity or a board member role. They’re also known to take more risk on a business initiative they take interest in personally.  There are three helpful platforms available for those who want to reach out to potential angel investors such as Gust, AngelList, and Start Engine.

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By: Taylor Bushey

A New Yorker turned Londoner, Taylor Bushey is a motivated business professional who has worn several career hats over the last few years. After leaving her most recent employment journey in the financial industry, she has re-engaged with her roots of writing, marketing, and content creation. She’s now a full-time freelance writer and content creator. Taylor covers lifestyle, careers, fashion, beauty, home, and wellness. Her work has been featured on CNN Underscored, Cosmopolitan, FinanceBuzz, Apartment Therapy, The Kitchn, and more. If she's not sipping an iced latte and writing away in a local coffee shop, she's most likely thrift shopping for a cool, rare find or planning out her next travel itinerary.

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