Are you starting up a new business and need funds for it? Think of this! Of course, banks and other creditors have done their part, yet you are short of funds and are thinking of where to go. Suddenly you realize that there is someone who will/can do it for you. Of course, we are talking about your near n dear ones – your family and friends. After all who can better support you than your friends and family members? However, since this is going to be a significant amount, it will be a little tactful practice. Still, there are ways you can talk to them over it, and maybe you could find some clinching investment help. Let’s see some of the best-practiced ways to fund your start-up – the close-knit way. Look at this now.
Work on your proposal
Think twice about how you are going to put your proposal. Your friends know you very well, so no gimmicks will work here. They don’t prefer to read on your business plans instead it is you who will have to tell it on your own. It will be a good idea if you invite them for dinner at home or outside and then peacefully discuss with them the purpose of your business. You can also tell them in detail how it would go about and how you plan to repay their money. If you are genuinely serious then for sure they will consider your idea. However, the crux of the story is being true to yourself.
If your friends and family members have been kind enough to help you financially and if you wish to take it from them the second time, be sure to pay them on time. We insist that you keep a log of how and when you will pay back the money. It is a crucial matter and should be taken seriously. Only if you re-pay them in time and in full – the first time they lend cash; you can ever again in life expect them to help you. They are not like banks and other covet-lenders who will come after you; it will be you who has to take the initiative. So, be sure to pay them. Look at this now.
These tips are some of the best ideas to get your family and friends to fund your startup. These are the straight and clean ideas to get money from your close and loved ones. If you apply these ideas, these will work out for sure. In fact, I have seen the same case with a close friend of mine who started his chain of bookstores by taking money from family members and some friends. They showed confidence and lend funds for his start-up. Beginning with just one tiny bookstore in Yorkshire; today he has a chain of ten bookstores in the same town. Of course, he made sure that he paid back his friends on time.