7 Ways to Get Your Business Off the Ground

These days, you have a choice if you are unemployed or underemployed: you collect your “free” government money or you make your own reality and start your own business.

I know which one I chose. How about you?

If you know you have a good business idea but just don’t know how to make it happen, here are 7 tips from entrepreneur and co-founder of VC on Your PC (www.VConYourPC.com) Michael Wright.

Michael and his sister Rachel Wright recently formed this site to help connect entrepreneurs with venture capitalists and angel investors for new business ventures. Your business can be brand new or an emerging business that needs a little boost.

Michael offers these tips to get your brain moving and your business headed in the right direction.

What do You Love?

Michael says you must have passion about what you are trying to do to help you stay motivated.  Study industries you are interested in or revisit your own skills to remember why you picked that path.

What’s your Strength?

Once you identify what you do well, you will also know what you need help with. That helps you start looking for friends and family who may want to be a part of your idea as it comes to life.

What’s your Competition?

You must study the core market you will serve and understand who your competitors will be. Even if you think you have a truly unique idea, there are still others in your niche who will be competing for your clients’ dollars. Find out what their challenges are so you can address them right out of the gate.

Write a Business Plan

This is one of those things so many people ignore either because they don’t know how to put a plan together or they think they know it all in their heads.  Wright says you can utilize template or classes on how to write a plan. Also, if you are an existing business, you need to look at your last 3 years of gross and net revenues. If you are an inventor, you’ll need an example of your product as well funding sources and patent information, if you have applied.

Put Together a Presentation

You are going to need to crystallize your idea into a succinct presentation to convey what you are trying to accomplish to potential investors. Wright says while the presentation is important, you are also selling yourself through your confidence and conviction and your ability to convey your vision.

Secure Local Funding

After you’ve tapped your friends and family, if you do that, look beyond this to local banks who may have federal funds available to loan and also your local SBA (small business administration) for ideas for other local sources.

Secure National Funding

Getting in front of large venture capital firms or angel investors can be a challenge if you don’t know anyone. You are fighting against a lot of other people who are asking for the same thing. Wright suggests considering a matching service, such as their company VConYourPC, which can help break through the clutter and get you the audience you need to get it.  These companies take a free look at your idea, and if it makes the cut, you will be able to have investors consider your idea and then present to them.

Michael has worked with high net-worth personal wealth individuals by helping his clients find great investment vehicles that are privately-funded. He has also worked diligently in the traditional venture capital arena, raising over $30,000,000,000 and has been a key player in bringing to market Office Depot, as well as securing funding for numerous secondary offerings on major Fortune 500 corporations.

For more information, please check out www.vconyourpc.com and also on Facebook.

Marijo Tinlin is the editor in chief of Family First, one of the oldest family-oriented websites on the internet. She is also the author of the new book “How to Raise an American Patriot, Making it Okay for Our Kids to Be Proud to Be American” available at www.raisinganamericanpatriot.com.

Image: creativedoxfoto / FreeDigitalPhotos.net