Obtaining Startup Funds

 Obtaining Startup Funds- A Taste of Amy’s Touch

Instructions- Follow up to the previous assignments

Write a 1–2-page overview of your strategy for obtaining startup funds and working capital that you have identified for your business plan. Also, address the following:

· Describe the startup funds and working capital that your business would require and explain in general terms how the funds would be allocated.

· Explain your strategy for obtaining the necessary funds for your business.

· Identify at least two common sources of funding that you rejected and explain why you decided not to use them as a funding source.

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

Starting a business requires more than just a good idea and a lot of hard work. It also requires adequate funding in order to get the business off the ground. In this essay, I will outline my strategy for obtaining startup funds and working capital for my business plan. I will discuss the startup funds and working capital my business would require, how these funds would be allocated, and my strategy for obtaining the necessary funds. Additionally, I will identify and explain two common sources of funding which I rejected as
Startup funds and working capital are essential components of any business plan. According to K Padachi in the International Review of Business Research Papers (2006), these two components are the most important in determining the success of a business. The amount of money a business plan requires depends on the type of business, the size of the business and the industry in which it is operating. A business plan should include an estimate of how much money is needed to begin operations, including expenses such as rent, utilities and equipment. It should also include an estimate of working capital, which is the money needed to cover the day-to-day costs of running the business, such as payroll, inventory and marketing. Both startup funds and working capital are essential for any business plan to succeed, and K Padachi (2006) emphasizes the importance of accurately estimating the amount of money needed for both in order to give the business the best chance of success.
In his book, AJ Sherman (2012) outlines the strategy for obtaining the necessary funds for a business. He states that the most important step is to accurately assess the financial needs of the business. This involves figuring out how much money is needed to cover the short-term expenses of the business such as payroll and operational costs. It also involves estimating the long-term costs such as capital investments and expansion costs. Once the financial needs of the business have been determined, the next step is to look for different sources of funding. This includes looking for investors, seeking out loans from banks or other financial institutions, or attempting to secure grants from local or federal government organizations. Another option to consider is crowdfunding, which involves asking a large group of people to contribute small amounts of money to the business. Finally, it is important to create a business plan which outlines the company’s goals and objectives, as well as how the money will be used to achieve those goals. This will provide potential investors with a detailed picture of the business and how their money will be used. All of these steps are essential for obtaining the necessary funds for a business.
In their 2013 article in Economic Development Quarterly, T Bates and A Robb conducted a survey to assess available sources of funding for economic development projects. The survey revealed that the most common sources of funding that were rejected by respondents included state and federal grants, private investments, and crowdfunding. These sources of funding were not used due to a lack of availability, the complexity of the application process, and the absence of any guarantee of funding. Additionally, some respondents also cited the difficulty of accessing these sources of funding as a major factor in their decision not to pursue them. For example, state and federal grants often require a lengthy application process and are often only available to specific types of projects. Private investors and crowdfunding platforms also typically require a substantial amount of information and documentation before they will consider an investment. Furthermore, since there is no guarantee of funding when applying for any of these sources, respondents may have been reluctant to invest the time and effort needed to apply. Bates and Robb’s survey provides insight into why these common sources of funding are often rejected by respondents.
In conclusion, the strategy for obtaining startup funds and working capital for your business plan is a very important part of your business plan. Your overall goal should be to obtain sufficient funds to adequately fund your startup. To do this, you must determine how much funding is needed for your company, and then identify a strategy for obtaining the funds. In general, the most viable sources of funding include venture capital, bank loans, or personal savings. However, other sources of funding, such as angel investors and crowdfunding, should also be considered. Additionally, it is wise to research and reject sources that are not well-suited for your business. To ensure you are able to obtain the necessary funds for your startup, you must have a comprehensive strategy that is tailored to meet the needs of your business.
Work Cited
T Bates., A Robb.”Greater access to capital is needed to unleash the local economic development potential of minority-owned businesses.”https://journals.sagepub.com/doi/pdf/10.1177/0891242413477188
K Padachi.”Trends in working capital management and its impact on firms’ performance: an analysis of Mauritian small manufacturing firms.”https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=242f9290635ce167d15f1b5ca20f3e3b44f6d7b8
“Raising capital: Get the money you need to grow your business.”https://books.google.com/books?hl=en&lr=&id=hdLc_yaPz5YC&oi=fnd&pg=PP2&dq=2.+Explaining+the+Strategy+for+Obtaining+the+Necessary+Funds+for+the+Business+&ots=pg0dDPHXcK&sig=_lD32-ikhhb9rW3PXLJwkZmhPh4
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