It takes lots of hard work to commence your business as, being an entrepreneur, you need to be versed with each and every segment of the business entity. Besides employing the people to look after the operations, an entrepreneur needs to monitor the progress reports and in turn, takes important business decisions accordingly.
Your Business Should Scale Up
Once a company scales new heights, there comes a decision-making moment when the entrepreneur has to decide on whats next? Whether the company should be scaling its business or continuing at the same pace?
If the company chooses to expand the business then two things come into play that is, collaborating with other companies and scouting investors for raising funds. The companies need to opt for one option out of two or sometimes, the companies go for both the business-expansion strategies decisively.
There are a majority of companies which follow the latter business idea. Recently, the Indian ride-hailing company, Ola has raised funds up to $500 million for backing its new project-Self-Drive Service. Prior to the funding, the ride-hailing company joined hands with Hyundai Motors and Kia Motors for introducing electric cars in the Indian market.
The business strategy of OIa incorporates collaboration with other business partners, for increasing its operations, as well as raising funds for backing its big-budget projects. Big companies can adhere to such business tactics whilst small and middle-sized companies have to scout for investments only.
Your Business needs Financial Leverage
For expanding your business, you need to invest money, as well as sources, into it. You can put amassed savings in the business or else, look for affluent investors who, besides the money, can offer to mentor even.
For ascertaining good investors, you need to buckle up and become a dire investor-seeker. You can approach investors via online platforms and offline mediums as there are aplenty modes.
As the internet has emerged, the new modes of raising funds have come up. With online platforms like Angel List, WeFunder and Seedinvest, scouting investors have become easier as there are numerous investors as well as financial banks available on the platforms.
By creating an account on these platforms and sharing your business reports, you can easily access a multitude of investors.
By attending networking events, you will know industry insights and will connect to the investors. Networking events happen in almost every city, essentially metro cities like Delhi and Mumbai.
To find the networking events happening nearby your place, you can connect with other businessmen to know and even, search networking events taking place close by you on the internet.
Today, social media has become an important medium to connect with people. Besides connecting with closed ones, you can approach to investors too by creating your profile on the social media platforms.
Social networking platforms such as LinkedIn, Facebook and Twitter are being used by a vast majority of people. So, searching industrialists, as well as investors, would not be difficult for you.
If you have found contact information from some investors then you should write to them immediately. Being hesitant or procrastinating the action, would take away the golden opportunity from your hands.
While emailing the investor or investment company, you should try writing with great finesse as the email will be the foremost thing impacting your prospective investors. More so, you should convey your idea precisely and avoid grammatical errors.
For expanding your business and creating a wide nexus of industrialists, you should follow the aforementioned tips.