Now that I have my business plan I am all ready to find some funding! This is what John Dimmer from Firs management came to help us with. John went over the different steps to find funding and let us know the challenges we are going to face and how to overcome them. He included 4 main steps of financial support.
Funding sources:
1. Yourself (This one isnt going to do me to much good since im broke) (As much as you can)
2. Friends and family (Now we're talking)(25k-150k)
3. Angel Investors (Growing even bigger)(150k-2.5m)
4.Venture capitalist (4m-Unlimited)
Angel capitalists want more back in return around 10x while venture who used less rick wants 5x back. More risk the more you are going to have to pay them
One thing John let us know is that when he is deciding who to fund he wants to know if they have skin in the game or weather they can just quite really easy if it gets tough for them "which it is going to do many times"!
Another thing I learned is to listen and get as much advise from others in the same game as you because they might sound to be extremely smart but most likely it is because they have been down the same path and already had to deal with the problem....so why not let them make the mistakes and you can just use their advice.
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