By Saba Khan – Founder| FinTech | CX | Creating financial stability by helping people save efficiently #leadingtheshift
Extraordinary times need extraordinary measures! And this stands true for all startups and small businesses in the world that will be tested for survivability and resilience.
Today, COVID-19 has spread to more than 1 million people all across the world. As the spread is increasing, small businesses and startups are facing problems in finding investors.
The United Nations trade agency has warned that it will cost the global economy about $1 trillion in 2020. So, what does this mean for you as an entrepreneur?
The news is quite scary. However, if you take the right steps now, you will come out stronger. Waiting may seem to be the best approach to many, but planning is better. If you plan out your finances, you’ll be able to raise capital for solidifying your business and emerge on the other side of this economic uncertainty, stronger than ever.
Here are some tips that might help you…
1. Using the Right Tools for Working Remotely
Most budding businesses are facing problems in adjusting to the new remote working model. Unless you form a foolproof system to undergo all the operations remotely, your business will lose its profits.
Startups can keep working by collaborating with their teams remotely, so the first thing you need is the right set of tools.
Some of the platforms that we are loving right now are….
1. Zoom
2. Trello Board
3. Google Cloud
4. Atlassian
5. Google Keep
Bonus: Some of them are free. These tools will help in continuing your meetings efficiently.
2. Assistance Programs by the Australian Government
The Australian government has released multiple packages and programs to support startups and SMEs through the coronavirus, and you may be eligible for one or more. Here is an excellent resource put together by Increaseo, they have collated the information across various Federal and State government websites. You can find information about the package relevant to your business or personal needs here:
https://www.stimuluspackage.com.au/
Another excellent resource is Coronavirus (COVID-19) business support and assistance tips in Australia put together by Standard Ledger. This also includes a PAYG economic stimulus calculator to see what financial support you can expect in the next BAS.
3. Venture Capital & Angel Investors
For startups, the best ways to raise investment is VC or through angel investors.
Venture Capital—are the firms that like to invest in entrepreneurs and startup businesses that come up with an innovative idea or a unique solution. Of course, to get selected, you must make sure that you are presenting an idea that will compel the VC firms to invest in your business.
Angel Investors—are more focused on a specific industry. Unlike the VC firms, they are ready to invest in startups that aim to bring new business ideas or solutions in the investor’s field of interest or business. Early-stage investment group Investible, have committed to continue investing at their usual rate, you can read more about them here.
The Entrepreneurial Bible to Venture Capital: Inside Secrets from the Leaders in the Startup Game by Andrew Romans is a great book to help you learn everything about VS firms and angel investors.
4. Getting Funding through Accelerator Programs
To make it through the impending economic drift, startups and small businesses need all the support they can get. And, financial support is most crucial at this time.
One of the most recent innovative solutions that I came across is by Antler. They are extending all kinds of support to startups and new businesses. At the same time, they are offering a unique solution. If you are a startup and have the ‘will/power’ or innovative idea to help the business community during the pandemic, Antler will invest in your idea!
5. Raising Investment—through Saving Groups
If you are a first-time entrepreneur, you might face difficulties in finding funds for your start-up. It is always a challenge to find investors the first time. And, during this pandemic, it is getting even harder. So, you might want to look at alternative options, a savings group can help you build the investment you need.
Save and Spend Wisely
Most advisors suggest that you should leave your investments alone in such a time. Instead of spending carelessly, this is a time when a saving group can literally save you.
Kizyr’s goal is to help you spend smartly and save even more smartly. By joining a savings circle, you take control of your money and achieve your savings goal, gaining the accumulated amount to use for your business.
If you create a saving group with your trusted social circle, you will be able to use this pandemic as an opportunity rather than a liability. A saving circle will help you in raising more capital while making little contributions/payments. Be mindful of the people you add in your group, you don’t want anyone bailing out half way.
Kizyr’s goal is to help you spend smartly and save even more smartly. By joining a savings circle, you take control of your money and achieve your savings goal, gaining the accumulated amount to use for your business.
We know that raising money is not easy. A savings group can help you on many levels. The right platform will help you in setting realistic goals and sticking to them.
Another benefit of having a savings group is that you can get the financial freedom you need. Instead of relying on other investors, you can rely on your biggest ally: yourself!
Wrapping up….
Now is the time to maintain a sense of community. By collaborating with business communities, start-ups can share ideas and problems. They can also share the latest solutions and strengthen their presence in the startup ecosystem.
I hope this article will help you in raising investments or finding solutions for your startup business. Don’t forget to check out our Facebook page, for tips and resources on being money smart.
FOR SHARING:
https://www.linkedin.com/pulse/5-ways-you-can-keep-your-start-up-going-times-covid-19-saba-khan/
