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MenuWhere can I start looking for funding for my business?
My business partner and I want to start a not for profit called AssureMom.com I need to know where to start looking for funding. AssureMom.com was formed to assist the elderly and their families with the services they need independent of what Medicare and Medicaid provide.
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The funding of a non-profit can be a bit more complicated than banging on the doors of a bank. First, you will need to set up the corporation, next file for non-profit status with the IRS (1023), and lastly receive tax-exempt status from your state of incorporation. At the point of submission to IRS, you have a window of roughly 2 years to fundraise while you receive your approvals. However, many foundations will not fund you during that time. That leaves you to grass roots funding.
Your success will be based on a solid business plan, and a board that is experienced in oversight. Focus on the income and expenses when you write your business plan.
Good luck in your endeavor, you may find the reward in helping people gets overshadowed by the daunting task of running the company. Keep your mission statement handy!
Sounds like you have a non-profit organization pursuing funding resources that typically revolve around grants, private donors, equity-based investment, product review, membership/subscription revenue, or events sales through the community you are building. A multiple revenue stream approach is a good strategy for a new business that's still trying to determine it's primary funding source. But you need to focus your resources and do what's going to benefit you most to get past the early challenges of your launch. You need an assessment of your opportunity and clear strategy with tactics you can execute. Let's chat.
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Hey, A few points (and as someone who has sold a digital agency, I have some experience here) 1) "This is the biggest decision of my life"... No it isn't. Not even close. I mean no disrespect but, agencies are easy to start back up. You build a team, build a client base, maybe take investors, scale it, sell it. Sit on your hands for the non-compete period, then start another one. Don;t sweat this too much, you aren't facing a decision that you can't work your way out of in a year or two. So my tip number one: relax! 2) This investor is taking you for a ride Giving yourself a minority ownership in an early-stage company or startup is a very, very bad idea. You need to feel like you have a "big win" ahead of you. A CEO shouldn't own a minority stake in the company she or he founded until you're doing $Millions in revenue 3) This guy is bringing very little to the table He has no background in your area. If he's bringin money, sure. On £30k run rate you aren't hugely investible but hey, a £20k injection of cash at 20% equity might work for you. But seriously, right now you have a very early stage business and it's too early to see how his flower shop expertise would help. 4) It's really, really early for you Taking investments into agencies is usually a bad idea until you have some solid revenue. £30k is very admirable and you should be proud to be more successful than a LOT of small business owners. But honestly, just keep selling and hustling. Hire SLOW and fire fast. Move your sales reps to a basic and give them quotas. Use contractors to scale out delivery without taking on as much risk. It sounds like you have the beginnings of a great agency. but from the information you've provided and from remembering my very early days where I transition from freelancer to agency, an investor right now would be a bad move for you. Happy to jump on a call to discuss my specific experiences and how I scaled out my team and client base and then moved everything to SWEET retainers so we could sell the biz.LG
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This is a very complex question. I have personally gone through funding, I've used angellist and other platforms for this purpose. The reason for needing funds is not a concern for you at this time. Your concern is approach. Focus on that. Check out my blog Http://Unthinkeverything.blogspot.com I have some books listed there that I recommend, I particularly did benefit a lot from the Presentations one that is there on the right in my blog. Your goal is to craft an image that engages with a certain type of Persona, similar to what you should do when crafting a marketing strategy to sell your product. Then make that pitch, angel profile, landing page, pitch deck... All speak to that persona only. All you have to do is convince one person, but if you trysts focus on pleasing everyone you'll end up with nobody. That's often true because investors go for the people running the business not the MVP or idea alone. Even a great idea if not presented correctly will lose opportunity. To give you more detailed insight and guidance give me a call. This is not easy but it is a lot of fun!HV
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If the investor is spending his precious time meeting with you, then I assume he has at least some interest in your event. If that's the case, then in my opinion, yes it would be a nice gesture and appreciated. Good luck with your pitch!II
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