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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4474
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Madam,What is good ways of raising funds to start

Customer Question

Dear Sir/Madam,
What is good ways of raising funds to start a business, if i have little savings or do not want a bank loan or other high interest loan. I really am passionate about starting a business but do not want to risk too much and i feel this is what is putting me off starting the business.
Do i need to employ someone with knowledge or get an investor onboard or can the business be run effectively by myself if i have enough skills?
Yours faithfully,
John Fellows
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Mr. Fellows,

Hello and welcome. Thank you for providing an opportunity to assist you.

Let me begin with the second half of your question. If you possess enough skills to run a business and possess sufficient domain knowledge pertaining to your field of operations and expertize, you can certainly run your business yourself.

Now coming to your first half of the question.

If you do not wish to approach the conventional sources of finance, you can consider one innovative approach. This is known as "Crowd Funding". This are places wherein one individual puts up his business idea, and investor community puts up small amounts as contribution to a particular venture. In simpler words, investors meet new business ideas here and in turn enterpreneurs just like you can have access to funds without seeking high cost funds and approaching conventional sources like banks for finance.

Just refer the following links. I am very sure this would serve your purpose.

http://www.crowdfunder.co.uk/


https://www.crowdcube.com/


I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 1 year ago.

Dear Rakhi,

Where do you usually pickup the skills to run a business can you explain in a bit more detail please? Can you pickup these skills from internet research, reading journals? Further is the only way of getting experience working in a business for a period of time?

Do you have a list of other ways of creating funding for a business please outside of Crowd Funding which does seem like a good option?

Yours sincerely,

John Fellows

Expert:  Rakhi Vasavada replied 1 year ago.
Dear *****,

Hello and welcome again. Thank you for your reply.

In my personal opinion, just start working and working on a business for over a period of time is the ONLY way you will get real experience. To learn to swim, you need to jump into the water. Mere reading of journals and internet reserch is certainly not going to help.

In the meantime, if you feel less confident, you can hire some professional help to assisst you. But you WILL have to start working to gain experience.

Practically speaking, crowd funding is the only alternative I can think of if you do not wish to appraoch high cost funds and conventional banking sources. The reason is, approaching Venture Capitalists and Angel Investors is not feasible as they typically look for very large ventures. As of now, I see this as only possible and feasible alternative.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 1 year ago.

Dear Rakhi,


What skills are generally required to make a successful business, it is okay having experience but what skills do i need to help me succeed please, is there anything in particular?

While working in a business if i do not want to be employed for a long time, what should i be looking for, should i take a notepad and write down what software they use and chat to other staff to get more of an insight. Obviously if i do not learn how the business works how can i get the knowledge for my own business?

If i have the knowledge but do not feel entirely confident what type of Professionals should i hire to help with the business? Would it need to be a Professional in a certain industry say if i wanted to open an online retail business? Could you please clarify this further?



Yours sincerely,



John Fellows

Expert:  Rakhi Vasavada replied 1 year ago.
Dear *****,

Hello and welcome again. Thanks for the reply.

First of all, you must possess adequate domain knowledge about your business. This means that there should be nothing that you do not know so far as your business is concerned. Beyond this, you will need to possess good situation analysis skills, coupled with basic time management and administrative skills.

The following is for your basic reference and understanding.

https://www.business.qld.gov.au/business/starting/starting-a-business/skills-running-business/essential-skills-business


http://www.zdnet.com/article/12-business-skills-that-will-never-ever-go-out-of-style/


http://www.inc.com/murray-newlands/5-most-important-business-skills-every-entrepreneur-must-have.html


My above answer addresses your second point as well. You will need to note down your requiremens with regards ***** ***** manpower, softwares that you will use for basic book keeping, etc. etc.

Further to this, so long as hiring professionals are concerned, you will need to know by yourself as to what exactly you require. You will need to figure out if you need a Marketing Professional, OR a sales executive, or a financial expert to plan and keep your finances in check, OR a manager who would look after your daily administrative affair.

Out of the above areas that I referred to, you can keep that work to yourself that you know really well, and hire people for the rest of the functions.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Customer: replied 1 year ago.

Dear Rakhi,

So is it okay to bring a notepad into work and write down what software they use, how the business is managed, without getting seen by a manager? Is it okay to talk to Directors of the company and make notes for my own gain without them knowing? As this is the only way i can think of to get the required knowledge. As you said you cannot swim without first jumping into the water.


Yours sincerely,


John Fellows

Expert:  Rakhi Vasavada replied 1 year ago.
Dear *****,

Yes, that is what I mean. You can do and prepare your notes yourself. Also keep talking to your directors and colleagues. This will help you develop your insight as well into the affairs.

However, ultimately you will have to take your own decisions. You may seek inputs, take opinions, but the all decisions should be yours and you should own them.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

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