When going into any kind of business, it’s essential to understand and execute the process of attaining funding. Rather it be a service or produce business, this aspect cannot be overlooked as it can make or break your business from the initial startup. Luckily, my service is a mobile application that provides a service to customers. With this in mind, funding will primarily be from self-funding and maybe a little help from family and friends.
By allowing myself to have “skin in the game”, this will be motivation for allowing the business to continue growing and expand because the success of the business directly correlates with the success of my entrepreneurship. I am also wanting to borrow the least amount of money from individuals or private entities because debt and equity is the most valuable things to give up when starting a company. So, we have the proof of concept of the mobile app for connecting clients with their photographers and well as providing a social platform for interaction amongst the community. Where else can we go for funding?
On the journey to figuring out funding for my business, we might have to turn to angel investors and Venture Capitalist if we decide to expand our company and grab a sector of this business. Typically, we raise seed money and start-up money in this round and later push to the Mezzanine level to get ready for an IPO. Although not instantaneously, my goal is to get PiccaSnap onto the open market which will allow for liquidity for its shareholders As we get to this level, the peace of the slice will get smaller and smaller for the owners but the ultimate goal is to be the recognizable company that connects its clients with professional/freelance photographers.