In this week’s ‘15 Minutes To Action’ episode, Nick talks you through the best ways to find that initial burst of funding for your business that can set you off on the road to success.
- Remember not to be afraid to use your own cash at the beginning instead of investor capital. By spending your own cash, the fate of your business remains in your own hands.
- If your idea is high-risk, and you’ve chosen to seek investment from friends or family, you need to consider how the fallout will look in the event that they lose their money.
- Taking on debt is not a bad thing, so long as you view it in the right way. Banks and traditional lenders should always be considered, as costs may be lower, and the guarantees may be greater.
- Grants are an invaluable way of boosting your cash reserves, so long as you are solving the problem that the grant has been designed for. Essentially, they provide free money that doesn’t need repaying.
‘One of the scarcest resources you’ve got is time’
‘You get what you pitch for, and you’re always pitching’
‘Entrepreneurship is not for the faint-hearted. It’s a roller-coaster journey’
‘Money alone can’t always get a business running. Sometimes you need help’
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ABOUT THE HOST
My name is Nick Bradley. I’m an entrepreneur, author, speaker and investor. My background is in growing and scaling VC and Private Equity backed businesses.
Having successfully built, bought and sold a number of companies, and removed myself from day-to-day operations, my focus now is on helping entrepreneurs get to where they want to be, in business and in life. As well as investing in growth businesses and backing turnarounds - with the ultimate aim of creating value from significant capital events.
I’m passionate about personal and professional development - showing up and being the best version of myself ... every day.
My bigger vision is to help bring entrepreneurial skills, experience and mindset to people in developing nations - so they can follow their dreams, live life more on their terms - utilising entrepreneurship as a global force for good.
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Nick’s website: https://scaleup.vip/NB
Scale Up Your Business website: https://scaleup.vip/suyb