Acquire Funding

Before you reach this stage, you should have already created a business plan, either as a Lean Canvas or a formal plan, and a cashflow forecast. These elements are essential before you seek funding. If you don’t have them, we strongly recommend that you create them before commencing this phase.

​

Objectives

The goal of the Acquire Funding phase is to access the funding you need to prepare for launch and until your business reaches breakeven, the point when your total revenue exceeds your total outgoings.

​

The objectives for this phase are:

• Identify appropriate funders.

• Approach funders.

• Pitch to funders.

• Negotiate terms.

• Draw down on funding.

​

If you're self-financing, you can omit these steps, but we strongly recommended that you still prepare your business plan and cashflow forecast before funding your business, as they’ll help you invest your limited capital wisely and effectively.

​

Accessing funding

There are a few different options for you to try when you need business funding. These include lenders, grant agencies and investors. This phase leads you through the steps required to identify, then access funding from appropriate sources.

​

Using this phase

This document is not intended to be a step-by-step guide to acquiring funding. That information is on the Acquire Funding webpage

.

On the webpage, the phase is broken down into several steps, with each step containing:

• A description of the step and how it works

• Resources like guides, blog posts, tools, or templates that can help you with this step. Click on the buttons to access each resource as needed.

• Links to resources elsewhere on the web that can help you with this step

​

We recommend that you follow each step in turn and use the resources that most suit how you like to work.

​​​

Conclusion

The Acquire Funding phase should provide you to select the right funder(s) to approach with your business idea, how to increase your chances of a successful pitch, and how to keep funders happy as your business develops. Being successful in raising funds will enable you to progress to Launch Readiness.

​

We want to make your start-up journey enjoyable, successful, and as easy as possible. If you find any aspect of the site confusing or lacking, please let us know on our Contact Form and we’ll improve it.

​

Finally, if you’re feeling lost, head to the Toolshed Community, and get some help from a fellow founder or an expert mentor.