Monday, February 26, 2024

5 Ways to Get Funding for Your Startup in 2021

Are you planning to start your own business? And you are reluctant to fulfill your dream because of shortage of money. Do you have an innovative idea for a startup? Then you should spend your few minutes in reading this article to know the easy ways to get funds for your business.

Starting a new business is not easy. But it is not as difficult as it seems if you work smartly. The world welcomes innovative and smart ideas. Many countries in Europe provide opportunities for startups. But the only problem is if you lack confidence and feel hesitant to work on your idea.

In Pakistan, the businesses were in hands of famous business tycoons and politicians. But now the trends are changing, and concept of startups becomes common. Now, everyone is appreciating the new ideas, innovative inventions, new business trends, and beneficial startups.

How do startups help us in society?

The startups not only help in flourishing one person (who is the owner of that business) rather they produce a lot of different job opportunities in the society. In this way one new startup brings multiple job vacancies with it. That helps in overcoming the unemployment in the society.

Role of technology in startups:

Technology plays very important role in establishing startups. Usually these startups are based on new trends of technology. The IT industry becomes the backbone of every business in the world. From healthcare to food industry, everyone needs an IT department in their business. And we all know the benefits of information technology, as it helps in doing tasks in smart way and more accurately.

How to Get Funding for Your Startup in 2021?

Getting funds is not a difficult task if you make strategies for your plan. Here are 5 way to get funding for your startup in 2021;

Social Media Campaigns:

When you are planning to start your business, you need support from different social media platforms. The companies that can provide you funds, attract towards your idea if they see more people as your audience. If you audience and followers admire your idea, the chances are very high that you can get sponsorships from different companies. Facebook, WhatsApp, Instagram, Twitter, LinkedIn, Email and other communication applications can help you to seek attention on social media. Different social media campaigns help you to get more and more funds.

Crowd Funding:

It is the process of getting funds by the people. You can reach to different people across the world and get funds from them through internet, like from different websites and social media.  There are Crowdfunding sites in Pakistan like Indiegogo, Fundstalk, Rockethub, FundAnything, FundingLab etc.

Arrange Events:

Events help you to display your startup project to the audience. You can arrange events with the help of other sponsors. And in return you can ask the sponsors to display their products also. In this way, you can get the audience for your startup.

Seed Funding:

In this process, the investors get equity stake in your company in return of the investment they provide in you startup. So it is the give and take process, in which both parties get the benefits from the new business. The name of investor or sponsors are also beneficial for your new business to get the trust of the audience.

Get connection with Business Tycoons:

The reliable name any famous business or marketing tycoons are very helpful in your new business. It is a human nature, to go for the trustworthy and famous names or brands. So to get funding for your startup, you can get can buy marketing contact list, through that you can contact different business and marketing tycoons that can help you to get funds and provide your startup their brand name as sponsorship or investors. Getting in touch with the right people is very beneficial for your new business.

Apart from funds, some other points are very important that should be kept in mind before starting your own business;

  • Be unique in your selling and marketing strategies
  • Be patient and consistent
  • Try different things but learn from your experience.
  • Look on your investment and funds
  • Don’t look for shortcuts
  • Work hard

Establishing a new business is far better than doing a 9-5 job for your whole life. Startups and businesses not only benefit the owner but also provide benefits to investors, new graduates, and the whole society. To make any country’s economy strong, it is important to invest time and money in new startups.

One of the examples of these startups in Pakistan is Marham- a leading digital healthcare platform. That started with one idea to ease the general public (patients) in connecting them to healthcare professionals of the Pakistan. And with the years this startup has served millions of people by providing online consultations and informational related to the best health specialists of Pakistan.

Well developed countries and nations always focus on development of whole economy. And the year 2020 already taught us, it is important to have your own business rather than having a good job. Because job security is almost zero in private sector. That’s why if you any business idea, and you are thinking to get funds for it, just try one or two above mentioned ideas and see the results!

Syed Ali Abbas
Syed Ali Abbas
General Manager at Startup Pakistan

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