It is a fact that the majority of startup ideas get stuck at funding. At the end of the day, money is highly important. It is like the lifeline for the entrepreneur. Whatever revolutionary the business idea may be, it can’t be brought into the reality without finance. Particularly, in India the situation is different. Entrepreneurs still rely on the conventional methods. The concepts of angel funding Mumbai, or seed funding Mumbai, are still in the beginning stage. When the right source of money is tapped, it is possible to take the business to towering heights. Smart entrepreneurs do it rightly in the first attempt.
Compare all sources
When you want to start a business venture, always look at every possibility of raising funds. Do not leave any stone unturned because you don’t know where is the key to success? Be careful while choosing one as a wrong decision may take you to square one. Mentors suggest a few useful sources to entrepreneurs in Mumbai.
Bank loan or credit: You should have a clean and creditable history before you move ahead with this option. You may get funding easily if everything is fair and positive. However, things are not that simple if the credit history is not spotless.
Search for startup incubators in Mumbai: Many people prefer incubators or accelerators who offer funds to startup companies. They are associated with organizations that work for community development. Even big business groups also provide it. They offer free of charge (or at nominal charge) resources, consultation, and office setup. Some offer seed funding as well.
Find out Mumbai angel network for funding: Nowadays, several groups of individuals offer startup support to entrepreneurs. These investors are generally big business owners who form a syndicate and build a huge corpus for funding new ventures. However, it is very much important that you find the right group and showcase your business plan effectively.
Self-finance your business: If you are an established entrepreneur and starting up a new venture, then diverting funds from another business is a good idea. The government offers tax benefits to such business ventures, e.g. excise duty or sales tax is levied for a limited time.
Funding a startup is not rocket science if you follow the right path. Detailed analysis crystals down two or three right choices for you. Select the one that fulfills your needs to the most.