OK, you have a business idea, but do you have the money to make it work? Money is always going to be an issue in getting a business going.

 

In this episode, I speak with Eddie Sajjad about funding your business idea. Having enough money at the right times and managing what you have wisely can make or break your business. You may start by asking yourself “can I solve a problem?”, but then you have to ask yourself “can I make money solving the problem?” Even if you’re able to develop an answer for these first two questions, you still have to ask yourself “can I fund the process until the business becomes self-sufficient?”

 

We touch on:

-Increasing your chance of business success through conscientious money management

-Estimating your “cash burn rate” and available “runway”

-Taking a conservative self-funded growth strategy versus a subsidized hypergrowth strategy

-Sourcing funds from investors

-The interplay between planning and funding

-Fund raising via networking

 

Eddie Sajjad is the Creative Director of isitonline.com, a creative advertising agency with operations in 5 countries.