I have been in business for well over a year now with Bespoke Art, and My Bespoke Chair's launch is looming. My plans for My Bespoke Chair will require some future funding and I have been investigating my options:
1) Work really hard and hope I win the Lottery.
2) Work really hard and reinvest profits to organically fund growth.
3) Work really hard and build a business model which will attract investors.
My 18 month aim for My Bespoke Chair is to build an attractive business for investors. I will need funds to employ and expand, and the right investors will bring their own talents and knowledge to the table.
How am I moving this forward?
- Educating myself on e-commerce, start-ups, technology, social media and most recently, fund raising. Having a great product and a passionate vision are No1, but a viable business needs to be supported by a decent model. At the very least, a business needs clear strategies and aims.
- Following great websites and blogs. My favourite is Venture Beat. I never thought I'd be so excited about business, entrepreneurship, tech start-ups, venture capital funds, funding rounds - but my RSS feed each morning is what I get out of bed for (that and checking Facebook!) Stories from Silicon Valley, business incubators and venture capitalists are fascinating...anyone heard of AirBnB? I also read 22Michaels, the business blog for Michael Fox, Shoes of Prey CEO.
- Going to lots of evening seminars and Meet-Ups. The information I get from listening to industry leaders speak, often in informal pub settings, is invaluable. The vibe I get from these events is infectious and I come away totally focused.
This week I went to a talk on 'Series A' Funding Rounds - how to pitch to investors for a $1-3m investment. Seed-funding is the very first amount of money you need when starting a business, and then 'Series A' and upwards. Michael Fox, Shoes of Prey CEO, was a guest speaker bursting with insights. They started in a very similar fashion to My Bespoke Chair, self-funded, in 2009 and have just closed a successful 'Series A'. Hamish Hawthorn from ATP- Innovations spoke from an investor's/business angel's point of view.
But for now My Bespoke Chair is self-funded. A few years ago in Europe before moving to Australia, we bought a rather dowdy, scruffy house and renovated it beautifully. That was when property was still a good investment - we timed it well....but now, with rocky property markets and global market uncertainty my best investment is myself.
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www.venturebeat.com
www.22michaels.com
www.shoesofprey.com
www.atp-innovations.com.au
www.meetup.com
www.airbnb.com
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