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Convergex Caribbean Offers Some Tips On Obtaining Private Capital
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Convergex Caribbean Offers Some Tips on Obtaining Private Capital
For many would-be entrepreneurs, the only thing preventing them from turning their great business idea into reality is the lack of capital. While you can secure a loan from your bank, it probably can’t lend you the whole amount you need to get your enterprise off the ground. Fortunately, an alternative funding option exists—private capital.
Private capital is basically money given by investors (whether they’re individuals or groups) to jumpstart a promising business. Consequently, entrepreneurs repay the investors by sharing ownership or managerial control of the new company with them. Of course, investors don’t just give money away; you have to work harder to gain their attention and trust. To help you out, financial consulting firm Convergex Caribbean offers the following tips:
Draft a Comprehensive Business Plan
Before any investor can give you money, they first have to understand what product or service it is you offer. A detailed business plans tells them exactly this, along with other important details like your target market and funding requirements. Basically, anything that investors would need to ask, your business plan must answer.
Approach Gatekeeper Firms
You may have met a few potential investors, but you need a considerably bigger pool to boost your chances of securing private capital. Thankfully, certain firms have close ties to investors and act as gatekeepers between them and entrepreneurs.
Review Term Sheets Carefully
If an investor shows interest in your startup, they’ll present a term sheet—a document that specifies the basic terms and conditions of their investment. Review it carefully to make sure there are no misunderstandings. In fact, consider hiring a lawyer who will go over the term sheet’s fine prints.
Starting a business is a challenging but immensely rewarding endeavor, and drumming up capital is just your first hurdle. By following Convergex Caribbean’s advice, you can, hopefully, find the perfect investor for your enterprise. For more tips on raising private capital, you may also read this article from: http://www.ehow.com/how_6561636_raise-capital-private-investors.html.
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