Q: What are the top three ways to find funding for a new business?
OP's answer overlooks the top one way to fund a new business: your first customer.
Think about it, most of us already have everything we need to go into a software business: a computer, bandwidth, a little gray matter, a little desire, and a decent chair. All that's really missing is a customer.
Find someone who is willing to pay for something, build it for them, and get paid. You've just knocked off multiple birds with one stone.
Yes. We started our hedge fund accounting business six years ago with one customer, and I still have a copy of that first check. I like what Branson says here:
"I felt our limited capital kept us focused on finding the next great act, and ultimately this was a real contributing factor to our success."
Our business may not be worth huge sums of money, but it pays the bills, and that makes it a prize indeed.
I guess for Richard Branson cases, the initial capital requirement for consumer oriented media/air line/mobile/finance ventures probably is larger than revenue from initial customers.
Yeah, it's completely different when your first "customer" is in fact many small sales to consumers over several months after you've had to lay down the capital in the first place.
Title could include that the implied question is being answered by Sir Richard Branson, of Virgin (and lots more) fame. http://en.wikipedia.org/wiki/Richard_Branson if you need a refresher.
He's not being bland and obvious, it's just bland and obvious to us. Online business is still a smart part of business in general, to someone of Richard's age who gets as many pitches as he does "web based" is not bland and obvious. That's my take anyway.
I agree, I thought it was interesting that someone who started in business a long time ago has adapted and updated to stay fresh with what is important at any given time.
As someone who started with a print magazine, it's nice to hear that he now sees the future on the web, compared to many from that era who would stubbornly stick to what they had originally started with.
OP's answer overlooks the top one way to fund a new business: your first customer.
Think about it, most of us already have everything we need to go into a software business: a computer, bandwidth, a little gray matter, a little desire, and a decent chair. All that's really missing is a customer.
Find someone who is willing to pay for something, build it for them, and get paid. You've just knocked off multiple birds with one stone.
Funny how often this is overlooked.