Whether you are trying to start a hugely ambitious startup or simply trying to set up a simple brick and mortar store in your hometown, you will likely need some sort of funding to get off the ground. While starting a new business can offer tremendous financial upside, getting to that upside requires an initial investment. In this episode of Connection Loop, Dubb founder Ruben Dua discussed all things business funding with Kedma Ough. Some of the many insights that you will hear in this episode include the following:
Many entrepreneurs tend to overlook the power of grants. You do not need to have a full-fledged business plan to get a grant. Better yet, you do not need to pay grants back. So when you are seeking funding, definitely make sure that you are looking into grant opportunities. They can be fabulous tools to get your business off the ground.
There are plenty of grants that you can leverage. These grants may be based on things like geography, demographics, industry, and more. No matter your background or startup idea, there is a good chance that you’ll find a grant (or grants) that suits you.
Don’t forget that fortunes are made in recessions. While recessions can be scary and cause tremendous amounts of anxiety, they also create tremendous amounts of opportunity. Even as we are dealing with an economic slowdown from a global pandemic, make sure you are seizing the many opportunities out there. They are there for the taking.
Cause-related marketing is extremely popular at the moment. It can be a great way to find new prospects or customers. That being said, when leveraging cause-related marketing, you have to be authentic. In other words, you can’t fake your way through it. But by being authentic, cause-related marketing can be a great strategy.
Part of being an entrepreneur is being scrappy. While these fundraising opportunities are out there, they simply aren’t going to be handed to you. By being proactive and embracing the challenge, you will be in a great position to reach your fundraising goals.
This conversation offers so many great nuggets on how you can get your targeted funding for your business. Even though fundraising is always difficult, the insights discussed here can help you make substantial progress. Enjoy the episode!
Kedma Ough is a fifth-generation entrepreneur and an SBA champion. She has spent the past 20 years helping entrepreneurs and everyday hustlers find funding for their businesses. Throughout her career, Kedma has helped more than 10,000 individuals fund, launch, grow, and maximize the potential of their businesses. Along with this, Kedma was a former director for an SBA Women’s Business Center, a co-author for a National Native American Small Business Curriculum, a published author through McGraw-Hill, and more.
Want to learn more from Kedma about getting funding for your business?
Connection Loop is a podcast hosted by Dubb Founder, Ruben Dua. The show focuses on the stories of leaders, innovators, and friends — all in a conversational format. This show is brought to you by dubb.com.