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When a great idea comes to mind, stakeholders want to breathe life into it as fast as possible.youtube.com To keep your startup afloat you should find investors and do it wisely.youtube.com Statistics show that 20% of startups are launched but only 3% of them get to the fifth year of their existence. And lack of funding is the main reason for this. Bear in mind that fundraising for startups consists of so-called rounds which are phases in fact. The first round is known as seed capital. Put simply, it’s the amount of money you have before addressing investors with the intention to get more.
It can be your own or borrowed money.youtube.com Series A implies a meeting with investors to show them the project and get some money. Series B can be reached only in case your project demonstrated significant results. The next series demands another chain of significant results. There are several types of fundraising and investors you can count on. It’s a person who invests money into your idea. Usually for ownership equity or profit guarantees. You can find Angel investors on different conferences dedicated to the industry your product is focused on. Besides, there are a variety of platforms on the internet which help startuppers find the investor and vice versa. This financing form implies getting money from an investment fund. This is the establishment which disposes of money entrusted it by a group of people or companies.
In turn, a venture capitalist manages this money and makes investments. The best way to find a venture capitalist who may invest money in your company is to be introduced to one of them by another person. You have little chance to get a personal meeting by contacting his/her directly. This is the establishment that helps young startups launch and finds fundings. As a rule, they provide seed capital and teach you by organizing lectures, meetings and so on. Y Combinator is probably one of the most famous business incubators. The company raised over 800 startups including such giants as Airbnb and Dropbox.
120,000 in the most interesting companies chosen by them.youtube.com If you want to break free from investors’ requirements -- you can ask ordinary users for money. There are a variety of platforms which allow to create and launch crowdfunding campaigns of your own and raise money without any reward from your side. It’s a new type of investment which has many things in common with IPO. However, instead of stocks, you create tokens or coins (depending on your goals). A fiery speech may impress your friends and relatives, not investors. If you want to get funded, you have to show investors your project is worth their money. To do so, you should be ready with a prototype as well as Pitch Deck.
Investors appreciate an opportunity to interact with the product and test it on their own. Not just hear about it.youtube.com That’s why you should develop an MVP version of your software solution. If you don’t have a team for this purpose, you may [https://www.findcohost.com/ Hire Co-hosts] a mobile app development company. Many startups do so. Some of them even hire outsourcing companies for the full product development as it’s a much cheaper option than developing, let’s say, in the US. If you can’t provide investors with the MVP or prototype for some reasons, you should at least show them the design of your product.
It’s a simple presentation that was created with the help of Powerpoint or other software and specially for investors. It’s also a good idea to protect your idea. Put a phrase ‘All Rights Reserved’ and 'Confidential and Proprietary.youtube.com Even in case you’ve done every step described above perfectly, investors can refuse to give you money. There are several possible reasons why they made such a decision. Investors don’t like obscure ideas. That’s one of the reasons they may reject financing your project. You should define and research your market as precisely as possible. The product should be unique. At least in some aspects. Copies are the second thing investors don’t like. Most of them strongly believe that copied product will never become a great one.
And that’s a true statement. Your idea should be flexible. The market evolves all the time and investors understand it as no one else. They may refuse in funding if they are not completely sure the project you are working on can adapt to the future needs of users. To solve this issue, try to talk with your target audience and ask what they think about your idea. Unprofessional developers lead to troubles at all levels of product creation. That’s why think twice before hiring a team of freelancers instead of experienced developers. We don’t say all freelancers are bad workers. It’s just much harder to find the good ones.
IT service vendors have their own approaches to selection of staff, while freelance platforms don’t give you much useful information that allows making sure this person is a real professional. It may sound strange a bit but many investors notice that startups founded by one person succeed relatively rarely. The point is, investors may think that you are a private person and don’t want to share your idea with no one else. This raises doubts as can affect negatively on further cooperation between the idea owner and investors. As you see, the process of getting funded can be tiresome and even hard. However, the future of successfully funded startup is exciting. Author's Bio: Nataliia Kharchenko is a Technical Writer at Cleveroad. It is web and mobile app development company in Ukraine. We are focused on helping startups, small, and medium businesses create competitive and winning software. I enjoy bringing a digital world closer to people and writing about technology, mobile apps, innovations, and progressive management models. Please Register or Login to post new comment. How Agents Can Get Benefited with the Call Center Solution? Get Moving Company Quotes to Compare Best Long Distance Movers. What Is Personal Development? Spice Up Your Affirmations!
When it comes to managing your Airbnb rental property first hand, it goes without saying the time commitment associated with becoming an Airbnb host is great. The constant checking and replying to your guests can feel like a full-time job and you cannot escape this commitment or else you lose bookings and worse, receive negative Airbnb guest reviews. To put it all together, hiring an Airbnb property management agency can guarantee optimal guest service which is the key to maximize your Airbnb income and sustain a long-term business against your competition. Airbnb is a cutthroat business and what makes you stand out from your competition boils down to your overall guest experience.
Streamlining the operations reaps higher rewards in terms of positive guest reviews and more guest bookings. And not to mention your costs go down while your profits go up - it’s a win-win situation. But if you don’t have the time or energy to become an Airbnb host, then those are untapped earnings you will never receive. Related: Airbnb Property Management: Is It a Must in Short Rental Real Estate Investing? If money is not an issue, then we highly recommend an Airbnb property management service to take care and manage your rental property to guarantee top notch customer service and streamlined business operations. An Airbnb rental business is a client facing business and if you don’t feel comfortable and/or don’t have the patience to deal with guests, then an Airbnb property management agency is your best bet. To learn more about how we will help you make faster and smarter real estate investment decisions, click here.
Buying a condo is a serious undertaking. Not only are you putting up a significant amount of cash on the property, you’re also picking out your home - somewhere you’ll live for five, 10, maybe even 20 years of your life. You might move your new spouse in. Raise kids there. Get a puppy. It’s a big deal, and because of this, it’s important you go about the buying process carefully, thoughtfully and thoroughly. First of all, you should ask yourself why you are considering buying a condo. Here are the five steps you’ll want to walk through. A condominium, often shortened to condo, is a type of real estate divided into several units that are each separately owned, surrounded by common areas jointly owned.
This type of property presents unique challenges, as you are buying full ownership of one or more individual units and partial ownership in shared "limited common elements". Units renovations have limitations: which materials you’re allowed to use, working hours, elevator access and so on. Limited common elements might need some work as well, but who’s responsible? Affordability/Location: Condos are popular in areas with high property values, where a single-family home could be prohibitively expensive. A condo could allow first home-buyers to afford living close to work, in a lively area of a major city. The Condo Lifestyle: Living in a condo could also have unique benefits no other type of property has, just imagine the city views you could have from the top floors of a high-rise building in a big city.
Flexibility: Also, if you decide to travel for 1 year you can just leave your condo and stop worrying. The level of maintenance for a condominium is way lower than a single-family home in general. This allows for greater flexibility. Before getting too far into the process, you’ll want to consider the risks that come with buying a condo. These include several lifestyles and financial risks, long-term value risks and the overall market risk you take with a condo property. Let’s look at each one more in depth. Before buying a condo, always ask how many renters are currently in the building - and the maximum number that are allowed.
Renters tend to decrease the value of the building (and subsequently your unit), and this can have serious consequences in the long-term. On the other end, you might want to make sure to be able to rent out your unit if you want to. Neighbors: Your neighbors pose the biggest potential lifestyle risk when buying a condo. Though you may say hello to one in the hall when viewing the property, you won’t really get to know them until you move in - and by then, it could be too late. The noise - Condos come with a considerable amount more noise than single-family properties.
There are residents above, below and beside you, and if you’re on a busy downtown street, you’ll probably hear the traffic below, too. Timber condos are especially susceptible to increased noise. The co-ownership - As a condo owner, you don’t have rights to the entire property. You share it with dozens, maybe even hundreds of other people, and there’s a lot that can go wrong in that scenario. The rules - Much like an HOA, condo properties have rules. You need to make sure these rules fall in line with your lifestyle and goals. Can you not decorate certain areas or host parties?
That might not be ideal for the budding interior designer or social butterfly. Are you planning to rent your condo out on Airbnb or something similar? The condo association might not allow it. There are also financial risks you’ll want to consider before buying a condo, most of which boil down to the lack of control you have on a shared property. Limited Control: For one, you can’t control the building’s overall condition. The condo association or building owner is responsible for keeping up the care and maintenance of the building, while other renters/owners are responsible for their own individual units.
You have no way of controlling how well the building is kept or whether its value depreciates over time. This is why it’s vital to understand the condition of the building before buying a condo. A comprehensive condo inspection can help. This is way is important to rely on the opinion of an expert when considering the purchase of a condo, especially during the inspection! HOA/Reserve Balance: In the same vein, you’re also at the whim of building management. If they have financial problems or are struggling to stay afloat, that puts your building - its condition, its care and its value - at risk.
It could even put you out of a home if the company goes under. Always evaluate a condo’s building manager before opting to buy. What’s their reserve balance? What happens if they have an unexpected expense? Do they have regular meetings? Always make sure capital and operating balance are on different accounts, to make sure there is enough money in the reserve balance to cover unexpected expenses. Be aware that often smaller building might combine the two on a single account. It’s also important to understand your financial obligations in the shared setting of a condo community. What are you responsible for if something breaks or needs replacing? Who covers the costs of repairs and maintenance of shared areas?
How do you report those and how quickly are they tended to? Make sure you’re not on the hook for more than you can afford. With any property you purchase, you want to ensure long-term value. In the event you sell your condo down the line, you want to make back your money - and then some. Unfortunately, because so much is out of your control as a condo owner, protecting the long-term value of your purchase is a bit harder. Mismanagement of the building: If there’s suddenly a big problem or repair needed on the property, does the building manager have enough cash reserves to cover it? What if they cut corners and do shoddy work?
What if you want to sell? You’ll likely take a hit on your sales price if underlying issues are at work. Your neighbors’ sales: Comparable sales play a big role in how much you can list a property for when it’s time to sell. If your neighbor is in dire straits and sells their condo for 30% under what it’s worth, that hurts your ability to list yours at full-value, too. Building instability: Unexpected financial events, unpredictable neighbors and building management can put the building in an unstable condition. This could make it hard to find an interested buyer down the line, let alone one willing to pay a good price. Condos are also simply more sensitive to market change.
They gain value faster when local conditions are positive (meaning they’re great for a short-term investment or flip), but this also makes them a riskier buy, because it’s hard to predict their long-term ROI. Still, risks aside, their market sensitivity does come with a few advantages. For one, you might be able to get a really nice property in a high-end neighborhood without paying nearly the price you would on a single-family home. You also get to enjoy a low-maintenance, low-responsibility living situation - another advantage over single-family properties. Once you’ve weighed the potential risks of buying a condo, it’s time to think about your lifestyle priorities - what you want from the condo today, tomorrow and 10 years down the line. Living vs. renting - Do you want to live in the property or rent it out?
If you’re considering renting it, make sure you know the rules for your condo building. If you want to live there, be sure it checks all the boxes regarding space, amenities, location, transportation access and more. Pets - Do you have a pet? Would you possibly want one in the future? Many condo buildings have strict no-pet policies, and some also have restrictions on certain breeds and animal types. If your furry friends are a priority, find out early on what a building’s pet policies are - and make sure those aren’t changing anytime soon. Appliances - Is there a fridge in the unit?
