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What are some tips for applying for funding?

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Quick Answer

When applying for funding, it is important to be as prepared as possible, states Forbes. The applicant must be able to describe her goals clearly and concisely. The first impression counts, so wear something professional. Always practice as much as possible before meetings, and have questions prepared. Knowing the lenders is always beneficial, and networking online is an effective way to get to know potential investors.

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Full Answer

When seeking funding for a business, it is important to have a business plan that explains what the company does, as well as market information such as how much the company is expected to grow and who the target market is, notes Forbes. Investors also need to know about the company's budget, revenue and anticipated launch date.

Before asking for money, figure out how exactly how much total startup capital is required, recommends Forbes. Potential investors are going to want to know precise figures, and that information provides valuable insight into other possible funding sources that may not have been considered.

When asking for funding, topics of interest include growth strategy, marketing, management staff, and the product or service being offered, states Forbes. Investors may also ask about the company's vision, competition, financials and revenue model. Telling a story is preferable to stating simple numbers and facts. Learn from mistakes, and keep trying even if the first pitch fails.

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