Funding a startup in its early stages is an incredibly important, however, somewhat daunting task. Between meetings, pitches, and proof of concepts, there are a lot of moving parts that entrepreneurs need to take into consideration. To shed more light on this crucial topic is Kedma Ough, nationally renowned business coach, funding expert, and winner of the SBA’s Small Business Champion of the Year Award. As a small business consultant and educator, she has guided more than 10,000 individuals through a wide range of business planning services.
In this segment, Kedma shares her own advice and experiences with target funding for small businesses. As the Vice President of Business Coaching at Automate Grow Sell and author of Target Funding, Kedma explains the amazing and expansive funding opportunities that there are for small business owners and entrepreneurs, and what she does to help her clients discover these funding opportunities.
Kedma says that first step that she takes to discover funding opportunities with any client is to determine what it is that you need the money for, and although this may seem like a simple step, Kedma says it is one of the most important steps. Take a simple sheet of paper and write everything down that you want for your company, and from there Kedma works with her clients to prioritize what they need. She says if she removes this item from the business and it is unable to run and work without it then this is an item that you need.
After this, she summarizes her process into three simple steps:
- What are you using the funds for?
- What are the variables?
- How do you target these so that you win the game?
Kedma looks at the variables of a client’s company, what stage the company is at, who the owner of the company is, and the market for their specific industry. If the business owner is female or is a minority then there are specific areas of funding that Kedma would be able to narrow down, similarly to the type of industry they are involved in or if they support any social causes. Additionally, Kedma talks about what motivated her to write her book Target Funding and how it was during her struggles that she began her 15-year journey to reverse engineer how we look at funding.
To hear more from Kedma and her funding opportunities check out the full interview above.
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This has been a JBF Business Media production.