Looking for funding to start a new division or launch a new product or service? Just tap into your network.
All the answers to your unique business lifestage questions
There are many ways to fund growth. Just ask Vusi Thembekwayo, founder of Motiv8, who has funded his business’s growth by tapping into the wallets of his clients.
Have a great relationship with your clients. If they know you operate with integrity, they’ll be far more willing to listen to your pitch for funding.
Ensure it’s a win-win situation. In Thembekwayo‘s case, the business did high-level strategic consulting for its clients, so it was in the clients’ best interests for Motiv8 to grow and prosper.
Investing in Motiv8’s growth was akin to investing in their own growth.
During the course of running and growing your business, you will need access to both short-term and long-term cash savings to pay salaries, suppliers, or even to save for a future project or large payment. Standard Bank provides a range of flexible Savings and Investment solutions, with competitive interest rates, to help you meet your business’s savings and investment needs.
Put a firm funding contract in place. Thembekwayo put up a stockbroking account worth R600 000 as collateral and negotiated terms of conditions that were clean and interest free.
However, as he was being funded by clients, it was important to ensure all parties were covered and in agreement.
Business growth is great — but you don’t want to alienate your clients; they’re even more vital to your overall success than funding.
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