How do I find sponsors for a startup business?

I would like to expand my business during the summer and add a summer camp with both sleep-away and in the city sites. How can I find sponsors to help get this program off the ground? I cannot afford another business loan.

Tim Berry answered August 3, 2007|

Comment

First things first: You need a business plan that will show anyone who loans or invests money what they will get in return. Generally, by actually writing the plan you will come across the mistakes or holes in some of your thinking.

Then it's about getting a group of advisors and professionals to look over your plan. Then and only then are you ready to go looking for money. Too often people go see the "people with money" before they are ready and wonder why they are not taken seriously. It's only after you have put in serious effort that people will take your idea seriously.

A great book on this subject is by Keith Cunningham, called Keys to the Vault.

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Tim Berry

Tim Berry is the president of Palo Alto Software Inc., based in Eugene, Ore., which produces business planning software. He is also the author of 3 Weeks to Startup and The Plan-As-You-Go Business Plan, published by Entrepreneur Press. Follow him on Twitter: @Timberry