You can be on Entrepreneur’s cover!

How To Raise Funds Efficiently For A Social Enterprise Rather than waste time chasing the money, here are four ways for social entrepreneurs to raise funding efficiently.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

A great idea, a strong desire to help change the world for the better and a detailed business plan will give you a running start when starting a social entrepreneurial business. But it's impossible to get off the ground unless you have the funding to back your vision. Rather than waste your time chasing the money, here are four ways for entrepreneurs to raise funding efficiently.

1. Find an incubator or accelerator

It's easy to want to accept any potential startup investment money that's thrown your way. But with such seed capital often comes strings and an expectation of specific returns or ownership that may not jibe with the founder's vision. Getting accepted into an incubator or accelerator program gives entrepreneurs a stipend, while they spend a specified time period (anywhere from five months to two years depending on the program) formulating a more detailed plan for their business, meeting potential investors and receiving training from academics and industry leaders. By the time they leave, they'll not only have specific access to funding thanks to the program, but they'll know exactly the kind of investors they'll be best suited for.

2. Look for your angel

It's rare that a wealthy benefactor who wants to invest in your great idea just falls into your lap. A site like Gust plays matchmaker for startups and investors, allowing both sides to evaluate each other in a neutral online platform. A resource for entrepreneurs is regional small business development offices, which are located in most major cities and can give information on fellow local businesses (and potentially the people who fund them).

3. Take your company public

Crowdfunding has gained popularity as an effective method for a smaller business -especially one that has a specific social purpose or doesn't need a huge influx of money to get started- to get off the ground. Whether it's through Kickstarter, Indiegogo, GoFundMe or any other similar platform, the key is sharing a good story about your mission and making investors feel like they're part of something, no matter how small the contribution. With the right campaign, you could end up with even more startup capital than imagined, as happened to the founders of the pocket-sized medical scanner Scanadu Scout, whose initial fundraising goal of $100,000 turned into almost $1.7 million.

4. Seek professional help

Before you take venture capital money, look for an accountant. Plenty of accounting firms, including big international ones like PWC, have specific professionals dedicated to advising entrepreneurs on the right ways to raise capital in order to prepare for their exit strategy, whether it be an IPO or acquisition. Meet with them before you take any money, not afterwards.

The Venture is a new global social enterprise initiative searching for extraordinary startups and new ideas that use business to create positive change. If you have a GCC-based social enterprise or an idea for a social enterprise, enter The Venture #WinTheRightWay to potentially win your share of US$1 million.

Side Hustle

This Dad Started a Side Hustle to Save for His Daughter's College Fund — Then It Earned $1 Million and Caught Apple's Attention

In 2015, Greg Kerr, now owner of Alchemy Merch, was working as musician when he noticed a lucrative opportunity.

Growing a Business

How to Build a 'Brand Vault' For Your Business – With a Little Help From Steve Jobs

No matter how big or small your business is, use Steve Jobs' philosophy to get greater customer satisfaction.

Growing a Business

Here's How Steve Jobs Dealt With Negative Press and Avoided Brand Disasters

The best way to grow your bank account is to avoid major withdrawals. The same can be said about your brand.

Marketing

9 Ways Memes Can Rev Up Your Business Marketing

Memes are here to stay. Brands are growing engagement with well-timed meme-marketing strategies.

Growing a Business

These 8 Architects Will Get You Inspired

Words of wisdom from these noted architects can give you another perspective on entrepreneurship.

Career

The 9 Most In-Demand Professional Certifications You Can Get Right Now

Want to boost your qualifications but not sure which certificates to pursue? Check out these in-demand professional certifications to pick your path.