Why I Needed Financing for My Business
As a newly established company, we have needed funding for our start up logistics. This includes, licensing, purchasing of a domain, marketing, and of course purchasing supplies and equipment. As iBlue grows, we will need funding to support our expansion.
What Choices I Evaluated, What I Chose to Do, and Why
Due to the fact that finances have been a significant issue in the development of this company, we have turned to using VISA credit cards to purchase equipment, pay for initial logistics and start up costs. In addition, credit card use has presented us with a second advantage: as many of the suppliers are in other countries, and so credit cards have been a way to speed up the transactions.
Eventually, iBlue will be looking into growing and opening other branches and also testing out other marketing sectors, such as WiFi marketing. As that happens, it is inevitable that iBlue shall be looking into larger investments, such as those from angel and venture. The idea is to partner up with some investors who see the future that iBlue has to offer, in return for some ownership in the company.
Lessons Learned
- We realized that traditional marketing methods are way beyond our financial abilities. So we sought out more cost-effective marketing mediums, such as press releases and social media.
- Videos on sites such as YouTube: 30 seconds to 2 minutes followed by being presented with a "Call to Action", i.e. a website to visit to learn more and maybe benefit somehow from our products.
- Creating a number of press releases that further explain and highlight various aspects of iBlue is a strong, marketing method. For example, explaining how cost effective Bluetooth marketing is or highlighting the security features that iBlue