Starting a new business or launching a new product is an exciting undertaking full of high expectations. Oftentimes, getting the idea funded and off the ground is the hardest part. Successful entrepreneurs tend to follow these five guidelines:

1. Conserve capital. Investors want to see an entrepreneur who understands how to prioritize resources and conserve capital. Specifically, they want to see good use of capital on activities that prove the concept of the new business or product—not on lavish offices and extravagant events. The successful entrepreneur is able to prove to investors that they have a viable concept that customers will buy.

2. Seek funding early. Another key to a successful venture is to never underestimate the amount of time you'll need to secure funding. Successful entrepreneurs start building relationships with potential investors by attending seminars and networking events years before they expect their business to be funded. They are able to find the right investor for their business or product, as well as understand the type of funding they need. Securing funding early is critical to keeping your new venture moving forward and avoiding stalls or failure due to lack of capital.

3. Outsource. Entrepreneurs have a natural tendency to want to do everything themselves or at the least to keep direct control over all aspects of their businesses. And many think that control is achieved by keeping all operations inside the company. While this may be possible for an established business, these fixed costs can be deadly for a new venture. Outsourcing gives entrepreneurs the flexibility to control overhead on a monthly basis while they are at the stage of proving their concept.

4. Plan technology. The technology driving your business or product is critical to proving a viable concept. Investors will want to see a careful and detailed plan for how your technology will be implemented, and not just an idea of something that might work someday. Determine your technology partner early in order to find the right features and strategy for implementing. For example, you'll need to answer questions such as will your technology be delivered to customers on their premises or will you sell software as a service. If you don't have these answers when you speak to investors, they won't feel comfortable investing in your concept.

5. Develop a solid business plan. Getting your venture funded is all about making others feel excited about your vision. If investors can see a tangible path to success, they are more likely to provide funding. The business plan that clearly—and realistically—outlines the strategy, tactics, timeline and budget, makes it possible for others to see the potential in your concept. Plus, it gives them the opportunity to become a part of your goal by providing feedback and comments.

If you're looking for an experienced partner to get your new venture funded, contact us at 949-916-9120 or email us at success@360businessconsulting.com