Scott Belsky, Behance: “It’s not about ideas. It’s about making ideas happen.”
Now comes the hard part – finding investment for your business! Getting commercial funding can be tough. I have put together these top tips that should help guide you through finding the right investment for you;
1) Do it yourself!
Don’t rely on one person or a third party company to find investment. You need to put yourself out there and find it yourself.
2) Don’t see Crowdfunding as the easy way out
If you are considering going down the Crowdfunding route be mindful that his only works if you find investors to bring to the platform.
3) Be Ready
Make sure you are at the stage in the process where you are actually READY for investment! You can read more about getting ready for investment via this link (LINK)
An investors job is to invest, they want to give you money but it is your job to ensure that your business ready.
4) Take Advice
Listen to feedback and act on it. Investors are in their position because they know what they are talking about. Don’t be arrogant, when it comes to taking constructive criticism ignoring their advice won’t help. If you don’t respect their advice, you shouldn’t have asked them for investment.
5) Be honest
They will see right through any lies that you tell them, they have seen it all before. If you don’t know the answer, just tell them that you will look into it and get back to them. They are investing in people, so they need to know who they are working with if you have a poor attitude this may jeopardize your relationship with the investors and could cost you your business.
6) Have the right attitude
Your attitude is crucial, be respectful and take things on board. You need to be a good team player and work well with others. It’s understandable that you believe what is best, as this is your idea, but from a business perspective, you cannot do this alone, especially if you have no experience in the field. They are there to HELP you, take it.
7) Don’t take it personally
Be prepared for rejection. Just like working in sales – you will get fifty “no’s” before you get one “yes”. It’s important not to take it personally, believe in your idea and keep going. There are many reasons why investors don’t invest and 9/10 chances are that it’s not because of you.
8) Be proactive
Get out there and search yourself. Linkedin is a great tool for finding similar businesses and investors. Don’t be afraid to ask for advice, not only will you be gaining more crucial knowledge but it also a chance for them to get to know you.
9) Consider your past bosses
Approach your past bosses for investment! Consider this especially if you are leaving a job to start a business. If your business compliments them – Get in there! It will help them and help you. They also know you well and your work ethic, and therefore know what you are capable.
10) Consider Smart money
When it comes to finding the right investor consider those who will bring more value to you and your business and not just money. You can read more about Smart Money here; (LINK TO ARTICLE).
If you take one thing away from this remember – Get out there and be confident! If you don’t ask them you don’t get! You may surprise yourself.
Get in touch with a member of our team today for more detailed advice and we will guide you every step of the way.