How to Raise Capital on a Continuous Basis
Business Consulting for Women Entrepreneurs
1. - Pitching your business idea is an ongoing process. - Pitching increases your chances
of raising more capital for your business. If you go after capital investment from investors, you are going to be raising more capital for your business venture.
2. - Practice your pitch or get someone who is really good at it. - To raise money as an entrepreneur, practice your pitch. If you cannot do it well, find a friend who is really good at it to work with you. Go for companies and leaders who have previously raised money because they have an understanding of what it takes to raise money. They also have relationships with investors who trust them.
3. - Start off with a newsletter. - If you are an entrepreneur who is just starting out, I suggest you start with a newsletter right away and build rapport with investors over time. Though you might not be ready to pitch your business idea to them as yet, using a newsletter will keep them informed about your existence and progress. When you are ready to pitch your project for purposes of raising capital, your newsletters will have done due diligence in furthering your efforts to potential investors for six months, a year or even longer.
4. - Share appropriate information and be consistent. - The information you put in the newsletter should be appropriate and relevant to the potential investors you seek to partner with. I am currently advising a startup entrepreneur on how to position her business for a year. I want to see how she is handling the business and how she grows it. Investors will want to know how you deal with situations and sharing such information consistently over a period of six months to one year will build their confidence in your business venture. As a result, they will be willing to open up their wallets and give you money, because you have consistently shown them that you deliver on your promises.
5. - Have an advisory board. - It is extremely important to have an advisory board whose primary goal is to help you raise money. Pick a group of six people who are willing to help you to the best of their abilities in raising funds. Hold meetings with them and help them understand from the onset that you are picking them as your board of advisors. Give them tasks around fundraising that you think are most important to you.
6. - Participate in capital events. - Another way to improve your skills, besides finding somebody to help you, would be to attend angel and capital events where you can pitch face to face with potential investors. A crucial thing to do is to research the event before you attend to know who exactly you want to meet and who you want to pitch your project to. Also, do the elevator pitch or get someone to pitch for you.
The time to raise capital is now; it is a continuous process that never ends. Raising capital is a strategy that involves nurturing relationships that you already have on an ongoing basis and allowing them to grow to an extent such that you can call them up when you need them.
Source: Entrepreneur
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Business Consulting for Women Entrepreneurs.
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