An article of mine was featured on FOX News discussing real ways to fund your business (Spoiler: It’s rarely angel investors!). Investors and supporters want to see a fleshed out, tangible plan, so it’s time to remove your marketing hat. How I approached investors was dramatically different than how I approached my customers, and it started with bettering my budget. Almost every business can cut costs, trim their fat, and achieve a lower budget mass index. Empty expenses that aren’t moving your business forward should be nixed.
Becoming debt free is something many investors want to see, and they’re eager to ask about personal finances. If they don’t like how you handle your personal money, then they won’t like how you handle your business finances. Being debt-free equates to being trustworthy. I also minimized my funding expectations, getting a reality check about genuine investment offers for businesses. The truth is you can do more with less, and investors know this.
You also need to upgrade your overall business plan, and those rejections and feedback can help. Most business plans lack data and content, and require more time put into them than you probably did. Revisit your plans and expand them. Look at alternative funding approaches beyond bank loans and venture capitals, like crowdfunding or applying to business plan competitions. There are many routes you can take.
Discover more tips and my hard-learned lessons by reading the full article here:
