Before you can confidently begin the process to acquire funding for your business, you need to have a clear picture of what you’ll be using the money for.
Expand Your Beliefs
For starters, you need to be absolutely convinced in your own mind that your business is primed and ready to take the next steps. That confidence comes in part from a knowingness and clarity about what the funding will make possible for your business. If you don’t have a serious conviction, you’re not going to be able to convince anyone else.
Do you limit your beliefs of success because you fear you’ll fail? As I’ve said before, failure is always an option and often a fantastic teacher. Your failure is not you, it’s just one part of the process on the way to achievement.
Dream big, think big, believe anything and everything is possible! It’s the surest way to eventually go big and find your victory.
Sweat The Details
Along with believing in your goals for growth and success, you need to have hard data to back that up.
Potential investors ask very specific questions during the funding process, so you’ll need to be able to provide the information they seek with poise and self-assurance that you’ve done your homework.
This means doing your research, crunching your numbers, and owning your metrics so you can be crystal clear about the specifics that will grow your business. This clarity will give you the confidence to handle a meeting with any investor—and walk away with their money.
In this scenario, the angel (investor) is in the clarity and conviction.
Question Your Assumptions
Question your assumptions! This is often the advice you hear when you’re quite certain you want to do something—like search for funding. Advisors, friends, and family will ask if you’re really sure your growth plan or big idea is sound enough to start requesting money from investors.
But my advice is to question your assumptions about an idea or plan that you think is not worth the time and effort of securing funding. In this case, take a good, hard analytical look at your idea before you write it off as un-fundable. Is it really a bad idea, or is your fear getting in the way?
Along with the analysis, talk with people you trust to give you a straight answer as well as experienced business people who can give you sound advice. Your plan or idea may be more fundable than you think.
Having clarity about how you’ll use funding is a huge first step in being able to get it. The next step is to reach out to the people who want to help you get funded.