When it comes to financing your business, you have to think of yourself as the primary investor of your company. I know it’s easy to have a really great idea and say, “Hey, I’m getting some VC funding,” or “I’m going to go out there and do a Kickstarter campaign.” However, have you really thought about what it takes to have those kinds of successful raises? When it comes to doing something like a Kickstarter campaign or Indiegogo, or any other crowdfunding, you need to prepare a business plan. You also need incentives, a video and a cohesive launch campaign.
When it comes to VC capital and raising money from outside investors, you have to ask yourself, “Do I have a track record of having successful businesses that’s really going to warrant someone to invest in me? What can I do and what is it about my business model that is so different, that is actually going to be able to get someone to say, ‘Yes, I’m going to take a risk on you.’” If you’re a newbie and just in business for the first time or even for only a couple of years, you’re your best first investor. You actually have to start to think like a CEO. You need to know your sales production, cash flow, product planning, marketing….
Not only are you investing time as well as money, but you have to think about, “If I can’t invest a dollar in myself, how am I going to get anyone else to invest in me?” Start looking at your finances and figure out how much money you’re making, how much money you have in savings and if you can get a credit card with a 0% APR financing to make some investments before asking anyone else. That will be the very first question anyone asks you, “How much money have you invested?”
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