Do you have a great business idea for which you need financing to get it off the ground? Are you in the process of implementing your idea, but need some more funds to take it to the next level? Many entrepreneurs get to a point where they need access to external funds to help start a business, or to scale it. Below are eight tips to help you (or an entrepreneur you might know) prepare for the process of speaking to investors.
1. Know your budget. First, it is important to know how much you will need to take your project from wherever it is now, point A, to point B. Although persons seeking funding tend to be happy to pitch their ideas, when asked how much money they think they will need, too frequently they tend to be vague. Sometimes that can be a deliberate strategy – to not scare off a prospective investor from the outset – but on the other hand, investors can interpret that as someone who is not truly ready for funding. More