Congratulations – you have the idea, the manpower, and the expertise to get your business up and running tomorrow. All you need is the capital. For many people, this is the hardest part, but this phenomenon is mostly psychological and based in fear. You have already done all of the hard work; an investor would be foolish not to at least give you an audience.
If you want to know how to get money for business, here is how to push an investor that extra step to get your funding.
How to get money for business: Step 1
Make sure that your business plan is airtight. Investors will ask all manner of questions. The most important one is this: How do you plan to pay me back?
How to get money for business: Step 2
Have your elevator pitch ready. No one wants to be bored with the details right off. Think of investing like a date. You don’t want to reveal too much too early. You want to excite at the start. Sell the sizzle, not the steak.
How to get money for business: Step 3
Utilize as much multimedia in your presentation.
How to get money for business: Step 4
Make sure that you have not only the product or service providers inside of your camp, but also someone that can sell that product or service for you. Investors will want to know that you have a method of making money, not just a killer product.
How to get money for business: Step 5
Clean up your personal credit before starting the process of creating a business entity.
How to get money for business: Step 6
Choose your business entity, name, logo, take care of all relevant taxes and fees, and create that business entity before you go in to visit investors.
How to get money for business: Step 7
Do as much business on your own as you possibly can. Quantify your results by making them public by using the free resources available online. Social media allows for free promotion and quantification of interest by comments, views, likes, and reviews. Search engine optimization can be begun for free, and it is even better if you can show that you can quantify results of a small preliminary ad campaign.
How to get money for business: Step 8
Take out a business credit card, secured if you can not get an unsecured line of credit, and begin paying all business overhead on that card to build business credit that is separate from your personal credit. Investors love to see that you are already paying bills and separating expenses professionally.
How to get money for business: Step 9
Begin contacting investors and lenders of business credit. Be ready to present your elevator pitch and show off your perfect business credit and business.
How to get money for business: Step 10
Compare all of your business credit lenders to see who best fits your needs and create a long lasting, profitable partnership for both sides!