5 Steps to Making Sure Your Business is Fundable

Use these strategies to ensure you can sell investors on your project and get the money you need to move your business forward.

  1. Set A Timeline
    This is more for you than anyone else. Once you set a deadline for each stage of your project, starting with the fundraising period, you tend to wake up with the same priorities I mentioned above. It also illustrates to potential investors, collaborators, and supporters that you are serious. Only a person who means business would say “I intend to have x-amount of funding by this day.”
  2. Shape the Path
    Sure, you’ve got the whole thing figured out, but your project is a meal you will not be cooking alone. Outline the ingredients, the process, and the all-important hows and whys behind every single move. The more people can understand the plan, the sooner they can be as excited as you are about seeing your project come to life. This helps your project become their project too.
  3. Profile For Your Cause
    Think about every person or group you hope to speak with and create a profile. What I mean is, you just need to be prepared with something that appeals to each of these different groups so you can speak to the points of your project that would be of most interest to them. For “Premium” there were friends and family, people looking to diversifying their portfolio with a film investment and there were folks who supported the script’s positive portrayal of African-American life. There were also a few investors who saw some of themselves in my hustle, as well as those who may have responded to things I did not foresee. Think about the authentic, organic elements of your project that would appeal to each potential group and don’t be afraid to lead with your best punch. The words you speak must not only be heard, they must provide impact.
  4. Educate Your Audience
    Every time you pitch your project is a teachable moment. Whether it’s a film, a new technology, or the next great soft drink, explain the art and science behind what you are doing. This transforms you from a beggar to an educator and allows everyone you come in contact with to be that much smarter because of their conversation with you. Yes, you. Do this right and they’ll also be thinking about how they can help this exciting new project come to life.
  5. Tap Into Your Community
    Once you’ve determined the best way to navigate all of the above, it’s time to start testing the waters. Make all of the introductory information on your project easily accessible online, and then work your network like you’re Barack Obama trying to win the Iowa Caucas.

Article originally appeared on theyec.org. Reprinted with permission.

In today’s age of Social Media, writer/producer/director, Pete Chatmon is the guy you want behind the lens. Whether feature filmmaking, commercials, music or viral videos, Chatmon develops content with one focus: to engage and entertain audiences and consumers through honest storytelling. Double7 Images, his media production and marketing boutique, is based in NYC.

YEC Urban is an initiative of the Young Entrepreneur Council (YEC), an invite-only nonprofit organization comprised of the country’s most promising young entrepreneurs. YEC promotes entrepreneurship as a solution to youth unemployment and underemployment and provides its members with access to tools, mentorship, and resources that support each stage of a business’s development and growth. YEC Urban’s members are successful minority business owners, entrepreneurs and thought leaders.

Pages: 1 2
ACROSS THE WEB
  • WriteMoneyInc

    Appreciate the comment where the creative business leader mentioned that not everyone is as passionate about a product/service as the creator of the product/service is. This can be a tough one for entrepreneurs to get a grasp of. However, it may well be an early and necessary step to finding ways to connect with consumers, particularly members of your target audience.

    Denise
    writemoneyinc.com

  • cr8ursuccess_com

    I loved this article! Good info!

  • Dar’shun Kendrick

    Question No. 1 is “Do I have the correct legal entity set up to receive funds?” Investors won’t invest in a sole proprietorship or LLC most times because of the taxes. Certain investors cannot invest in S Corps. by law. View my blog at http://wp.me/p1JRPo-1h to find out how to choose the BEST legal structure the 1st time!

  • newblackwallstreet@yahoo.com

    This is a really great article!