When you’re so successful that you get ahead of yourself.
How to ask for money
If only you had enough money…….
Entrepreneurs eventually get to the stage in their business where they are considering taking it to the next level.
This is when you’ve done all you can with what you have, and you know an infusion of cash will allow you to meet the orders you have coming in.
If you’re so successful that you need an investor to help you keep up with the orders, that’s a great place to be.
Asking for money in this situation is one of the easier times to ask because you’re offering something for the money — a rate of return.
Some business owners feel it’s an admission of failure. “I couldn’t do it on my own, so now I need help.”
That is counterproductive.
If you’re asking for money, you’d better be confident.
Why would anyone give money to someone who thinks they’re a failure? Even if you don’t admit it, your presentation and attitude will show them something’s not quite right.
Consider reframing that negative thought.
You are so successful that you’re ahead of yourself.
The business is more than you ever imagined.
You’re expanding to the next level.
There is a hierarchy of investors.
Every one of them deserves the respect and approach that you would give to a venture capitalist.
Friends and family are more likely to invest in your idea, so they might be the first group of people you approach.
Use them to practice your presentation skills.
Hone your elevator pitch.
Listen to their questions and be prepared the next time.
After friends and family come, private investors, banks, and venture capitalists. The one that suits you the best will depend on your specific needs.
There are several things to consider when you meet with a potential investor.
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