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Jake Croman | 4 Fundraising Tips For Your Small Business

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Jake Croman lists and discusses 4 Fundraising Tips For Your Small Business. For more tips from Jake Croman, visit his website: jakecroman.co

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Jake Croman | 4 Fundraising Tips For Your Small Business

  1. 1. 4 Fundraising Tips For Your Small Business C R E A T E D B Y J A K E C R O M A N
  2. 2. Starting your small business can be an adventurous and opportunistic time in your career. However, it can also be quite a challenge if you haven’t handled large sums of money before. 
  3. 3. One way to build your business capital is through fundraising opportunities. However, finding stable investors with the revenue to commit takes time and resources. To ensure that you can gain as much fundraising capital as possible, you’ll need to avoid some of the common pitfalls.
  4. 4. 01 Know Your Fundraising Needs First thing’s first; you should know how much fundraising capital you will need to raise. Make a list of necessary operating costs like employee salaries, web hosting, supplies, and product designs.  A thorough business plan allows investors to understand that you’ve thoughtfully identified the risks and critically researched the steps required to break even and generate revenue.
  5. 5. Focus on milestones and results when presenting your business plan to investors. Talk about what the money will accomplish rather than merely operation costs or how long the desired capital will last. Best Advice:
  6. 6. 02 Know Your Company’s Valuation  Your company’s value is essential for determining the cost of new capital while you seek equity additions to your current capital plan. Business owners need to understand concepts of discounted cash flow and market multiples before negotiating value.
  7. 7. By using multiple rational valuation methodologies, you can average multiple methods, after eliminating outliers, to find a final pre- money valuation. If investors offer a term sheet with a higher valuation, you can either take the risk or pass on the deal. Best Advice:
  8. 8. 03 Create An Effective Fundraising Team Fundraising strategy requires an expert team. Recruit team members with standout skills and utilize them in specific roles. Positions that are vital to the fundraising team include: 1.  Engagement and press officers 2.  Marketing and networking gurus 3.  Brand ambassadors 4.  Negotiators
  9. 9. Best Advice: Recruit team members who already have investor networks. Hire people who are great at building relationships. The best entrepreneur and investor relationships are friendships bound by shared values and passions.
  10. 10. 04 Determine Your Fundraising Audience Attracting target fundraising audiences is key to successful investments. It’s important to match your product’s target audience with similar investors. Determine what your desired audience(s) want from your product.
  11. 11. Best Advice: Know your audience. When engaging with investors, you don’t have to simply ask donors to write you a check. Instead, you can ask them to pledge support in small amounts over a period of time. Also, consider asking investors to provide a “matching gift” which allows you to take initiative.
  12. 12. Like most new entrepreneurs, there will be hurdles to face as you learn the ropes. However, pursuing your passion as a career can be worth it in the end.
  13. 13. The right amount of training, focus, and preparation can help you effectively raise the capital needed for your business venture while building sustainable, long-lasting relationships.
  14. 14. Thanks for viewing! For more tips, please visit www.JakeCroman.co