Are you circling around a critical action required to grow your business and achieve its full potential? Have you delayed approaching investors, sponsors, advertisers and prospects in a new territory? If you have continued to think about rather than take this essential step forward, here are some important points to help you get off the dime.
Key Factors to Consider With Potential Investors, Sponsors, Advertisers and Prospects
- Research and identify the right sources: Like any project you tackle, research is a vital way of gathering necessary information. Rather than randomly approaching high-level investors with revenue requirements beyond the scope of your current business activity, you need to pinpoint seed or angel investors as a start-up to avoid unrealistic or undesirable payback terms.
- Learn the language and appropriate tools: Busy investors don’t have time to show new business owners the ropes. Although some may generously offer their time as a mentor, most are primarily focused on making smart investments that will deliver a worthwhile return. Take the time to make your best argument for funding in a clearly presented pitch deck, a quick overview of your business and team in fewer than 19 slides.
- Supply accurate numbers and proof of reliability: Anyone you approach in the business world will want concrete evidence of your start-up’s appeal. Even if you don’t have stellar numbers to offer at the present moment, identify and articulate the distinctive qualities of your enterprise.
- Reverse roles to prompt interest and motivation: Instead of focusing on why you need an investor, sponsor, advertiser or prospect, take the time to consider their concerns. Objectively answer the question: Why should they work with you rather than another promising start-up?
- Prepare for rejection but continually envision success: If you have delayed approaching investors, sponsors, advertisers and prospects to avoid discouraging reactions, simply expect rejection as a necessary part of the process. Like other situations, every “no” will propel you closer to “yes” from the right partner who is the best match for your business.
Build and Expand Business Relationships Through Social Media
With the help of social media, you can rapidly start to connect with investors, sponsors, advertisers and prospects. As with any new connection, start to build a solid relationship out of genuine interest and a desire to provide valuable assistance.
You may not wake up the next morning with someone magically dropping funds to grow your business in your lap. However, with a deliberate investment of time and effort on your end, the potential for moving your business to the next level is absolutely within reach.
Call to Investors, Sponsors, Advertisers and Business Owners
Are you an investor, sponsor, advertiser or business owner who can share tips about best practices and approaches? What have you learned about the “art of the ask,” and what do you prefer during this process? To share your business knowledge and success, email Artsphoria Media Group CEO Andrea Karen Hammer at firstname.lastname@example.org.