Starting or growing a business requires multiple forms of capital - financial, social, and customer. Each form plays a valuable role in your business and personal success. Today, let's explore financial capital and the role of relationships as a secret ingredient to unlocking the funding vault. One of the keys to success is building a solid personal connection with potential funds. It's about turning an intimidating process into an opportunity to develop genuine, mutually beneficial relationships.
The Heart of Funding: It's AII About Connections
Think of securing funding not just as a financial transaction but as a process for expanding your knowledge, your network, and your brand awareness. Whether it's with a bank, an investor, or a grant marketer, getting to know them as more than just a source of funds is vital. After all, people invest in people they trust and believe in.
Building Bridges With Funders
Know Your Funder Inside Out
Before you meet, do a little digging. Check out their websites, social profiles, and any available articles or interviews. This homework isn't just about impressing them; it's about understanding their interests and aligning them with your vision.
Make Meetings Matter
When you get that coffee chat, focus on building rapport. Share your story and vision (be concise); equally important, learn about theirs. This is your chance to show them the face behind the business plan.
Stay Connected Digitally:
Keep the conversation going through LinkedIn or Threads. Share updates about your business, interesting finds, or a quick note to celebrate their achievements. It's a subtle yet effective way to stay on their radar.
Regular, Meaningful Updates
Every now and then, share your progress. Got a new milestone or challenge? Let them know. Keep it brief but informative - it shows you value their time and involvement.
Extend Invitations
Hosting a community event or a business function? Invite them! It's a great way to show them another side of you and your business in a more relaxed setting.
Diversify Your FundingCirde
Engage with various potential funders. It broadens your horizon and reduces dependency on a single source.
Common Missteps to Avoid
- Lack of Preparation: Approaching a funder without thorough research can lead to missed
opportunities. - Neglecting Personal Connection: Remember, funders invest in people, not just business plans.
- Inconsistent Communication: Stay in touch regularly, not just when you need something.
- Over-reliance on One Source: Diversifying your potential funders minimizes risks and opens up more opportunities.
Recommended Reads for A Deeper Dive
- "Build The Damn Thing: How to Start a Successful Business lf You're Not a Rich White Guy" by Kathryn Finney: This book is a valuable resource for entrepreneurs from diverse backgrounds. Kathryn Finney offers practical guidance on navigating the entrepreneurial landscape, emphasizing the importance of networking and relationship-building in a way that's accessible and empowering.
- "Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist" by Brad Feld and Jason Mendelson: Ideal for anyone looking to understand venture capital, this book demystifies funding processes and investor relations. It's a must-read for
business owners and professionals keen on learning about negotiation, deal structures, and effective engagement with investors. - "Networking for People Who Hate Networking: A Field Guide for Introverts, the
Overwhelmed and the Underconnected" by Devora Zack: Zack's book is perfect for those who find traditional networking challenging. It provides alternative strategies for building meaningful connections, catering to different personality types, and is especially helpful for introverts. - "The Introvert Entrepreneur: Amplify Your Strengths and Create Success on Your Own Terms" by Beth Buelow: This book is a fantastic resource for introverts who are navigating the entrepreneurial world. Buelow offers insights and strategies on how to leverage introverted qualities as strengths in business and networking. It's particularly relevant for those who need to build relationships with funders and collaborators while staying true to their introverted nature.
Conclusion
There you have it—a friendly yet professional approach to building relationships with funders. It's about combining your business acumen with a touch of personal connection. By doing so, you're not just seeking funding; you're building a community around your business vision. Go ahead, make those connections, and watch your business thrive!
Feel free to share your strategies for relationship building with me at gloria.ware@getthebag.biz.
|
Gloria M. Ware |
|
Gloria, Your Capital Copilot, steers GTB Advisors and Get The Bag with 30 years of financial mastery, driving financial empowerment for communities of color. An architect of Ohio's inclusive finance initiatives, she's your navigator through the complexities of capital acquisition and business growth. Gloria’s insights and strategies fuel financial inclusion and innovation, making her a sought-after speaker and advocate. With a passion for community building and a rich history in supporting diverse entrepreneurs, she blends expertise and empathy to guide your financial journey.
Book a FREE Call here to discover How We Can get your project funded
Sign up for our Newsletter to stay on top of all the Grants & Financial Tips we have to offer
|
