By Patty DeDominic
Look closer and think about some alternatives that might enable you to save a huge percent of your equity. Perhaps the right question here is WHY DO YOU really need to raise that seed capital? Perhaps the real challenge here would be to raise ADVISERS who can help you develop your plan for gross revenue increases and help you leverage your contact base for more creative ways to accomplish what needs to be done.
You’re a tough, resourceful and capable entrepreneur.You’re probably known as an expert in your field yet global competition, technological changes and government regulations all add up to tremendous pressure and challenges for business owners ready to grow. It’s hard to pick perfect partners. Just think of the marriages that end in divorce in spite of how great the honeymoon was. It’s impossible to know it all and none of us has built an empire without a virtual army of supporters, contractors and subs on our team.
Given that you are a pro—If you are like most successful small business owners I know—you are also working hard to please and stay a few steps ahead of demanding clients and an empowered management team. Add to that the pressures of your real estate needs, be they physical on main street, virtual online or on Google’s first page, raising and investing your capital assets for higher returns and it’s a wonder that you are still standing!
Smart entrepreneurs know not to make promises they can’t keep, nor can they sustain months of burning the midnight oil. I just don’t want you taking on another Master in the form of a hungry investor or business partner who may not be as passionate about your mission as you are. Sometimes it seems like we are on a treadmill and it’s impossible to hop off without a catastrophe.
That’s why I think you need a strong Advisory Board for your growing enterprise if you are going to SCALE it. But WHO and HOW are you going to find, recruit and enlist them? I would like you to identify at least one thought leader or futurist in your field and connect with them. Add to that your banker or other top CPA or financial brain, a legal brain, a customer advocate, a people expert and a digital marketing guru. With these skills you can make money and you just about have your village. Find wise advisers by referrals. Start with your banker. Your top local insurance agents usually have a fabulous Rolodex since so much of their business comes by formal and informal referral systems and high level networking.
Instead of shopping for investors, shop for brains and bring them together to brainstorm innovation and the low hanging fruit that each sees after you share your mission and vision for your future. I want you to develop a smart, strong and profitably sustainable company.
When you do, you will find investors approaching you and the “sales pitch” will have to be theirs, not yours.
Let me know if you wish to hear more information on our Advisory Board services.
DeDominic & Associates does this with teams as small as two and up to 10 “board” members.
Email me at Patty@dedominic.com
Like Us On Social Media!