You have everything you need to make your dream business a success except the funding. Isn’t that what venture capitalists are for? This article will show you how to get their money.
1. Don’t bother trying to get funding unless you already have something going, relevant experience and connections, and an edge that will make your business really grow and attract and retain customers.
2. Write a business plan and a formal pitch. If you don’t know how, get help.
3. Be clear about the deal. Why do you need money? How will you spend it? What’s the deal for the investor?
4. Apply only to VC’s who have shown a willingness to invest in ideas like yours.
5. Have a business that demonstrates the power of the idea in action. Good ideas are nice, but most VC’s invest in an idea only when it’s from a proven performer (think JK Rowling).