An entrepreneur’s network can be their greatest strength in propelling their business to success. When it comes to fundraising, entrepreneurs can gain immensely by leveraging their personal and professional networks. It is a fact that people are more open to investing in a business that comes through a connection. Thus, entrepreneurs can often find support in the unlikeliest of places. The larger your network, the greater your reach for potential investments. By tapping into your networks, you can get introduced to people who may be interested in financially backing your business and thus more easily raise funds.
Spread The Word
You need to start with spreading the word about your business and funding requirements. When you set out to raise funds, you will be benefited by talking to as many people as possible. If the people you connect with can’t help you out, they may be able to put you in touch with someone interested in supporting you. The road is full of rejections but the key is to keep trying.
Share Your Story
Share your vision with friends, family, and colleagues. Keep your story personal and relatable for maximum impact. When you share your personal story with people, you come across as authentic and are more likely to get a response.
Tap Into Your Connections
We forge connections with several people throughout our lives. The best place an entrepreneur can go looking for funding is these networks. It could be your friends, colleagues, professional contacts or family. Don’t shy away from asking for all the help you need. Reach out to them. There are documented cases where business owners found willing angel investors in their networks.
The Power of Social Media
Professional networking websites can be found aplenty. While LinkedIn remains the go-to destination, there are numerous other websites that help entrepreneurs connect with potential investors across industries. With your connections on these websites, you can rapidly expand your network and share your story with people more likely to help you raise funds. Here are some ways you can leverage social media to activate your networks:
Create your organization’s profile page and share it
Share articles, blogs, thought pieces etc. to stay in the public eye
Engage people through polls
Join Groups and Forums
Joining industry groups on social media can help you gain immense knowledge about current affairs and trends. Apart from joining industry groups and forums related to your cause, also join fundraising groups. This will help you forge new connections and get in touch with even those investors, you weren’t previously acquainted with.
Work With Deadlines
It is human tendency to respond to deadlines. An open-end campaign will not see the kind of impact a deadline-based will. Don’t let your emails get lost in inboxes. Urge your network to act soon.