Money attracts money. That’s fortunate when you have it—not so fortunate when you’re on the needing-money end. To first-time entrepreneurs especially, raising funds for a new venture can seem like an impossible task. As Inc. Magazine says, “Many investors want to be early… But no one wants to be the very first.” It can seem like everyone in the world is a “maybe” (or a “no”) before you finally get that first “yes”, and your first check.
The good news, though, is that it only gets easier—the first investor is almost always the hardest capture. Every “yes” from there builds momentum until you are an unstoppable force. Mick Liubinskas suggests thinking of it like dominoes: “If you sequence them well, when you knock over the first one, the rest should fall.”
If you’re still in the stage where you’re trying to attract that first money, take a deep breath. Here are a few tips to help you keep positive and stay on track:
- Remember why you’re doing this. You’re (probably) not just a masochist who likes rejection. You’re doing this because you have an idea the world needs. Keeping your end goal in sight, first and foremost, will assist you in maintaining the strength of will, the energy, and the drive to see this through.
- Think differently. If you’re really hitting a wall, rethink some of your premises. Are you going to the wrong types of people to ask them to invest? Are you following the wrong investment strategy? Are there other ways you could frame or present your case to investors?
- Bring in the pros. If you’re still stuck, consider finding a mentor who’s done it before, joining an incubator, or hiring a financial or marketing agency (we might know one) to assist.
Keep trekking toward those “yeses” and keep in mind, in the words of Blak Box founder Sam Blan, that “A series of affirmative responses in a row is like a tidal wave of momentum—the whole world jumps on board.”
You got this, kid.