2 min read The best startups demonstrate key successful fundraising habits that can be easily replicated if you are willing to put in the work. Here are some of the key habits that will help you hone your fundraising ability:
Goal setting.
Know what you want from the overall raise and break it down into stages. The entrepreneur who vaguely requests $1M has not yet thought through the use of funds and most likely needs less to get started.
Setting (and sticking to) a budget.
Set up a timeline and budget for raising funding, and then stick to it. This is a regular (daily and weekly) exercise, not a “some time” or “whenever” thing.
Calendar consideration.
Starting a raise in the middle of summer or just before Thanksgiving is going to be difficult. Plan the launch of your fundraise with the investor’s schedule in mind.
Knowledge of target audience.
Understand the target investor and what they are looking for. It’s a good idea to see what they have already invested in and approach them from that angle.
Document preparation.
Spend time preparing investment documents. Make sure each document, your executive summary, pitch deck, and financial projections, are ready to go so that when an investor expresses interest you can provide them.
Pitch practice.
Successful fundraisers practice their pitch. Have yours well-honed and know it cold.
Working the plan.
Create a plan and then work the plan. Have a list of prospective investors and continually work investors through the process.
Focus on metrics.
Keep track of the numbers in your campaign. Know how many prospects you have and how many you need to achieve your goal.
Asking for feedback.
Ask investors for feedback. Be open to feedback from investors and others on your pitch and campaign.
Demonstration appreciation.
Solid fundraisers demonstrate appreciation. They show appreciation to those who help them in their fundraise.
Fundraising is a skill just like most other aspects of running a business. These skills can be learned and honed.
To learn more about the fundraise process, check out our Edu section: https://www.startupfundingespresso.com/education/
Hall T. Martin is the founder and CEO of the TEN Capital Network. TEN Capital has been connecting startups with investors for over ten years. You can connect with Hall about fundraising, business growth, and emerging technologies via LinkedIn or email: hallmartin@tencapital.group
