Some entrepreneurs are quite good at raising funding. They know what to say to investors and they do the right things. Here are five habits of successful fund raisers:
1, Set goals—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.
2. Stick to budgets—setup a time budget for raising funding and then stick to it. It’s a daily/weekly exercise – not a some time thing.
3. Consider the calendar—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.
4. Know the 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.
5. Spend time preparing documents—make sure your documents –executive summary, pitch deck, and financial projections are ready to go so when an investor expresses interest you can provide tem.
Fund raising is a skill just like most other aspects of running a business. These skills can be learned and honed.