5 Steps to Funding your New Venture to Survive the Ups and Downs

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Choosing to start a business is exciting. But success is not guaranteed. It is humbling as a founder to learn everything you do not know that you are now grasping to figure out as the weight is piling up on your shoulders. 

It can be lonely leading a team who are passionate and enthusiastic about your mission. I’ve seen many founders keep all the doubt and challenges to themselves. Not wanting to discourage their team, family, advisors, investors, or friends. Their business may look great on social media or present well at events, but behind the scenes, challenges are building up. 

It has been rewarding for me to meet founders with so much potential who just need some outside support to lighten that load. 

  1. It starts by pulling all the good and the bad out of the founder. What are they most excited about? Who are their biggest customers and partners? Where do they see the biggest opportunity for rapid growth? What are they most worried about? What have they been putting off? 
  2. Then we need data. Compile all the information together and create dashboards, so we can see trends. This can be done in google sheets and google slides; it does not need to be fancy in the beginning. 
  3. Then we can start to put a plan in place to surmount all the challenges and to double down on what is working. 
  4. Bring in the right A players that can advise the team on how to best tackle these plans using their experience and case studies to refine your future projections. 
  5. If the company will need capital to obtain these projections, then now is the time to start talking to potential funders. Always best to start the relationship before you are desperately out of money. 

I am addicted to working with founders I believe in who have focused their energy on building a team to tackle a meaningful problem with a unique and valuable solution. I love the challenge and also the satisfaction of watching their progress. 

So founders out there who waver throughout every day from feeling on top of the world to feeling underwater grasping for air  – It is ok. You are not alone. Find someone you trust who can support you to lighten that load.

Originally published on LinkedIn.