Even if you are looking for private investors, accepting a parental investment, or attempting to fund your own new business yourself, you will eventually be looking for like-minded investors to help your business grow. In the early stages, your chances of getting financial support will largely be based on how much experience you can offer or show regarding your new business venture.
This is a hindrance for many beginners as a lack of experience not only keeps financial support at arm’s length, but also can force you to change your mind on a possibly sound business plan. So here are five tips to help under-30s when starting a new business with little or no experience.
Be aware of your weaknesses
Before meeting anyone, it is always good to predict any difficult questions you might come up against. The easiest way to do this is to assess your own weaknesses. Knowing what you are struggling with will help you be ready for any questions that may catch you off-guard. Remember to be as hard as you can be on yourself and maybe even ask other people to get a full idea of what you might be having trouble with.
A different kind of experience
The first thing that can replace experience is qualifications. Although specific certifications for the business you are venturing into might be perfect, sometimes it is better to get a little bit of everything. Start with a national and an international industry qualification or a marketing qualification. The ability to speak a second or even a third language would also set you on the right track.
Experience can come in many forms, one of which is connections. Before meeting anyone you should have a social media presence on at least four platforms. Also remember to have an up-to-date profile on sites such as LinkedIn. Joining a local business community that will give your credibility, such as the Business Network International or the EU-Indonesia Business Network, will also show professional foresight and help with future networking.
If you have no experience of your own, try and borrow it from someone else. Either partner up with someone who has the background or skills you are missing, or try working alongside someone who is willing to share their idea in a mentor capacity. If these options don’t fit try to buy an existing brand or business that fit with your future plan or image.
Look the part inside and out
Everyone is aware of how important first impressions can be and so most will take the time to dress the part before attempting to meet a future investor. However, fitness and health are also key factors as in order to run a new successful business effectively you will need to be fit and healthy. Tired eyes and an unfit appearance will not fill your prospective investor with confidence.