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There’s No Money

July 29, 2009

I get a host of similar remarks when I speak to groups of would-be business owners everywhere I go. “There’s no money”, or “I haven’t got collateral”, or “My credit is good, but I still can’t get a loan”. The sentiment is common. Surprisingly, this is one of the more interesting problems in starting a business because we get to be creative. What else could we do to raise capital? How do we find another kind of backer? What are the options?

To answer these questions, first let go of the inner critic. We all know who that is with the droning voice, “This will never work. This is impossible!” Once that’s gone, get to work. The next step is to identify people who could benefit from what you are trying to do. You may not have met them yet, but if you can identify a couple of these people or companies, you can set your next goal to meet with them. Maneuver your way to them with the networks of people until you reach the decision makers.

Start a discussion with your elevator pitch. Sell your idea. Sell the benefits to all of the individuals you talk to, up to and including the decision makers. People want to be part of something. People want to buy into an idea. Once you’ve met with the decision makers and defined how beneficial your concept is to them they will be more welcoming to a discussion of how to structure such a partnership or arrangement. It is likely your ingenuity and your creative approach to raising capital will leave a lasting impression on the people encounter. You will be amazed by how many people want to help.

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