WHAT YOU NEED TO KNOW
When You Shouldn't Seek Out Investors
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You have no plans for that money
The point of the investment is to evolve your business. That may be breaking into a new market, increasing production, or hiring more talent to move beyond the prototype. If none of that is in your plans, forget the investment.
You just need money
Go get a loan. If you still have cash flow and all you need is equipment or to move to a new location then a loan will probably suffice. That way the only thing you'll owe is the principal and interest, not ownership in your company.
Your business/product is not scalable
Not every business is easily scalable. Our firm, Spark Media Solutions, is a media production agency. We're scalable only by the people that we employ to do the work. Business models like ours are difficult to scale, making them unattractive to investors.
You have no plans to exit
Do you enjoy running your company? Investors would like to see a day when you're not at the helm. That's an exit, and if it goes well everyone makes money. It's also a gamble, which may not be the case with the day-to-day operations of your business.
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"Don't hesitate when you come to a fork in the road. Be bold. Pick that fork up and take it home. Free cutlery!" - @Tups13
"Sometimes, late at night, I'll look up at the stars and wonder if you're also stealing lawn furniture." - @KimmyMonte
"The biggest problem with prison is that you can only rearrange your cell in so many ways because of where the toilet is." - @E_lok44
"You aren't supposed to strip during Zumba. Apparently." - @BuffyMaddingly
"Why is this wet? Just one of the fun games you get to play as a parent." - @philco816
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Mistakes Startups Make When Talking with Investors
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You're eager. You want to find the person who has the money. If you corner him/her and just blurt out your elevator pitch, they'll love you. They'll start throwing money at you...
Yeah, that technique rarely works. Learn about that mistake and many others from a video we produced for Verizon Ventures. Three minutes of advice from investors and startups who have already felt the pain will save you a lot of aggravation in the future.
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TEAR DOWN SHOW #139
Michael and David's Podcast Preparation Now Involves Cupping
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In this episode Michael and David talk about the pathetic attendance at the Olympics, eSports, and online harassment. They promise not to harass you, if you listen.
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TRADE SHOW TIP
Make Your Trade Show Conversation Memorable
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We talk to so many people at a trade show, yet after the show, when you look at the stack of business cards you collected, how many of those conversations do you remember? How many of those people are actually going to follow up with you? What can you do in the future to make sure your conversations are both memorable and worth following up on?
Here are some tips:
- Have a few prepared opening lines beyond, "How are you doing?" At VMworld last week, people in booths asked how I was doing as I walked by. We both knew they didn't care how I was doing. Instead of using the world's laziest and least effective line, they could have said, "Love that shirt/shoes/hat" or "What's the coolest thing you've seen at the show today?"
- Once you start the conversation, ask them, "In 30 seconds, tell me what's the coolest part of your job?" When the conversation shifts back to you, do the same. Instead of starting with your official job title and department, focus a cool and unique element of your job.
- If you can get to the point where there's going to be a follow up, pull out your mobile phone and shoot a selfie video of you and your new contact talking about how you're going to both follow up. You can use that video when you follow up so you both can remember the moment.
This scenario is not hard to pull off, but you may need a little practice. Try with a few colleagues to get your rhythm down.
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Get your copy of
THREE FEET FROM SEVEN FIGURES
One-on-One Engagement Techniques to Qualify More Leads at Trade Shows
ThreeFeetBook.com
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