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How To Create A Killer Equity Crowdfunding Pitch - Step 3: Your Team
The third in a ten-part series which addresses the steps you need to take in order to create an eye-catching equity crowdfunding campaign on GrowthFunders.
You can find out more about the coming posts at the end of this one.
But I know what I’m doing
You’re only as strong as the team you have around you. Everyone needs support in endeavours, be it social, psychological, or otherwise.
Don’t think that just because it’s your idea, you can do it all on your own. Or that you have to. Or that you should.
Why you need a team
Most investors won’t see you, on your own, as a viable investment opportunity. This will make it almost impossible to raise the capital you need to kickstart your business.
As well as looking for prior industry and entrepreneurial experience, investors will also want to know that you have the integral areas of your business covered.
At the very least, these are the areas you should be focusing on:
- Sales and Marketing
As the , you most likely have the conceptual part of the creativity down, but how well does that translate into technical skills and know-how? How able are you to take care of the financial aspect, or to go out and generate sales?
Then build a team made up of people who are. Find people who are as passionate about those areas as you are about yours.
Secondary to these key components are the advisors and/or non-executive directors you should be looking to target as you progress your business. Choosing and acquiring the right people for these positions will instill confidence in potential investors.
There are a number of avenues you can explore when building an entrepreneurial team:
- Friends and relatives.
- Be careful with this one. You know these people on a personal level. Not professionally.
- Former or current colleagues
- These people obviously have sector experience. You’ve seen them in action. You know their strengths and weaknesses.
- You have to trust that these people have sector experience. Use these recommendations to build a network of contacts.
Eligibility vs. Suitability
Potential team members have to be judged on more than one criteria. For example, they may have all of the relevant qualifications and field expertise, but little work ethic.
Alternatively, you may trust them, and they you, yet find that they lack the skill set you are looking for.
Also, they must share your vision and values, most importantly when it comes to the business. Eligibility and suitability have to play equal roles in your decision-making.
Convincing people to join your team
You’ve identified some key people you want on your team. Now you just have to persuade them to join it.
Start by showing them what they can gain. What’s in it for them? At this early, start up stage of your business, it probably won’t be much in terms of a monetary reward, so you have to think a little harder. Everything you achieve as a team will happen as a result of their input.
They can play an integral part of taking your idea to the next stage. They’ll constantly be challenged, which will offer them countless opportunities to reach personal goals and achievements.
Also, it’s always worth mentioning that there’s a chance your business will become worth millions of pounds in the not-too-distant future...
GrowthFunders: getting you started
If you’re looking to raise seed funding for your business, you’ll no doubt already know how difficult it can be. Spending time away from your business, travelling up and down the country to meet face-to-face with potential investors, can often be time-consuming and ultimately fruitless.
Finding the right platform from which to pitch to many investors, all at once, is a great solution. GrowthFunders, the online equity-crowdfunding and co-investment platform, is the right one.