- Step 1: Write a business plan Write a business plan outlining your vision, how you brand, your customer base, team, and revenue stream, and how much money you need to support your plan or idea.
- TIP: Find help writing a business plan from books, software, or through a local business advocacy organization.
- Step 2: Ask family and friends Ask family and friends with available resources to invest in your business.
- Step 3: Network Network like crazy. Contact your bank, chamber of commerce, members of any business organizations you belong to, and online social networking sources.
- TIP: Get a referral from a respected business owner to break the ice with potential investors.
- Step 4: Target your quest Target your quest to find business investors that are good matches to your plan, such as industrial investors for a manufacturing project, or investors concentrating within your geographic region.
- TIP: The average investor is a retired entrepreneur.
- Step 5: Conduct Internet search Conduct an internet search for investors and investor organizations, and take advantage of online submission opportunities.
- Step 6: Contact your SBA office Find contact information for your area's Small Business Development Center at sba.gov to pursue investor connections, or ask your state economic development agency for resources.
- Step 7: Give investors a reason Give investors a good reason to support your business and be prepared to detail their return on the investment. A great pitch aimed toward meeting an investor's goals will take you a long ways in getting your project on its way to success.
- FACT: As of 2007, small businesses in the United States accounted for 44 percent of the private payroll.
You Will Need
- Business plan
- Targeted contacts
- Networking opportunities
- or a local business advocacy organization (optional)
- Referral (optional)