You probably just watched my video on how to raise a million dollars in six hours, and I’d like to talk to you today about the five essentials in fundraising.
First you need a good accountant, it’s essential that you have a good accountant that will set you up and set the right vehicle for your investment.
Secondly, you need to have a good lawyer, you don’t just want your lawyer who does your conveyancing or buying a property, you actually need a specialist in the field of corporate law.
Thirdly, you need to have a good relationship with the bank. In your fundraise, if you are going to use a bank, you are definitely going to have a relationship beforehand. And you want to have a banker who is a specialist in the field in your particular field. So for me, that’s hospitality. For you, that may be plumbing that may be building, whatever service you’re going to provide, or the business you’re going to grow in a specialist in that field.
As a banker, fourthly, you’re going to need a great plan. The plan is basically putting together all of the financial history of your business, and effectively what you want people to invest in. So, it’s talking about your future, it’s going to have your financials, talking about everything that you’ve done well in the past.
And finally, you’re going to need a really good history of what you have done. So you need to be able to in the plan, sell all of the above, you need to be able to show that you’ve got a good team around you. A good accountant, a good lawyer, a good banker. And you also need to, it’s really important to talk about your history. And in your history, it’s not just about all the good things. It’s about how in the past you may have overcome certain adversities. It’s really important to be authentic, because your investors when they read through your plan will look at every intricate detail. And if they find any lack of authenticity, they will not invest with you. Thanks everyone for your time. I look forward to seeing you in the next few weeks we’ll flesh out a few more details.
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