5 Effective Fundraising Tips for Women-Led Startups
Whether you’ve decided to leave your 9 to 5 and go out on your own, just graduated from college, or been hit with a genius idea at 3am, one simple fact will make fundraising for your startup that much more challenging: you are a woman. The gender pay gap has found a way of sneaking into the startup world. The good news is, wherever there is a glass ceiling, there is a woman (or women) who are willing to break it.
The stats are in, and the sad reality is women-led startups are backed by only nine percent of entrepreneurs. But don’t despair. This is a simply another fight for equality that needs to be fought! There are avenues that can take you in the directions of your dreams, and in doing so, improve the landscape for women in startups as a whole.
Here are some key insights to get you on you on your path to turning your vision into a reality.
1. Show Me the (Easy) Money
Before trying to access funds from big investors, start small. People who already know you and who believe in you can give you a real leg-up when you are starting out. Launching campaigns on a site like StartSomeGood will not only give you an initial booster, but also get word of your venture out there in the world. You never know who might stumble across your campaign and be willing to help you take it to new heights.
2. Find Out If You Have a Long-Lost Clone
Of course you have done your research. Of course! But have you really delved deeply into what could possibly be competing for your funds? What products are similar in nature? Will these products be seeking out the same finance pool? How do you differ? “And remember, just because a similar product exists out there, what you have created, or are in the process of creating, is uniquely yours. Find what makes it unique” — explains Reginald Knight, a Business Consultant at Revieweal.
3. You Are Already Enough
To launch a successful startup, you must have the full weight of your biggest supporter behind you — and that supporter is you. Sure, you don’t know everything, and the journey can be daunting at times, but if you don’t believe in your product, nobody else will. Your confidence in yourself and your work must begin today. Find it. It’s in you waiting to be unleashed.
4. Commune and Communicate
Network with as many people as you possibly can. Get talking. Get writing. Get refining. Make sure that the way in which you communicate is always professional, perfect and purposeful. Useful online resources are waiting in the wings to assist you. Try Paper Fellows or Academized (as recommended at Huffingtonpost) to give your business writing a boost.
5. You Are the Best Thing about Your Startup
You already know that you are enough. Well, the truth is even more exciting than that. You are the best. Financiers are looking for relationships, sometimes even more than product. They will be investing in YOU. Make sure that you build yourself up as an integral part of your brand. Put your best forward at all times. Read your emails for errors before you press send. Let a trusted friend or family member look over your letters. Try Grammarix to perfect your grammar while composing fundraising letters. Make use of a site like Ukwritings as an editing tool. The letters you send out there are representative of you.
Now get going! Seek out the people who will help you manifest your vision. Although it may seem daunting, NOW is the only time to start.
Gloria Kopp is a business and marketing consultant at Bigassignments. She is running Studydemic educational blog for international students and is an expert writer at The Tab, Semrush and Boomessays blogs.