Many startups have the same common problem: money. Of the most popular solutions to this problem is to raise fund from venture capitalists and other investors. In this article we don’t want to talk about this but instead we want to talk about what you should do after you have successfully raised your funds?
This can be a huge hump in your road to success so you have to tread it slow but steady. Here we have gathered some hints that you can use to overcome any delay or blockage when you are raising early stage funding.
Manage your board before its birth
Your board is the back bone of your startup. You should meet the board in regular and disciplined way. But if you wait for this to happen by itself then you will face a huge amount of trouble. You have to plan these meetings at the same time that you are raising your fund.
In this case you will be ready to go once you got your money to put into your business. So plan ahead and be ready to make huge decisions with your board as fast as possible when its time.
Communication is the key
Some people have the assumption that after raising early stage funding, their investors don’t like to hear from them except the times when they have some profit to announce but it’s partially wrong. You need to communicate to them in early stages. They need to be sure that you are doing your job.
You don’t want them to panic call you when you least expect. Then communicate with them before they feel uneasy. Your communication should be running all the time and this is true after early stages after you raised your funding more than ever.
Make your investor engaged with your business
If you want to do great then you should get all the help you can. If you engage with your investors or should I say, keep them engaged with you. They can help many things and they should be there to give you their insight and a lot of experience.
Meet them for lunch, let them feel that they are important for you. Make them believe they are a part of your plans and they will be ready to help you in many different aspects. Then you can gain a better insight and obviously make the whole business a better one.
A magic world called NO
One of the biggest problems that many people have is their inability to say NO when it’s most needed. Many of people think just because they lend you money, they have all the rights to force you to do something they want. They might have some unusual idea and they expect you to accept it without hesitation.
Many people don’t know how to say no in this kind of time but if you want your startup to be successful, then you should know when and how to say NO and sometimes you need a big one. But don’t forget, just because you say no, there is no need to be impolite. Say no but say it in a neat and nice manner.