Previously, it seemed that immediate relations and banks were only the real sources of funds if you were to start a cause. Thankfully, after the Security and Exchange Commission lifted the ban on gaining investments through the general public, generating funds to run a successful cause was made much simpler. Suddenly, everyone’s pitching in an investment for even the most absurd causes through crowdfunding efforts, blogs, social media, and other online sources.
So, where do you go if you’re looking for funds through social media sources?
LinkedIn is the most popular social network for business professionals and one that has the highest chance of success if you’re devoted to business-like objectives. LinkedIn hosts masses of members looking forward to donating to other businesses and start-ups for their own personal and professional reasons. If you’re still wondering how to do the final act of asking for funds without shying away, here are a few tips you can follow.
1) Create a Separate Profile: The number one rule before you start connecting with anyone on a social media network is to re-do your profile. People are going to look into your profile before they invest. Clearly, you investors would want to know who you are and whether or not your plea is authentic. Your LinkedIn profile should include details about your business/ project and it should also explain why you are looking for investors. The more you describe your project, the more it validates your solicitation. Make sure you include specific keywords such as “venture capital” or “small business” that will allow potentials to easily search you up. Keep your profile active and express that you are willing to learn and share information.
2) Start Searching: If you’re really lucky, investors will be approaching you. But that is (of course) rare. You will have to search, find, and approach potential investors yourself. You want to make sure you track down the right investors to ensure your time and efforts are not wasted. Thankfully, with the help of the LinkedIn search box and the keyword features, this isn’t too difficult. For example a final year student may search for “dissertation help” to spot professionals who offer that service. For your cause, you might want to type in a keyword such as “solicitors” or “angel investors” and browse through the list of people that pop up. However, an even better approach is to take advantage of the advanced search to cut through clutter by specifying country, location, Alma matter, industry, company, etc.
The list of people that will show up is going to be ordered based on “degree of connection” (how connected you are to them). Your most immediate connections should be the strongest ones. Regardless, review their profiles, search for people whose interests may align with yours and send connection requests. Mutual connections can also yield you more connections and potential investors. Ask your mutual connection for more insight on a potential and if you see them fit, don’t be shy to ask for an introduction before you ping them.
3) Do Your Homework: Once you have your list of potentials ready, get to them know well. Follow your potential investor’s company page, profiles, website or whatever other links they provide. Through this person’s portfolio, you should be able to judge their investment approach, previous companies/causes donated to, and their preferences when it comes to investment.
4) Be Patient: Finally, building connections for fundraising requires a lot of time and patience. This isn’t something that can be done overnight. Social media is all about building and cultivating relationships with new (or old) people you meet. A strategic approach is a patient one and in the case of equity funding, patience is imperative to ultimate success.
Author Bio: Rachelle Scott is a keen bloggers who loves to blog about topics related to tech and education, and the recent developments in other sectors. When not writing blogs, she serves at a digital marketing firm offering effective branding solutions. Find her on G+.