When you start to become energetic regarding starting your own business venture and thinking about pitching your idea to investors or finding a startup business lawyer, the biggest thing on your mind is likely to be money. However, getting the investor to even back up your idea is only half the battle. The real job comes in keeping your investors both happy and growing along with you, as well as never forgetting that they want a lot more than just their money back. They want to be amazed, and they also want to know that they’ve backed both the right people and the right business. You can reassure them of this by making note of the following five rules.
Keep Them in the Loop
Investors can become annoyed whenever founders aren’t as forthcoming with updates as they’d like for them to be. Nothing peeves off an investor more than not hearing from a founder and always having to get in touch with them for any kind of an update. However, if it’s too soon and you don’t have any new information to share, send your investors a short email and let them know how all of the work is coming along. Typically, this is something that should be done anyway once per month.
Be a Lion
In the business world, lions are defined as people who tend to postpone meetings until they have all of their details squared away. Once this is done, they will submit a report to the investor, who will then decide when to release money.
Value All of Their Inputs
An investor’s job is more than just signing on a dotted line. When you ask for their opinions, they feel like they’re being validated. They always know about all of the challenges that you’re facing, and they also understand your approach to coping with them, which helps to boost their confidence in your business.
Feed Their Priorities and Passions
This one is rather simple. All you have to do is think about what all of your investors are passionate about and exactly what it is that they’re looking for.
Help Them Grow
A lot of investors begin by investing in friends and family members, with some of them going on to really win big. As your business continues to grow, you will need to help your investors grow along with you. Help them to get acquainted with all of your best practices, share all of your important news, and help them meet other startup business owners that they can potentially invest in. This will lead to a better relationship.