So let’s talk about one of the business topics that we tend to avoid…money. You can absolutely start a business on a budget, however, for certain ventures, you will eventually need some kind of funding or investors. I don’t know about you, but as a creative, I tend to be clueless about these kinds of things. Of course, I can do my research, but sometimes, you just need an expert. That’s why I was so excited to talk with JaKarrea Walker of The Millenial Boss. Not only is she helping grow and support millennial businesses and entrepreneurs, but she also is extremely knowledgeable about how you begin the process of finding funding or investors for your business. I love the fact that there are millennials out there supporting and cheering each other on, despite that stereotypes and negative attitude millennials sometimes experience in the workplace. You will absolutely want to take notes for this one because JaKarrea shares a lot of great information as well as some upcoming opportunities so I hope you enjoy our interview!
Finding Funding For Your Business:
All these terms, “funding”, “investors” and “equity” can be intimidating if you’re not familiar with them. I had some basic knowledge but I am so glad JaKarrea was able to share some new ideas on how to find funding for your biz. A loan from the bank is not your only option anymore. Jakarta shared all about pitch competitions where you can pitch your business and business model to a panel of judges or investors and possibly win a cash prize! This is a great way to get your ideas in front of influential people as well as get some capital to move your business forward. The Millenial Boss is hosting their own virtual pitch competition soon that you can enter now!
You can enter here!
Perfecting Your Pitch:
If you decide to enter one of these pitch competitions, or if you approaching investors on your own, it’s important to have a great pitch. JaKarrea suggests that you perfect a 1 to 2 sentence description of your business and what you do. She also suggests that you have down a problem that your business or product solves for people. Be able to describe your team 9if you have one) and what they provide, your goals for the next 5-10 years and most importantly, what you’re going to do with the money if you win!
Always Read The Fine Print:
In different pitch competitions and contests, the winner will receive different things. They also could be giving up something as well. Make sure you read the rules and fine print of each competition so you understand if the investment money is given in exchange for equity in your business (which basically means that the investor will own part of your business in exchange for the money). Some competitions don’t require equity but it’s always a good idea to know what you’re getting into beforehand.
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Jaclyn Johnson-create and cultivate & work party
