There are obvious things you need to do in preparation for raising funding like developing a pitch deck. I am not going to waste your time with this.
Instead, I’m going to share with you five not so obvious things you need to do before you start fundraising. And I’ll explain why these things are so important.
The great thing about everything I am going to share with you today is these things will increase your chances of getting funding, and you will impress investors by doing these things. It’s a double win. So, let’s start with our first point:
1. Have your data room ready to go
Let’s say you have a great meeting with a potential investor. One of the next steps is giving investors access to your data room. The data room is where all the key information investors need is stored.
Usually, this is a password protected site for all your information. There are plenty of options to host your data room, but my favorite is Digify.com.
Now, you want to set up your data room before you start your fundraising because, the more responsive you are, the less friction there will be in getting the investor to say yes. In other words, your being ready and prepared minimizes delays in the fundraising process.
