There’s nothing better than advice from another perspective.
Every now and then I turn to my cousin, who just recently graduated college with a bachelor’s in business, to get an outside perspective regarding the projects I’m working on.
Thought I’d share a simple tip he gave me during our last skype call.
How will you be spending the company’s money?
This simple question shed light on the fact that entrepreneurs needs to think about articulating how they’ll be spending the actual money they’re looking to raise. This is a standard question a lot of angels, venture capitalists, and other investors think about … so why aren’t you?
When writing your business plan, consider not only how much money you need to achieve your goals, but also how you’ll be spending it.
You need to convey that you know how to handle a large budget and that you know exactly where all thefunds will be spent.
This will instill confidence in the potential investor, and possibly lead to an investment.
Image by Philip Taylor