It’s time to trade in your swimsuit, hunker down, connect to wifi and get back to work! That’s right! It’s back to startup school season and iFundWomen is here to provide you with the three most important things you need to do as you snap out of #vacationmode and gear up to launch and grow your business.
#1: Crowdfund (and don’t go into debt funding your startup)
ICYMI, there is a complete lack of funding options for early-stage founders. Only 1% of companies, regardless of the gender of the founder, will ever raise venture capital. So what do the other 99% of founders do? We max out our credit cards or we try to take out a bank loan, and nobody should go into personal debt funding their early-stage startup. Our advice: Find yourself a low-risk alternative funding option like rewards-based crowdfunding where you are raising small increments of money from lots of people that you know that adds up to just enough to reach a specific goal amount.
Through crowdfunding, YOU, the entrepreneur, are going out to your FFFs, i.e. your friends, family, followers, and people in your professional network to contribute money to your campaign to fund your business. Remember: There are no magical money elves out there waiting to sprinkle cash on your campaign, but guess what? You don’t need elves – what you need is to get scrappy and figure out how much money you really need to build your business, then go out and make it happen yourself. So get out there, raise some capital, prove demand for your product/service before investing in supply and don’t put any of your personal assets on the line or give away equity in your company. It’s that simple.
#2: Invest in coaching & community (aka don’t go it alone!)
For women, the lack of access to capital is more than just about the actual funding. Almost half of women will tell you that lack of access to coaches and mentors who have “been there done that” to literally show them how to do it, is also a huge barrier. A third of women will also cite a lack of access to a support system and community of women in the hustle with them as a hurdle to running a successful business.
At iFundWomen, our proprietary coaching program provides early-stage female entrepreneurs with access to the expert coaches, tools, and resources that they need to become smarter, better, stronger founders and get their businesses off the ground. It’s no secret that most entrepreneurs are building the plane while flying it, and we have created a safe space for female founders to get the expert support they need through every step on their startup journey - whether you are looking to meet fellow founders in the hustle, in need of private coaching on everything from building your website to raising a seed round, or perhaps even just needing to vent in our Founders Support Circle, we’ve got you covered!
At the end of the day, our coaching program is uniquely designed to raise you money. In fact, entrepreneurs who join iFundWomen and invest in private coaching & video, and crowdfund, raise 22 times more money than they would using any other platform. And, 34% of our alumni go on to raise venture capital. That’s 34 times the industry average of 1%.
#3: Make a video (and hire professionals)
In order to market your startup, passion project, idea, or business effectively, you need to have a high-quality video asset to share with your network and potential customers. In particular, when it comes to crowdfunding, campaigns with a video are 85% more likely to achieve their campaign goal, but the truth is that most entrepreneurs lack the skills, time and resources to produce beautiful, professional creative assets on their own.
iFundWomen offers an in-house creative studio for our entrepreneurs, where we produce beautiful, story-driven marketing videos that are designed to help you raise money, and through our Back to Startup School Sale, you can sign up for our video production services and receive 30% off on a high-quality video for your crowdfunding or marketing needs!
That’s it! Three must-haves in order to get your startup season off on the right foot! Being an entrepreneur means you are always learning, growing and evolving and, while there hopefully is no end to this journey, your road to success starts here.