Cultivate relationships with early stage financing sources, even if you don’t need their money.
Capital Finders -
Venture Capitalist -
Even if you never raise a dime from any of these sources, as an emerging entrepreneur they are worth, to you, their weight in GOLD.
In fact, they have something more valuable to you than mere capital. It’s their deal inventory. So what’s valuable about deal inventory?
What’s it worth to you to have first knowledge of the newest and soon to be hottest applications in your field (or a related field) that can give you a huge jump on your competition? Can some new technology enable you to do something no other competitor can now do? Could access to this technology enable you to introduce a new product or service before anyone else can do it?
I take time every few weeks to talk with those individuals that I have come to know over the years that have been prolific at either financing or finding financing for companies pioneering new technologies. For the price of a phone call and 20 minutes or so of mutual updating on our current projects, I am consistently connected to young companies that have developed a technology that can enable me to eclipse my competition.
This past week, I was introduced to a new company with a revolutionary way to digitally color and pattern fabric. They have one name brand account for whom they produce in volume and are hungry for more business. Because of the way they imprint the fabric and fuse the dye with material, a clothing designer can economically create clothing designs that would be utterly cost prohibitive under any existing method.
Imagine the reception by buyers for major department stores when they see at the next trade show a clothing line priced 40% less than what comparable style and quality would normally cost. What an opportunity to introduce a new line of clothing from a new designer!
But, what if we’re too successful? How do we finance production? With Bizar Financing of course. We take orders at the trade show for delivery several months later. The manufacturers are lined up ahead of time as are lenders, factors and even some small investors. Once we have the orders in hand, everyone is happy and ready to play their part with minimum if any risk.
If you’re a Bizar Financing member and you don’t know where to begin to meet these early stage financing sources with deal inventory, use our AdvisorLine contact tools that are part of this website and we will help get you started with initial contacts.
Also, this is just one of dozens of great financial leverage strategies for going into business for yourself that I teach in my online Bizar Financing course. Check out my free online video Getting Rich Your Way and see how other entrepreneurs are using my strategies to start, buy or expand their own successful businesses using little or no cash of their own.