How to Raise Capital as a Solo EntrepreneurCheckable Health
Patty Post is the Founder and CEO of Checkable, a revolutionary company developing the first FDA-approved at-home strep test. As a solo entrepreneur, Patty raised almost $10 million for Checkable Health in less than four years. Although she admits that the process was hard and overwhelming, Patty used her innate entrepreneurial spirit by focusing on the details and getting the business model down to a science to get the opportunity to grow Checkable. Patty learned what it takes to start a business and raise capital, and now she wants to pay it forward and share her knowledge with you. Entrepreneurs have a just-do-it attitude, but it does take a village.
Patty Post's Tips to Raise Capital as a Solo Entrepreneur
- Do your homework. Consider the best ways to raise money for your brand. Fundraising includes loans, grants, and investors. The key to finding ideal investors is to look for ones that are non-dilutive. Non-dilutive funding refers to any capital a business owner receives that doesn't require giving up equity or ownership. It's your baby, don't give it up!
- Get the book "Venture Deals." If you plan to fundraise, you must know the correct jargon about contracts and fundraising details. You will see words and terms like non-dilutive funding, board seats, equity, and projections. It's important to know what everything means and to use the correct verbiage in your deck. The devil is in the details regarding fundraising, so know the language before you pitch!
- Delegate! You have a lot of work to do, so delegating and getting help is important. Hire employees using Upwork for contract and freelance experts. They can help create presentations, access software, and have skill sets you don't have without hiring several companies. The three top freelancers to hire are:
- A graphic designer: Look for someone to create a quick logo and someone with experience in creating pitch decks and presentations.
- A financial analyst: Hire someone to do the market research for you, including target market, demographics, and competitor analysis.
- A financial planner/analyst: Finance is a whole different world, so look for someone to help you realistically create a 5-year projection.
Those may only be three tips, but they will drive you to the finish line. As long as you know your mission and what you want to accomplish, raising capital should be a piece of cake. Good luck, just remember; if you dream it, you can do it!
Listen to Patty's podcast to hear more on How to Raise Capital as a Solo Entrepreneur.
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