Startups take time to get off the ground. Patience and money can be at odds with each other.
You can work for years without any sales as you finalize products or service offerings, create your communications, and open your doors. But the hard part is waiting and being patient – not just having money to keep things going.
Investors and backers want proof points – evidence that the concept is working. And rightly so. They could invest elsewhere. Are you and your investors using the same type of measuring instrument?
A Leap of Faith
How are you selling the importance of persistence, testing, and patience to investors before you make your first sale? Do you agree on milestones that become the green lights to keep moving along your path?
When you accept money from investors, your pitch should be realistic, believable, and not create false hopes. It can’t be built on a wish – but should be constructed based on evidence as you take your journey.
Know Thyself
When my wife and I built our bakery business, we didn’t want to be on anyone’s timeline. So, we never took investments from others. Giving up control was paramount to our goals. In hindsight, I don’t think we would have done anything differently. We were happy to take our time. Investors, on the other hand, are always in a rush for a return.
In other parts of my career, I worked for companies heavily invested in by equity partners, and their timetable was unrealistic and daunting. I got to experience how painful that could be for the owners. They measured progress by the moment, and the pressure was unrealistic. Nothing ever got a chance to grow.
If we planted a seed (marketing activity) on Monday, by Wednesday, the investors were screaming at the seed to bear fruit. (sales). This was never productive.
Startups
My advice to anyone in a startup.
- If you start something from scratch, make sure everyone measures time and success with the same yardstick. Are you using a clock or a calendar for metrics?
- Wait to take investments from others. Patience can be a friend to a business.
- Convince yourself first that this is a good idea. Then, convince others.
- Communicate to investors all the challenges, downsides, and risk first – not the upside. You need them to believe in you, and you want to make sure everyone is traveling at the same speed.
- There is nothing worse than the pressure of someone wanting you to go eighty miles per hour when you want to take a more leisurely drive.
Patience allows you to be deliberate, to experiment, and to gain confidence in an idea. Money from others forces you to put your foot on the gas pedal.
Which is for you?
Does your business need a marketing coach, guide, or sherpa? Are you generating enough leads? Is your marketing underperforming? I can help.
You can set up a time to chat with me about your marketing challenges using my calendar. Our initial conversation is free. You talk, I listen. Email me jeffslater@themarketingsage.com or call me. 919 720 0995. Visit my website at www.themarketingsage.com Let’s explore working together today.
Photo by Kenny Luo on Unsplash
