Over the 30 years of business, there have been good times and bad. I have questioned what I am doing, made course changes, made good decisions and bad. One of the areas I have questioned has been investors? I have also spent a lot of time reviewing this option, attending course and building knowledge. The reason I am documenting my answer to this question is to save time for future business owners.
This is the end result of this question. The question is totally personal and life dependent. Investors however are not necessarily financial investors, they may be knowledge, experience, even partnerships of a commercial relationship. However what is important, is that the journey to deciding this for your business, is where the value lies.
As you review your options, clean up your own business documentation, clarify your position even if just mentally, you will realize your own worth, and even if you wish to have an investor(s).
The question often relates to the reason you have begun to consider having investors. For most people this is often related to financial reasons, and what one often finds, is getting people to invest financially is a long and often not as rewarding as one would hope. Most investors, end up being people looking to sell their skills or knowledge for a piece of the action, without any risk. Also investors are expecting quite a fast turnaround on their financial investment – and almost guaranteed.
If however you find your skills lacking then investors are a brilliant idea. Especially if the investor is also prepared to take on the risk of giving their skills and knowledge. But the key here is the investor taking on the risk with you. I have found in this area, that many potential investors don’t even have the skills and experience that you will find that you have, once you get your own information and knowledge clear.
So if you are considering this question – my suggestion is take the journey. It is in the journey that you will gain the wealth. Don’t pay someone to take the journey for you – I have done this and lost 25K – so there is 25K worth of paid experience – it is not worth it. If you want to get someone to take the journey – select people on success fee basis – there are many people prepared to do this. The biggest advantage of taking the journey yourself, is the knowledge, experience and people you will meet on the journey. These people you will quickly sift through as being either greatly useful or a total waste of time. You will work out better options for your business. This may change your course, give alternatives you never considered, or even how to do this yourself, without losing value in your product.
Enjoy your journey!
Cate Schafing is a successful Australian business woman in the IT field serving as CEO of Accede Holdings Pty. Ltd. makers of Ezymeetz, ICE and Virtual Gym. She develops innovative new technological products as a programmer and entrepreneur. In gratitude for her success her company supports NFP’s by donating $5000 per month in programming time for NFP’s requesting work.