The "TTP Code" of Raising Funds for Business Startups
Hey! compliments of the day. I'm so excited that we've made the most of these times to learn how to raise funds for our business and I'll be glad to see many leverage the bootstrapping and bartering techniques we've so far covered to have their entrepreneurial ideas funded. As long as our lofty ideas stay in our brains, they won't better humanity. We've got to have them brought to reality and funding plays a crucial role in the process.
To add to the list of fund-raising alternatives, I will be discussing the TTP Code in this post. Certainly, The "TTP Code" is not the very popular terms you'll hear in business funding. I learnt this from my speech coach, George Essien. I hope I can break it down to the simplest terms we can relate with.
TTP = Talk To People
TTP is just an acronym for the phrase "Talk to People". Yes! that's what the TTP Code represent. However, before you give it a bash as one of those very simple things, let's get deeper to discuss the tenets of this code for your business funding.
In talking to people, we should understand that this would not be a casual talk. In business financing, it's called "pitching". Let your investors see the value in your idea as well as the strategy and capacity you have to get the idea tangible.
Five (5) Tenets of the TTP Code in Fund-raising
The talking aspect is called Pitching.
1. Be specific
Always be specific when talking to an investor or a customer. Don't round-up or approximate your financial estimates. Nobody wants to invest in a "guess work". You have to be as precise as possible in your budget summary.
2. Talk to the right persons
The supposed investors or funders you want to talk to should be those people who would be willing to give and do have a network of friends or associates that can also sponsor. Some people we talk to may just give a valid referral and the funds we need are realized.
3. Don't beg
Always be ready to exchange value for the money you are requesting for. People want to support viable ideas, ideas that when tangible would solve real-time problems. In achieving this, try to be congruent. Do not present a false identity. Do not showcase an identity which is at deviance with your ideas and words. Let your investors see you as having value to offer if funded and not just a help.
4. Be persistent
Persistence is a character of an entrepreneur that must not be taken for granted. The persistence of the entrepreneur shows his ability to cope with the likely tide times of the business. Let your prospective sponsor see that you mean business. However, let your persistence be guided by point three above.
5. Talk to "more" People
I call this the TTMP Code. If talking to 10 people didn't raise the needed funds, then extend the scope to 50, which could still be expanded to reach 100. remember that the more people that contribute to fund, the less risk it is if one had to return the finances.
Every successful business is dependent on the number of persons who wan to sponsor or want to patronize them, the more the better.
Take note that you don't have money problem to fund your ideas when you know the strategies to have them raised. The TTP code could be your next breakthrough option for your business financing.
All you got to do now it to make a list of people you want to meet to pitch your business idea to. Be careful of the selection and then start the talk. I'll love to learn from your additions in the comments section of this blog.
I think this method of talking to people really works especially when we are surrounded with positive and like minded people.
However, we won't know who's positive until we brave to Talk to them. I hope you give it a try.
I think the mistake people make while using the TTP code is that they try to beg and begging only makes us feel we lack self confidence in our own project.
Very true. Entrepreneurs are not beggars when they need funding, they are value exchangers.
Hi, I didn't know this term or those abbreviations, but I agree with you, it's good to get people to support us in our projects, the more they are out there the more we want to realize!
Thank you for reading through. Every business success revolves around people.
For me, the key is persistence and expanding your range, not limiting yourself in a phase that you already dominate, challenging yourself, that way you grow in business.
Every vision can only be best built through persistence. There many discouraging things that would happen, but persistence would keep us on key.
https://steemit.com/hive-175254/@uyobong/the-ttp-code-of-raising-funds-for-business-startups
Solid read.
Resteemed already. Upvote on the way :)
Thank you.
I like the idea of being specific when asking for funds, as a person with a business idea you have to be specific about what you need and how you hope to achieve your set plans, this will get investors interested in the business idea.
Yes, it builds trust and that's a solid point any successful entrepreneur would want to score.
Lols.... At first I was so eager to know what TTP means not knowing it's a simple acronym of "Talk To People" which is really very great. We all need people to be successful in life and to achieve great things we hope to achieve in life and this also applies to when you are in need of funds to start up your business!
I'll love to ask you what can someone who seems to be shy or timid around people do in this case? How can someone who seems to be introverted and shy benefit from this measure?
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead
💕💖❤️💖💕❤️💖💕
Dear @uyobong
Interesting choice of topic. One of those posts, which surely are worth checking out and reading through.
Thanks for sharing your valuable experience. Surely very valuable for those who are just starting their adventure.
My idea of raising funds is quite strict: avoid banks, loans and angel investor. Avoid anyone who doesn't know your product, your vision, your goal. Talk only to people who understand what you want to achieve.
In other words: Know your audience. Looking for investor is not only about finding money. It's very much about knowing who will we collaborate with.
It's worth to remember that. Sometimes 'bad investor' is worse than 'no investor'.
Wow. We surely have different approach. I would try to sell vision. Being far from being specific and from talking about numbers. Perhaps I like idea of being supported by investors, who believe in vision more than anything else.
Such an investors may be harder to find, but they are most loyal and will not cut funding off whenever they will decide that financially it's not worth it.
My impression has always been, that investors do not like to talk about numbers. If anything - they like to receive email (black and white) with your expectations.
Have a great weekend ahead,
Yours, Piotr