10

C hAp t e r

Selling Your Business Plan .....................................................................................................

How to Ask for the Money You Need ......................................................................................................... 172

Write a Telephone Pitch ........................................................................................................................... 172

Telephone for Appointments ................................................................................................................ 172

Meet Your Backers ....................................................................................................................................... 173

Ask for the Money ...................................................................................................................................... 174

Leave Your Plan With Your Backer ...................................................................................................... 174

Follow Up .......................................................................................................................................................... 17 4

How to Approach Different Backers ............................................................................................................ 174

Friends and Relatives ................................................................................................................................. 17 4

Business Acquaintances ............................................................................................................................ 175

Supporters ........................................................................................................................................................ 17 5

Banks ................................................................................................................................................................... 17 6

Equity Investors (Venture Capitalists) ............................................................................................... 177

Government Agencies ............................................................................................................................... 178

What to Do When Someone Says “Yes” .................................................................................................... 178

Plan in Advance for Legal Details ................................................................................................................... 179

Loans ................................................................................................................................................................... 179

Equity Investments ...................................................................................................................................... 181