What should you be doing now that you got the money?
Finally, the day has come! After countless hours of shaking down your friends, family, and pitching your business to an endless sea of unfamiliar faces, the light at the end of the tunnel begins to illuminate. Investors are onboard and believe in your vision enough to bet their own money on it. You do your little victory dance and sit back down in your chair and slowly begin to realize, this is just the beginning. Now what?
Stay on Track
Investors aren’t just counting on the business to succeed, they’re counting on you. You need to stick to the plan that you originally decided to focus on. Granted, pivoting has its time and place, but investors have their expectations built upon what you have promised. What if you were hired to build an amusement park in 36 months, but the only thing you had completed after 30 months was the parking lot?
- Set goals that have an attainable timeline and focus on the outcome you’re trying to achieve.
- Meet those goals within reasonable expectations.
Most plans don’t have to be overly complicated to be viable. Break it down into a form that is easy to reference your progress so you can adjust accordingly. Sometimes it’s not easy to see exactly where the finish line is, just make sure you’re on the right path.
Start Building Your Team
It takes a team to build that amusement park you promised. Determine the culture and values your business needs in order to achieve your goals and hire the team that will support them. It’s easy for you to work on something that you have passion for, but you need to instill that passion into everyone else. You can have the best product in the world, but you will fail if no one is there to support it.
You already know you’re going to be spending restless days and nights achieving your goals; so make sure to at least do it with people you enjoy. The majority of people that are happy with their jobs would agree that most of it has to deal with the people they work with. As you scale, continue to develop team-building strategies to ensure that initial synergy grows alongside the business. After all, a business is only as great as its team.
Getting funded doesn’t mean that you won the race; it means you have been given a chance to compete. Everyone, including your investors, is waiting for you to perform. Everything will continue to move around you at a rapid pace; so make sure that you’re keeping up! At times it’s going to get rough and easy to get lost, but stayed focused, stick to your goals, and set the expectations high in order to drive your business and your team across the finish line.
About the Author
Chris Derbyshire has a passion for the hospitality industry. After a few years of managing and opening restaurants, he decided to focus his time and effort on creating his own businesses and helping others achieve their goals. He hopes to focus on business development and provide efficient business consulting services.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of RVF or UNLV. In addition, thoughts and opinions are subject to change and this article is intended to provide an opinion of the author at the time of writing this article. All data and information is for informational purposes only.