Description

This episode focuses on the obstacles faced by individuals seeking to secure funding for their entrepreneurial ventures. Shane shares his personal experience of being approached by a friend with a vague plan to start a fund, despite lacking experience. He stresses the significance of establishing a proven track record, having a solid plan and demonstrating a solid concept before seeking capital. Shane highlights the key steps to success, such as starting small, having personal investment and building a network of investors.

[00:01 – 05:50] The Fund Raising Reality Check

• Have a clear track record and a well-organized business plan
• Consider the proof of concept and ensure you have answers to tough questions
• Start small and focus on adding value to one business or property first
• Be mindful of spending money on service providers without a clear plan in place

[05:51 – 09:44] Navigating the Fundraising Journey with Confidence

• Start small and build an audience of believers to increase the chances of success
• Adopt a long-term perspective instead of short-term thinking when it comes to fundraising
• Take the time to understand the language, terms, and common practices of raising funds
• Begin with one property or project and build upon that experience to grow your investment portfolio

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Tweetable Quote:  

"If you are thinking about raising a fund and you've never really raised your first million, I would say start with one property, one project." - Shane Melanson