Locate “Warm” Markets

Your warm markets consist of all those that are close to you. This includes people such as your friends and relatives that may be prepared to invest money in your business. It may be interesting for you to show these people your business plan or offer a presentation on how you will market your products and services. If it is possible, you can also show projected revenues so that your warm market can have an idea of what to expect.

Be sure that you put all your agreements (even with close relatives) in writing. You can even seek the help of a third party such as a lawyer to prepare all the documents based on your agreed terms and conditions.

Even if you are turned down, you should not feel discouraged. Instead ask for feedback so that you know where you may have gone wrong in your presentation. It’s also possible that your target is not interested in your type of business — but they could still refer you to someone else. In fact, your family and friends are the most reliable sources of information that you will ever have. Always ask for their honest feedback to know whether your business idea is viable or whether you need to make some changes.

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