Starting a writing business, like all other businesses, is a little tricky at first. All businesses need financing at some point, and an essay writing business is no exception. The most tricky part is getting investors for your business. However, like all difficult things, there are a couple of tricks you could use to pass this hurdle.
To do this, one must copy the template of successful business practices and incorporate them where it suits your business, in order to make the investor have a sense of security in you and their investment. Here, we’ll talk about several steps you could take to get investors for your essay writing business as a professional essay writer.
Let’s take a look at them, shall we?
Find Your Community
Networking is a great business practice because it helps you pitch your business to potential investors in a less formal and organic fashion. Most essay writing businesses start from a random “Hey, can you write my essay?” advert that connects you to a couple of people in the school. From there, you move to freelancing and meet more clients and potential investors. All these contacts are part of your community and it’s a great place to source for potential investors.
Rather than cold-emailing potential investors, reaching out to your local community and pitching your business plan for investors can lead to word spreading and investors reaching out to you.
If your investor is coming to you through a third party’s recommendation, you have an added advantage as they’re sure to have put in a word for you.
Forget Banks and Venture Capitals
For starting an essay writing business, you must forget about banks as investors. The same should apply to venture capital companies. If you aren’t sure what venture capital companies are, these are companies that invest in businesses and startups for some future returns. However, venture capital companies rarely invest in writing business. In fact, they only invest in businesses that have shown some growth and have history.
Banks also should be the last place you should go for investment into an essay writers service, as they’re all about collateral and require guarantees on returns. In essence, banks are not good business partners. For your sanity, it’s advisable not to look towards that direction for investors.
Instead, you should be on the lookout for investors known as “angel” investors. These angel investors are individuals or a group of people who independently decide to invest in a business. In all businesses, they’re the first investors. They are mostly wealthy individuals, and this is where you should be sourcing for investors. Want to know how you get them to invest in your business? Read on.
Write a Great Business Plan
After getting the attention of your potential investors, your pitch is the next most important thing. If you think because you’re an essay writer, you’d have writing pitches on lock, you might be in for a surprise or two. Because at the end of the day, investors are not interested in flattery or flowery words. They’re slightly more interested in your ideas and how you pitch it.
What they’re most interested in are the numbers. As an essay writing service, you should have a portfolio and a number of clients you get, or you think you can potentially get in a month. Putting your revenue stream in your pitch and how their investment can increase this, as well as how it can give them a return on their investments is essential. Your emphasis should be on the return on investments.
You might be tempted to focus on your idea and dream when pitching. Don’t fall for that temptation. Instead, bear in mind that the only reason those investors are on the table with you and the sole reason why they’re thinking of investing in you, is because they’re expecting to see ways through which they would gain profit from your venture. You can find out more about how to write great business plans at U.S.Small Business Administration.
Use Online Fundraising Platforms
As much as pitching to investors in person is optimal, it’d be unwise to ignore online fundraising platforms. Pitching your business plan for investors on crowdsourcing platforms is a harmless but very attractive way of finding a business. While the most popular online fundraiser might be GOFUNDME, there are several other platforms that would be more attractive to a person who wants to fund an essay writing service.
For instance, KickStarter is exclusively dedicated to funding new businesses and has raised over $3.7 billion for over 143,000 projects and businesses. Iniegogo has also raised over $1 billion for businesses. These platforms are an ideal place for looking for investors, especially if you’re starting a writing business. There, you’ll see some of the best crowdfunding platforms for writers.
Sourcing for investors can be exhausting for a business. However, it’s also essential for growth. When looking for investors, it is advisable to look for partners, rather than a paycheck. This is ideal to avoid business disputes in the future. Plus, there’s nothing better than an investor who genuinely is interested in seeing the business succeed, rather than someone who’s only in it for their own pockets. It’s not an easy task though, but with these few tips, it’s a lot easier to get investors for your essay writers service.
About the Author
James Baxter is professional writer and blogger, who loves sharing his experience and knowledge with readers. He is especially interested in marketing, blogging and IT. James is always happy to visit different places and meet new people there.