Post written by
Bert Seither
Bert Seither is the CEO of The Startup Expert ®, the nation’s largest business coaching and education company for startup businesses.
You’re an entrepreneur, and coloring outside the lines comes naturally to you, so don’t waste time banging your head on the wall with a tired campaign that’s not getting traction. Don’t sit around waiting for that elusive angel investor to respond to your latest “just checking in” email.
While you can, and should, pursue venture money and utilize all tools in your arsenal to get funding, don’t get stuck only pursuing revenue streams that aren’t giving you a return on your investment but look good on paper. Time is money, and the more time you spend on spinning your wheels, the less time you have to actually get your business off the ground.
I see a phenomenon with entrepreneurs where they get fixated on a specific partner or funding source. They put up blinders and miss tons of great opportunities. Don’t fall into that trap. Diversify your funding streams.
Make a smart trade.
This one won’t technically get you funding money, but it will help you network and hone some skills while you’re launching your business. Dip into your tribe and find someone who has something you need — be it coding skills or marketing know-how — and make a smart trade for one of your skills.
Swapping skills will do a couple of things. First, it will eliminate the need for you to contract out for that specific element of your business. Second, it builds goodwill within your circle and could even coax someone valuable to jump on board as a partner.
It also keeps you apprised of what’s going on in the community. One of the most critical things you can do for your business is to create a mastermind: a group of like-minded people who help each other hit their goals. You’ll stay energized and maybe even engage in some friendly competition. Skill swaps are nothing but good.