Episode 29: Show me the money: Real Life Trial & Tribulations in Fundraising with Brandon Byrd
Will Guidara - Opening a restaurant is like an amazing 90’s movie montage where you laugh and cry and smile until your entire face hurts.
1. How to approach asking family and friends to invest in your restaurant.
When asking family and friends to invest in your restaurant Brandon found it best to leave out personal attachments. In addition when asking friends and family be sure to have your plans ready to send them. It starts the conversation out on the right foot, showing them not only how their money will be used but that you are responsible and accountable.
2. Host an investor dinner.
Hosting a dinner for possible investors is a great idea to get people excited and engaged with your idea. To prepare Brandon contacted all attendees/possible investors with formal information like the pitch deck and long-form financials so that the night of the event can be about the food and enjoying the evening.
3. Don't overkill.
It’s tempting to go all out and invite all possible investors to your first dinner, but in fact, it’s better to hold back, because you're not only learning how to present yourself, but you're also learning what is and is not successful; and since you only get one chance with a group better to not risk it being too big.
4. How to handle and prepare for possible problems.
When a problem arises, like Brandon having to postpone his dinner. Stay active, for Brandon that means doing things like make more pizzas and keep looking at spaces. In addition also make sure you have enough saved so when these issues arise you are prepared.
5. Stay positive and keep moving forward.
Brandon’s attitude towards the setbacks that come up while creating a business is to not think of them as setbacks, because even though it's disappointing it’s a part of creating a business, and you need to continue on.
Opening Soon Announcements from this episode: Congrats to these new restaurants, go say hi, have a bite and give a high five if they are in your city! Durham Food Hall in Durham, NC and Laser Wolf in Philadelphia.