Your approach will hinge greatly on what stage your business is currently in.
Is it in the concept stage, where you're pulling together thoughts on how it might work?
Is it in the startup stage, where you're testing your products in the market to see what direction works best?
Or is it operational with revenues, cash flow and even profits?
Different types of investors will be attracted to these distinct stages -- and accordingly, they'll be looking for different types of returns.
If you wish to discuss, send me a PM through Clarity for 15 free minutes.
I'll add to the useful advice thus far, from a different angle. Consider the following questions: what is your story? What is your personal story, and what is your businesses story? Why did you start it? What are its values? Where do you see it in one year and in five?
Journal answers to these questions. Don't be afraid of answering them differently every day, for five days straight. Eventually, you'll arrive somewhere that feels right and true. When you do, you now have your communications packet for funders: tell them about your story (they are investing in you as much as the business), and tell them the story of how this business came to be, and where you are all headed together.
If you'd like further guidance on communications and storytelling, please give me a call! Good luck!
What is you're business? Are you going to be manufacturing CBD oil or is this just going to be a private label type of thing?
I think finding funding is going to be difficult, especially if you're going the private label route as you don't really have anything proprietary and anyone else could replicate the same thing.
I think this business could be started without funding. Try finding a supplier who will allow you to dropship their products, use that to build up some capital and then find a bottler or supplement company who will allow you to private label one of their blends or make your own.
One of my clients raised $500,000 in only 8 weeks. I've helped countless companies raise money. Here's basic questions for you to prepare your pitch:
1. What is the problem you're solving? What is the pain your reducing / what is the pleasure you're adding?
2. What is the market? Who are your customers? What is their buyers profile?
3. What is your credibility? What are your past achievements / team profiles / awards / sales results / patents / etc?
4. How much money do you want? What will you do with the money?
If you send me the answer to these questions, we'll schedule a conversation and I'll help you raise money.
Your first hurdle will be how you handle money.
Since many banks refuse taking deposits from any cannabis related business, first choose a state + bank which will allow you to make deposits.
Simply resolving this issue first, will put you in... probably <1% of people who think about this before hand.
And this is the first question any sensible investor will ask.
So if you just solve this problem, you'll likely have access to a much larger pool of investor money than competitors.
Also... You don't really require investors.
Just start with paid traffic - Gemini, Outbrain, Taboola.
This way you'll keep 100% of your company + make money just as fast, as you'll be buying traffic to sell your product anyway.