How to Ask Someone For Money

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How to Ask Someone For Money

(DailyProsper.com) – Are you having trouble launching your product or finding some financial backing for your new venture? Maybe you just need a few bucks from Mom or Dad to help you get to the end of the month. If they’re saying “no” or you feel awkward about it, the real issue might be your approach.

Entrepreneur Nafissa Shireen shares best practices here:

Let’s explore these three tips further and see if they can help you get past your own insecurities about asking for funds.

  • Condition yourself internally for what you need. Internalize what it is that you need the money for. You must believe in the product or cause you need cash for — and you need to be able to show what it can bring to the table. Know why you need the money, what it’s going to do for you, or if it’s a business, what it’s going to take to build your brand. This conditioning will make it easier to pitch.
  • Get clear on your offerings and pricing. When asking a potential investor or bank for money, be straightforward about what you can offer in return. This will entice them and paint a clear picture as to why you’re asking for a specific dollar amount.
  • Practice your pitch. Don’t go into a conversation without a game plan. Know what you’re going to say when you meet the person you want money from face to face. Be ready to answer tough questions and back up your level of need.

It doesn’t have to be grueling or painful to ask for money. Be confident in your speech and back it up with your future plan and desired outcome. Together, you and your investor (or the friend who’s willing to front you a loan) can find common ground.

~Here’s to Your Success!

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