Starting a company is a challenging and often expensive endeavor. There are many steps involved in the process, including market research, creating a business plan, developing a product or service, and securing funding.
For aspiring entrepreneurs, getting help from seasoned professionals who are also personal friends can be a valuable resource. However, it’s important to approach these relationships with sensitivity and respect, especially when it comes to asking for help without offering capital or equity.
First and foremost, it’s important to understand that seasoned professionals who have achieved success in their respective fields have likely spent years honing their skills and building their networks. More often than not, they may be more than happy to help you out, or offer helpful guidance, but they also have their own businesses and priorities to attend to. Therefore, it’s essential to approach them with humility and gratitude, rather than entitlement or expectation.
One way to start the conversation is to explain your vision for your business and ask for their advice. By framing the conversation in this way, you are showing that you value their expertise and experience, and are open to learning from them. You can also ask for introductions to other professionals or potential investors who may be able to help you. This approach is less direct than asking for help with funding, but it still allows you to tap into their network and potentially secure resources that can help you grow your business.
If you do need financial help, it’s important to be transparent about your needs and limitations. Be clear about the amount of money you need and why, and ask if they have any suggestions for alternative sources of funding. If you’re unable to offer capital or equity, you can still offer to pay for their time and expertise in other ways, such as taking them out to lunch or dinner* or offering to help them with a project they’re working on.
*Pro-Tip: I’d save and mark the receipt so I could categorize it as a business-related expense, which in all reality based on the purpose of this meal, it really is. To learn more Talk to your CPA, Accountant, or Tax Professional for more info.
Ultimately, the key to asking for help from seasoned professionals who are also personal friends is to approach the relationship with respect and a willingness to learn. Be open to feedback and advice, and don’t take it personally if they’re unable to help you with funding. Remember, building a successful business takes time and patience, and the relationships you cultivate along the way can be just as important as the money you raise.