Having decided to raise investment for your business, it’s important to prepare your financials so that prospective investors can assess the inner workings of your company. Given everyone can find business finances complex to get their heads around, I wanted to talk to someone who didn’t come from a financial background but has totally smashed it in raising investment efficiently for their business.
In this episode, I hear from Daisy Knatchbull, founder of The Deck, the first women’s-only tailoring house to have a shopfront in Savile Row’s 200-year history. Beloved by the fashion press since its launch in 2019, The Deck represents Daisy’s mission to change tailored clothes for women and offer them a compelling alternative to fast fashion.
Daisy shares her advice on how to approach finances when you don’t have a background in it, who to bring in to support you and what to be aware of when going into pitch… all before having those extensive investor conversations.
Daisy’s advice:
- Before you start, it is vital that you have complete belief in what you do.
- Learn the basics of economics (Daisy used a platform called “Upwork” to school herself)
- Don’t be afraid to ask questions, make the most of mentors
- Research the market and look at other business models
- There is a government tax relief scheme (SEIS) to help investors
- Build a strong pitch deck with at least a three-year (preferably five) projection; explain your business succinctly but assume no prior knowledge on the part of investors
- When you have no business history, no evidence of transactions, it will be harder to raise money because everything is based on estimates; on the other hand, the next time round you will have to justify your track record and your position
- Try to be choosy and select investors who really believe in you
- Accept failures and learn from them; be transparent with your investors, as no business is perfect and this will gain their respect
- Don’t waste mental energy on worrying about their risk; this is something they have taken on themselves
- Always take confidence from remembering that you are the expert in what you do
If you'd like to contact Daisy you can reach her on Instagram @thedecklondon_
FF&M enables you to own your own PR. Recorded, edited & published by Juliet Fallowfield, 2023 MD & Founder of PR & Communications consultancy for startups Fallow, Field & Mason. Email us at hello@fallowfieldmason.com or DM us on instagram @fallowfieldmason.
Let us know how your start up journey is going or if you have any questions you would like us to discuss in future episodes.
FF&M recommends:
- LastPass the password-keeping site that syncs between devices.
- Google Workspace is brilliant for small businesses
- Buzzsprout podcast 'how to' & hosting directory
- Canva has proved invaluable for creating all the social media assets and audio bites.
- For contracts check out Law Depot.
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