Traction doesn’t come from one single aspect of your business – it can come from any and all aspects. From mentions in the press to a killer prototype, the more areas of your business that you can generate momentum around the better.
Of course you can’t always move forward on every front. The key is to focus on moving forward on as many fronts as you can with the limitations in front of you. A potential added bonus to focusing on building traction is that while you’re actually building the business you may find that your needs for funding actually decrease. Many entrepreneurs find that over their hard work along the way brings in the customers and funds that they need to grow and scale.
Start Building Credibility from the Beginning
All of the key elements of building your business – incorporating, obtaining a tax-id, setting up bank accounts, creating a basic website, and compiling your business documents– are incredibly important in establishing that your business is credible and legitimate.
Without these basic items you tend to get taken a lot less seriously. It’s important that you have the right tools to describe not just your idea but how your business will function and grow.
Make Customers a Priority
The best form of momentum that you can demonstrate to potential investors is a list of paying customers. If we all had paying customers the idea of raising outside capital would be far less important. The fact of the matter is that we often need to acquire some initial capital to produce the product that we sell to customers.
Not all customers need to be paying customers, however. There are additional types of potential customers that can represent real interest in your product. It’s important to demonstrate that real people could potentially buy your product have shown genuine interest purchasing your product in the future.