This episode of our podcast Breakthrough Barriers with Damali was super informative and we encourage everyone to listen in even after you’ve read this. Our guest Josephine Geraci is a social advocate and creator of Glovies, which are disposable multipurpose gloves for kids. An idea which came to her after seeing a need for the gloves in her own children’s lives. Josephine also has her own podcast “paying it forward with Josephine Geraci”, based on entrepreneurs helping entrepreneurs.
Our first caller had a question about raising capital. She was wondering what she should consider when raising funds for her entrepreneurship. She didn’t know if she should ignore the “never mix friends/family with business” warning and start from within as she was advised.
Josephine told us that the only person she borrows money from are her parents, no one else. They always have your best interest at heart and are willing to do anything for you. One thing is for sure, never borrow money from someone who you wouldn’t wanna sit around the dinner table with if you lost it. Starting from within may be the way to go as those are people who believe in you and your power.
Try to look for investors who can afford to take a loss. Think outside the box. Josephine told us that in the midst of her building her company she ran out of money. She decided to call her manufacturer and inform them about what was happening and offer a partnership. After explaining what problem she wanted to solve, what need she wanted to address and why she was uniquely qualified to do so, they agreed.
Keep lines of communication open. Always be honest in what you project your profit to be, how successful you expect to be, what their expectations should be and what the payback terms will be.
Keep your eyes on the goal and nothing can stop you.
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