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February 16, 2016

Have you ever felt like shouting, “Show Me the MONEY!!!” to someone? I mean really got in that place, like Cuba Gooding Jr.’s character in the movie Jerry McGuire where he is dancing up a storm, laughing, and shouting at Jerry to “show me the money”?

Why not?

What’s holding you back from asking for the money you need – for your business, for a cause you believe in, for others to sponsor an event or buy Girl Scout cookies from your daughter or niece?

Asking for money can cause an emotional response in many of us. Money is funny. It conjures up all kinds of judgments we make about ourselves – and our worth.

The truth is there is a secret code, like a secret handshake, for asking for money. It all begins with confidence and the belief in yourself and what you are asking for the money for.

35483290_mToo many times I hear people say that they can’t figure out where the secret door is to the venture capitalists for their business or that if they found it, they can’t seem to speak the right language to stay in the conversation and engage those they have had the privilege to meet.

Asking for money comes down to a few things.

 

  • What are you asking for the money for? Are you clear about that? You are going to need to articulate this specifically, so make sure you are clear about it yourself.

 

  • Why are you asking for it? Is this a passion project? Are you looking for investors as equity partners, people with whom you will share your business? Are you looking for investors to give you the money to bridge you and your business while you build it and then you will pay them back? When? Are you getting a mortgage for your first home? How many people will you be able to help, serve or solve their issue, such as feeding people or providing access to clean water, if someone gives you the funding? Why is it so important to you to get the money?

 

  • When you get it, what will you apply it to? Be prepared to specify what you are going to do with the money – and why.

 

  • How do you feel, think about and manage money? This is pivotal. Fear is not an ally in these types of conversations. Confidence, competence and courage are. Be prepared to discuss fiscal management of the money you ask for. It’s essential that you know what you want to do with it, how you feel about it, and the words you use to talk about it that matter.

 

So when you are preparing to have your “Show Me the Money!” conversation with someone, practice makes perfect! Interview yourself about how you feel, think and interact with money. Get clear about why you want someone to invest in you and whatever you are asking for the money for. Most of all, check your emotions at the door. And I mean check in on them! Be honest with yourself about how you feel. More than that, check in on how you feel about whether you’re worth it or not. The truth is, you are whatever you believe you’re worth. And trust me, you’re worth it!

So Speak Up!

 

Be sure to attend the Speak Up Women Conference at the United Nations on March 5th which features a Speak Up for Financing Panel with rockstar women experts from the world of financing who can address your specific questions about financing and how to speak up for money.


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February 16, 2016

Guest Post from Laura Fredricks, Panelist, Speak Up for Financing Panel at the Speak Up Women Conference

I was doing a radio interview with a fabulous, bright young entrepreneur named Maddy who was starting her own business creating 3-D patterns to make clothes. I was brought on the show specifically to hear her story and give my advice on how she could raise the money to launch her new business. She just did a TED Talk on the topic, so her energy and her promise of a successful business were sky high.

LauraFredricks TheAsk

Maddy told me she had some initial people in mind to ask for the money. One in particular was her mentor, the person who helped her create the business plan for this new venture. Maddy was very organized about her approach to asking people for money. She said her mentor would be “fabulous” to ask because “she was wealthy and really liked” Maddy. Maddy had in mind asking her for a serious six-figure investment in her business. When I asked Maddy why she hadn’t already asked her mentor for money, she couldn’t answer me. Her reluctance to ask puzzled her; she didn’t think her mentor would be offended or that it would alienate their relationship.

So I asked Maddy one simple question: “What does money mean to you?” She looked surprised and answered, “I hadn’t really thought about it. Why did you ask?”

I replied, “When you ask for money, this comes up. All the emotions, feelings, attitudes, and beliefs you have about money come flooding in; I am certain that is why you haven’t asked her for money.”

She thought about it and said, “I think you’re right; I better give this some thought.”

I told her to try to think of money as the best 3-D pattern she ever created, that it was green and flowed and would be the model outfit that every designer envied and copied. Then she should ask her mentor for money.

I circled back with Maddy a few weeks later, and I received the most wonderful email from her. She asked her mentor for money, and her mentor was giving her much more than she asked. Way to go, Maddy!

The first step in anyone’s journey when you ask for money is to answer “What does money mean to you?” It’s the step that everyone skips over. The focus is always on how much to ask for and who to ask. But if you do not have a good relationship with money any ask you make will not go well. If you need to work out your money worries, and have the best relationship with money, I have a 30-Day FREE Money Wellness Program you can check out.

The next step is where you have to change your mindset. Memorize this, live by this and watch your finance asks skyrocket:

When you ASK for Money, You are Not Taking Something Away. You are giving Someone an Opportunity.

Think of Maddy. Her first thoughts were that she would be taking something away from her mentor not what she would be adding to her mentor’s business and her mentor’s life.

In my 25+ years of training and coaching CEO’s; President’s: Four-Star Generals; Multi-millionaire entrepreneurs, Rabbis, Priests, and anyone who wants to start or enhance a business or a charity, the #1 thing that holds them back~ they project that asking for money means taking something away. Just think about this. The ask has not even been made and we are already second-guessing that the person will say no because it will take away their money! Practice my money opportunity mantra and believe in the opportunities you can offer many people from this moment forward. For more great practical and success tips on how to ask for money, you can read my bestselling book: “The ASK: How to ASK for Your Nonprofit Cause, Creative Project, or Business Venture”.

Here is your real motivation to have the best relationship with money. People who worry about money are:

  • 3x more likely to have a digestive disorder;
  • 10x more likely to suffer from headaches or migraines; and
  • 6x more likely to experience depression.

Report by American Psychology Association “Stress in America.”

EVERY decision you make in life involves money. Do you buy coffee or make coffee? Do you take mass transit or do you drive? Do you take a vacation away or take the time to just stay home? Do you have an extravagant wedding or something smaller with close family and friends? The list goes on and on, but once you realize that EVERY decision you make in life involves money, which can build up so much stress and affect your health, you should put every effort into having the best relationship with money. In my most recent book just out February 2016: “Money Wellness: Is Money Making Your $ick?”, I take a deep dive into how our thoughts about money affect our happiness; sleep; diet; exercise; relaxation; spirituality; creativity; and yes, even our fun. I then share numerous ways you can work through and beyond some major Money Blockers that are preventing you from asking for money. So if you are like many people and you want to have the best relationship with money and NOT have it affect your health, this book is your salvation!

Now that you have the tools to have the best relationship with money and you know that asking for money is an opportunity, is there a right way to ask? My resounding answer is YES. Over the years I have brought:

Organization – Structure – Focus

to the process of making the ASK so that you can see there is a process, the right way to ask anyone for money. I created THE FIVE STEP PROCESS FOR ANY ASK. In life, people gravitate towards structure and process so that their activity is not random, or unpredictable. The Five Step Process For Any Ask places structure to what otherwise may be a random and unpredictable ask. I’ve worked with many people and organizations world-wide with this process with amazing results. Want to know what it is so that YOU can have resounding results when you ask for money for your business or yourself?

Well, I will share it with you at the Speak Up Women Conference on March 5, 2016 at the United Nations! See you there!!