Are you ready raise investment and fly?!

For those that suffer from aviophobia, otherwise known as the fear of flying, be encouraged. The statistics for flight failure have decreased 12 fold since 1970, from just over 6% to only 0.5%. That's only around 40 fatal plane crashes per year... nothing considering how many commercial flights there are globally. Yet, when that plane takes off, many of us are still petrified.

The risk of dying in a plane crash is almost nothing compared to the risks involved with building, funding and scaling your own business, where the chances of catastrophe are so much higher. In the UK, 20% of businesses fail within the first year, 50% within three years. Or the success rates around raising investment, where only 2% of those who seek funding secure it. Which makes you wonder why the hell anyone would embark on the intrepid path of entrepreneurship and raising investment.

The thing is, for many of us, entrepreneurialism is kind of in the blood. A love of taking an idea and making it happen, a constant journey of learning and growth, building a business that you always dreamed of, and taking control of your own destiny.

Getting in the plane, taxiing out of the hanger, and gaining momentum on the runway as you get your start-up off the blocks is one thing. Building, funding and scaling a start-up involves personal risks, of course. But like flying, there is great joy and reward once you're on the journey soaring high above the clouds, and there are many things you can do to mitigate risk and increase your chances of a smooth flight and a soft landing.

Here's our top tips on how to get your 'wings'...

Sign up with a reputable instructor

When embarking on the challenge of a lifetime, an excellent instructor can impart their experience and knowledge to give you the best chance of success. You wouldn't get in a Boeing 747 and try to fly across the Atlantic unless someone's shown you how to fly. So why try to raise investment without expert support? Work with the best; make sure they have significant experience in building and funding high-growth start-ups, and a proven track record of helping female founders just like you.

Develop and sharpen your skills

Like a pilot, you'll need to have excellent communication skills, in-depth knowledge of your terrain and the environment, lead with vision and bring others with you, be able to strategise and plan, be decisive and quick thinking, remain calm in a crisis, have confidence and self-discipline, be creative and analytical, and know when to break the rules. You'll develop many of these skills naturally along your business journey; in fact, every day will be a learning experience as you build up your 'flying hours'. But if you really want to be a top gun, invest time and resources in sharpening these skills.

Work with the best co-pilot and crew

Taking the fundraising journey on your own is hard. It’s far less lonely and a great deal more motivating when you have someone you can bounce ideas off, help you navigate your way through challenges and push you to achieve great things. It doesn't matter how experienced you are, I'd never recommend flying solo. This is true for both sole founders, and those who have a co-founder; it's about having external experienced support. A trusted advisor will be worth their weight in gold if you find the right fit, along with a peer network who really 'get' you.

Study the weather report

You wouldn’t take off in the middle of a hurricane. Equally in business, you need to get a strong sense that the market conditions are good before you leap. Which ways might the wind might blow, what's your route, and where will you land? Understand the competition, the gaps in the market, the size of the potential, and whether there's an underlying demand from consumers for your offering. Understand the investment ecosystem, the approach that might be right for you, and how to secure funding. Seek advice from experts who can guide you. Capture all of this in your business growth and fundraising plans, and keep on checking the weather report all the time, as the wind can easily change direction.

Check your equipment

To make your business work, you need to have the right people, product, technology and systems. But you also need to take small steps. You wouldn’t fly a fighter jet until you've learned the basics in a slower and less complicated plane. Work out what is business critical and what you can outsource. Plan how you can keep things lean and watch your cash until you’ve got more proof points; test things out before you make major investments. Fund your business on your own resources as far as you can. Get your business in the best position possible before you take the leap to raise investment and scale.

Get in the plane

Eventually, every pilot who wants to fly high and far needs to speed up to full power and start the climb. So buckle up, stop talking about it, and get on with it. Whether that's getting your business ready for investment, embarking on a fundraise, or committing to growing your business faster. Remember, you’ll never have all the answers before you get started; recognise what you don’t know and get the expert support you need to take to the skies.

Enter The Arena is here to empower you to fly through your fundraise. What are you waiting for?!