Good day!
In this post I will show you some examples of how not to approach investors. I will come back to several things in this post. Please try to remember this post because it can or probably will help you and save a lot of time for the one receiving your proposal.
I receive a lot of messages and e-mails with different proposals. Some are good, few are great and many, way too many are just plain bad. Bad grammar, ideas and some just don’t put effort into the e-mail or proposal. These examples are unfortunately very common. Because of these messages I thought I’ll write about what to do and not to do when approaching an investors. It doesn’t really matter what industry or area this person is active in. These rules or pointers are universal but for now I’ll use the film industry as an example.
Skip comparables
Don't use comparables or comps as a way of showing potential earnings because they are simply not true, instead use comparables as a way of explaining how you will try to recoup the investment. Maybe a film used guerilla marketing in a successful way or maybe they had a great distribution or marketing strategy, use this instead of how other (comparable) films made in terms of money.
For anyone somewhat knowledgeable, comparables are an insecure way of luring in partners. If you use comparables, use them as a way of showing the type of movie you want to make, show or explain the demographic or number of screenings, viewers and so on. Do not try to show the potential financial upside your movie will have because of other movies that are somewhat similar, that is not right and will not interest serious entities.
Know who you talk to
It goes without saying but I’ll say it anyways, connections is everything in this industry and the next. If it isn’t everything it surely is a lot. If you talk to people you know, the changes are they want to help you. If you don’t know the people you talk to, then it is not so sure then want to help or put some time of effort into what put infront of them.
The thing is, you can do well without connections but with connections it will be much easier and this is the truth. If you don’t know who you talk to or approach, then at least do your homework. Know who the person is, when he or she likes or what the do. See if they are open to talk or if they are even interested in what you offer. If not, don’t even ask. I don’t know how many people write to me with the same questions without them looking at my first line on my LinkedIn profile: “Hi, please do not send any unsolicited material, ideas or scripts.”.
This week I’ve received three or four proposals where they assumed I wanted to read their script or pitch. Don’t do this, this is an easy way to get to a full stop with me and problably most other people in the same situation. Instead, send a quick message, explain the situation or idea and ask if I would be open to take a look. Simple, fast and with respect. I would probably take a look simply because someone took their time to explain and see if I would be interested. It doesn’t have to more complicated then that.
Deal with rejection
All too often people take things personal especially in film making or any other creative projects for that matter. Realize that I or the person you approach did not ask for you to write the script. I know it sounds harsh but that is the reality. Please understand that most people you approach get a lot of scripts and ideas in front of them. Why should they read yours or even invest? I want you to seriously think about this.
Also, if you decide to send something to someone and they reject the idea or whatever you send. I’m sure you’ll feel unrewarded or unnoticed or if you receive unwanted critics of your work, you might even get angry and upset. This is a sign to step back and to seriously consider if you are a good fit for the creative industry.
The other day I gave someone a few pointers, feedback and yes, critic on their screenplay. I could see their faces, disappointed and destroyed and that the single point where I lost interest. If you ask for my opinion, take it and understand that not everything you make is good or something everyone will like. Today, I didn’t like your screenplay, well, fix it and be happy that someone told you. Not everything people say will be good or bad for that matter but if you want to work with people, accept their opinions and go with it.
The truth is, everyone in the film industry or any other business is busy, especially is they are somewhat in the loop. The key is to establish yourself in the minds and memories is how you deal with rejection.
One big mistake people make is that they neglect to stay updated and interested in their project. I’m not saying people purposefully let their projects go down the drain but as soon as something bad happens they get uninterested in the project or dissuaded. Rejection is one of those things that usually test a project and its team.
Rejection is inevitable in this business and any other business for that matter, however, because people take this extremely personal, rejection can be devastating. Rejection can also be the lack of response and most people think that a lack of response means a no and that is not always the case. People are busy and your email is probably not a priority, maybe your email is in “the interesting list” and they just wait until things are calmer to get back to you. Sit tight and wait until getting worked up.
Be ready to follow up
If you haven’t heard back from someone, then contact them. Taking things personally will only lead to unwelcome feelings and bad results. Take any rejection AND positive news with a nice calm. This is an overcrowded industry with heavy workload, deal with rejection like a professional. Do your part and the rest will follow.
If or I mean when your pitch or idea gets rejected be mature enough to ask serious questions as to why the recipient didn’t like the project or whatever you did pitch. Rejections are common and nothing bad, unless you burn the bridge by leaving angry without asking the right questions.
Sometimes people does like your work but they might feel they are not the right fit or maybe they even feel they can’t help you or offer what you need. If you do follow up a rejection or an unanswered e-mail, maybe you’ll learn something.
By being respectful, understanding and by seeing things from other peoples point of view you’ll have the tools to ask the right questions and follow up with value. I can’t believe I have to write this post to be honest but there are so many people out there not having the slightest idea how to act and just leave after a rejection or even after sending an email. Not many are actually following up, me included. It is easy to forget.
Be patient, be present and be consistent in your check-ins, this is rare and hard but people will take notice and remember your efforts. Also, you will be on top of your projects if you do follow up. Use whatever tools necessary to keep yourself in the loop and a head.
Thanks for taking your time reading this piece.