Recently, I started reaching out to people about my business: a fractional CFO service for tech startups.
I have been managing startup finance for my network of portfolio companies for the past several years and I decide to start taking on external startups.
I asked myself: what's the best way to reach out to startup founders?
After tons of research, I decided LinkedIn is probably the most effective way to communicate with startup founders. Also, my LinkedIn profile speaks a great deal of credibility for my experience.
During my research, I found this place online offering a database to the most recently launched startups with their funding status. (email me at ethan@ethanlu.co if you want the site info)
I went ahead and sent a simple intro message to the first 10 people I found in the database. (watch out for the invite and message limit on LinkedIn) Out of those 10 people, one became a customer 2 weeks after the initial LinkedIn engagement.
I realized one thing from this exercise. Getting sales is a numbers game. The more people you engage, the more sale you can get.
You can check out my fractional CFO service at www.SMBFinance.co
Neat business! Just curious, do you offer your services on a per-hour basis or is it more of a productized approach where a service has a fixed cost?
I productize the complete CFO services into subscription offerings based on the size and complexity of the startups.
I thought about charging by hours but decided that I would rather make sure founders have enough help without worrying about the hourly rate.
That makes sense, thanks!
Nice Ethan congrats on your first customer. What if any other outbound methods did you try?
Hi, Filip.
Currently, I'm only using LinkedIn outreach without the bot. However, I do have a couple of other growth tactics I want to test out. I can keep you posted on how those go!!
I agree that LinkedIn is the best place to offer products for finance-related thematics.
My product PrivateEquityList now has nearly 1000 followers on LinkedIn and growing https://www.linkedin.com/company/private-equity-list/
Maybe it can be interesting for you and your portfolio companies (privateequitylist.com)
Thanks, Vadim. I will definitely check out what you offer!