Every small business, startup and entrepreneur I’ve worked with has run into the same two challenges as they have grown. These factors come into play regardless of the market, the industry, the nature of the business, and the business model. What are they? The need for outside capital, and the need to gain more traction.

To put this in non-business terms: Every business eventually needs more resources to support their growth; and they need the ability to sell more of their stuff. Let’s break these concepts down a little.

Capital is the number one priority for growing your business. Too often, it’s thought of as a one-trick pony. Capital isn’t simply a financial investment. Capital can also be knowledge and key relationships, for instance. That kind of capital can be much more valuable than someone just writing you a check.

Financial capital is just one leg of the business stool. It’s an important leg — they all are — but it’s not strong enough on its own to support the full weight of a business. You need other “legs” like key relationships and knowledge to create a proper foundation.

This is important, because many businesses make a huge mistake when it comes to their capital. They slow or stop developing their resources, and instead become locked into the idea that all their problems will be solved if they can just get more money to buy more stuff. That “stuff” can take all kinds of shapes — more employees, a bigger office, more equipment, consultants — but it all comes back to needing money.

Now consider how you would face those problems if money couldn’t solve them. What are your knowledge gaps, and how would addressing those missing pieces change your business? What key relationships and partnerships could you build to gain access to valuable things like new customers, new talent and more mentors?

Knowledge and relationships can easily be more valuable than simply having cash in hand. They often cost less to acquire in terms of real dollars and time than financial capital, while at the same time helping you make the most of the cash that you do receive. Knowing about an inexpensive supplier, for instance, can cut your costs, while building a strong relationship with a well-connected mentor can help you connect with media partners, retailers, and countless other highly valuable contacts.

How to do develop your non-financial capital? It’s easier than you may think. It starts with seeking out good mentors and advisors who have the knowledge and relationships you need to take your business to the next level, as well as the willingness to share their time.

There’s only one way to make that kind of connection: You have to make a list of potential advisors, and then ask them for help. You may be surprised how often they say “Yes.” After all, to get where they are, someone usually had to help them in much the same way.

For most early stage, bootstrapping businesses, it’s also much easier to gain non-financial capital than it is to raise money. For some, it might even be the only viable option. To attract serious outside investment, you will also need momentum and traction. I’ll be diving into that topic in part two.