You can’t believe it finally happened: you were blessed with your very own light bulb moment! You have a brilliant, unique and innovative idea that is sure to make you a ton of money. You have the will to put in the hard work to make it happen. But the one thing you don’t have is the funding to start your business. Startups are springing up like mushrooms after the rain. Here are some strategies to help you to find investors (or investors group) and secure the financial backup your business sorely needs.
We all know there are people who are born for sales, the ones who could sell snow to an Eskimo. What really sets these people apart and makes them so successful is that they believe in what they are selling. Be passionate about your idea, show your enthusiasm, your will to work hard, and your confidence.
Most of the times, investors are choosing to back the people, rather than their ideas. Bear in mind that you are pitching not only your idea, but also yourself.
If you are a bumbling mess, the judge might get the impression that you are bad at working under pressure.
So stay cool and confident!
You may also like to read: How to Brand Your Startup? How to brand your business name?
Investors for startup business
Bear in mind that you are not the only startup pitching to your potential investors. While you may have planned every tiny detail of your potential business in your head, your investors might not be interested in the minutiae at this stage. The key is to be clear and keep them interested.
Be brief and organized in your presentation. Come prepared, this is not the time to wing it. Plan ahead what needs to be outlined, and what crucial matters need to be elaborated on.
Don’t be afraid to check out some real life successful pitches to see what constitutes a winner. Even giants like Airbnb and YouTube started as a pitch!
Why not learn from the best?
Tell a Story
To hold the attention of investors looking to invest, your pitch needs to be organized. Try to tell a story.
What problem prompted you and what’s your proposed solution? Why is your project important? What is your motivation? How do you plan to sell it? Is there room for it in the market? What makes it unique? How will you protect it from being copied? These are all crucial questions that you need to prepare answers to.
So you should make your presentation striking and interesting. The aim of your pitch is to intrigue and stand out among all others. Work hard on your pitch deck before your meeting, and tweak it until you are sure it represents your idea in the best, most engaging manner.
Think Through the Financial Details
If you are asking potential investors for funding, it is expected that they will be interested in the financial aspect of your prospective business.
Think about your business model, profitability and other financial details.
You should know how much money you need and what it will cover. If you are excellent at coming up with unique ideas, but finance is not one of your strong suits, it might be wise to seek out an expert opinion beforehand.
Consider consulting a tax accountant in Sydney before your big pitch. Make sure you have a clear idea of how to monetize your project. Even a revolutionary idea is unlikely to appeal to investors if they can’t see any monetary gain in it.
The conclusion is, spare some time to prepare for your meeting.
Getting the necessary funds is a key step and also, while your idea might be brilliant, you need to make your potential investors see it through your eyes.
- 5 Ways Technology Can Help You Run Your Business - September 27, 2017
- How to Become Your Own Boss - May 21, 2017
- 4 Digital Marketing Strategies You Should Consider Using - April 23, 2017