You’re ready to set the market alight with your revolutionary new product. There’s just one thing you’re missing, and that’s capital. It’s normal to approach 50 investors before finally getting your ‘yes’, so don’t get discouraged. However, there are a few ways you can help investors sit up and take notice.
Have a great business plan
Many budding entrepreneurs think that so long as they have an innovative idea, that’ll be enough to get investors knocking on their doors. Not so. Don’t underestimate how important having a solid business plan is. Not just something estimated and vague, but really detailed and well-researched.
A business model is the heart of your business strategy. Show that you understand the nuts and bolts of how to nurture a start-up into a grown-up.
Show that you know what you’re doing
As glamorous as the garage start-up has been made out to be, investors don’t want to invest in amateurs. Most start-ups fail within a year and investors are very much aware of this fact. Backing a talented horse isn’t enough. They also want to know the horse is trained, experienced and in peak physical condition.
What does this mean for you? Show that you mean business and you know what you’re all about. Having a great business plan is part of this. As is being professional at all times. Show that you will know how to manage the project, even if it means employing someone with a project management diploma or getting one yourself.
Have an amazing pitch and presentation
First impressions count. Don’t expect that your potential investor will be able to see through a muddled presentation to the core of your genius product. Investors get many pitches and hear many presentations, so you need to make sure both your pitch and representation has been fine tuned.
Also remember to practice your elevator pitch. You never know who you’re going to run into and where.
Give investors the chance to reach out
Investors wade through a lot of requests, sometimes dozens a day. Why not change things around and get an investor to come to you? Your start-up will stand out more if an investor seeks you out, rather than the other way round.
You can start getting yourself noticed even if your product isn’t live yet. Start discussions on Quora, write guest blogs for relevant blogs, and whatever else establishes you as a thought leader with an innovative offering.
Look at your product from the POV of an investor
You might think, even know, your start-up has potential. However, you need to look at your product through the eyes of an investor. Therefore, don’t just research how to get investments. Also research how an investor would know what to look for in a promising start-up. Read up on how investors would go about a valuation of a start-up. It helps to get some insider info.