Every business is erected on ideas. If you want to enter the business world, the first thing you’re going to need is a good idea. And if you’re not going to finance the business yourself, you’ll simply have to know how to pitch that idea once you start meeting potential investors. Pitching is simply a clear communication of a business’ ideas and value proposition. It’s a short description that outlines the potential of a business idea. Every idea needs resources for it to grow. In order to get these resources, investors are needed to be convinced in order to provide necessary resources needed for the business to achieve its full potential.
That being said, we have come up with 5 tips that are guaranteed to help you get enough money to start out and turn your idea into reality.
Be time conscious
When pitching your business idea, you shouldn’t take too much time. In fact, few minutes is more than enough to explain what your business idea is all about and potential investors should entrust you with their money. And the more concise you are, the more effective your meeting will be.
So, if you say that your presentation is going to be “only X minutes”, try to make it last a minute or two shorter. Also, if you say: “one last thing”, make sure it really is the last thing you’re about to say during your presentation
Focus on Value Proposition
A lot of people who’re trying to start a business tend to focus on presenting their business idea too much, and they end up not explaining what their product or service really is.
It’s always a good idea to explain what your product is to the potential investors at the beginning of your presentation. That way, you’ll be assured they know what you’re going to talk about for the rest of your presentation. Just don’t drone endlessly about your product or services since investors mostly truly care about how they can make money from investing in it.
Elucidate Customer acquisition plan
No matter how good your business idea is, you’ll not get the money you need unless you show investors how you plan attract customers. So, before your meeting, you need to do some research and come up with a marketing strategy for your business.
Just make sure you keep up the step with the latest marketing trends such as social media marketing and influencers. A lot of investors will hardly even think about entrusting you with their money unless you have a good plan for promoting your business online.
Good power point presentation
If it’s a presentation, then having good PowerPoint presentation is not an option. If you just stand there talking for 20 minutes, chances are that the potential investors won’t really focus on your idea. That’s why every good pitch has to include a good PowerPoint presentation as well. Such presentation will help you convey your idea correctly and make the entire meeting more dynamic.
It’s recommended that you have experts help you out with designing your presentation. Backed up with a well-designed presentation, you’ll be able to deliver your speech even better.
Prepare for follow-up questions
Potential investors will always have something to ask you once your presentation is over. In fact, they might even stop you simply to ask a question about the point you’re trying to make. And if you don’t inspire confidence when answering questions, you are hardly going to get the money you need for starting your business.
The best way to prepare for answering questions during your pitch is to have a rehearsal. That way, your family or friends can come up with questions potential investors might come up with