Whether you’re looking to launch a snazzy new mobile app or build a resort, investors are looking for marketability, sustainability, good planning, and passion.
Thorough preparation is key in getting noticed. Some tips are outlined below to help your business get noticed.
Know Your Stuff
Know your product or service inside and out. If you plan to sell a physical product, you probably need to make a few prototypes or models first. Ask people what they think. Ask them if they would buy it. What price would they pay for it? Where are you going to have it manufactured? What materials will it be made of? How much will engineering and production cost?
If your product is a service or service franchise, get out there and perform the service for potential customers. How can you improve it? What is it about your service that will be unique to your business?
Create a Solid Business Plan
An important tool in your arsenal can be your business plan. Your business plan should identify clear revenue streams. Once the investment money has been spent, how is the company going to keep going? How are you going to meet payroll? What if something goes wrong?
Every business plan should include a SWOT analysis. SWOT stands for “strengths, weaknesses, opportunities, and threats.”
The Power of a Good Executive Summary
When it comes to getting venture capital, a very powerful tool can be the executive summary. An executive summary should be no more than three to five pages long, and since many venture capitalists will not review a full business plan unless the summary intrigues them, take advantage of every line to convince them to take a closer look at your business.
You’ll want to cover the nuts and bolts well enough to demonstrate that your proposal is well-documented and that you and your team have the experience the project requires, but you should also try to be brief. Use this space to list every positive reason for investing that you can think of — benefits to the consumer, market demand and interest, and competitive opportunities.
Game Plan for Live Presentations
If you are asked to present verbally and are planning on producing a PowerPoint presentation or a video, keep it short, around 5 minutes or so.
Other items you will want to have ready for a presentation may include a working model, prototypes, and samples. Your website should be operational and look professional. Investors ususally want to see that you understand the importance of a solid internet and social media presence. If you have taken the time and forethought to build a social media campaign for your concept, even better.
Deep knowledge of the market is extremely important.
Success Breeds Success
Investors like to hear that you have had some success, so beat your drum as loudly as possible. If you’ve already begun selling your product and you have an interested market, show them. If you have launched successful ventures before, that’s also important. Don’t be shy about mentioning your prior successes and experience, even if they were in unrelated fields.