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Tuesday, October 24, 2017

Need Funding for Your Business Idea? Follow These 5 Tips

by Zohaib Akhlaq (writer), Gujranwala Pakistan, February 07, 2016

Credit: Via pixabay.com
How to get funding for your business idea

Does your idea have what it takes to become the successor to Amazon? In order to get your idea off the ground, you’ll need funding to get started

Do you think your business idea can become the next Google, or the new Facebook?

One of the most important steps that startups will undertake is the process of finding investors for their business ideas. There are many angel investors and venture capitalists out there just waiting to hear a pitch that will convince them that they are looking at the next successful business—you want to be this business.

5 Tips to Master before the Big Presentation

You can increase your chances of obtaining funding with careful preparation and practice. The following are some tips that can help you successfully sell yourself and your idea:

1. Be Easy to Understand

Presenters pitch their business plans to investors in the hopes of obtaining funding.

However, this task will be near impossible if investors cannot understand what you are explaining. This may sound obvious, but many find that speaking to investors is more nerve-racking than they anticipate.

One key tip for any presentation is to be articulate and concise, so the investor can easily follow your business plan.

Other general tips include: don’t speak too quickly, avoid announcing to your audience and keep away from informalities.

2. Be Prepared With What you are Going to Say

This again teeters on the brink of obvious, but many people think they know everything about their idea without research; this is almost always untrue.

Know everything you can about your idea and industry.

One of the quickest ways to turn away investors is if you appear to be unprepared and unqualified. In order to prevent this, presenters should be as informed and knowledgeable as possible.

Provide information on the competition, the market, operations, finances, and possible long term plans. In other words, know about more than just your specific idea.

Investors who fund your startup, will try to understand everything they can about the pitch, so be ready to deal with any potential questions thrown your way.

3. Be Interesting in Your Presentation

This is one major quality that distinguishes your pitch from the dozens, or even hundreds of others that the investor has heard.

By being interesting, you make yourself stand out from your competitors, and therefore you are more memorable to the investor. Give examples of how your product will succeed and how it will address the needs of the market.

Enlighten the audience with anecdotes of how you came to create your product or the struggles you’ve overcome. One way to be memorable is to create a sound-bite, or a short, descriptive phrase that sticks in the investors’ heads.

However, when telling these stories, make sure to avoid arrogance or a sense of entitlement.

4. Be Passionate and Confident with What you Say and How You Say it

If you’re not excited about your business idea, why should investors be interested?

Never tell your investors that your business idea is great, but instead show them why your product is worthwhile and worthy of their money.

In addition, avoid appearing nervous and apologetic.

Your confidence will show investors that you have spent time preparing your pitch, and that you understand your business plan well.

5.Be Able to Explain Your Pitch in One Sentence

In general, you want to be able to convey in one sentence what your business plan and pitch is about.

Despite the complexity of the market, the specialization of your product, and how different you are from your competitors, you must be able to clearly and concisely express your idea.

Start out your presentation with this one sentence to make clear to the investors the main point of your pitch.

Conclusion

Securing funding is one of the most challenging (yet important) tasks that a startup will undergo.

However, with enough perseverance, patience, and a little bit of luck, investors may be convinced that your idea will become the next Google or Facebook.



About the Writer

Zohaib Akhlaq is a Content Marketing Expert and Business Blogger. He also run a blog, dedicated to sharing advice on entrepreneurship and small business.
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