Do you have grand plans to be the next big thing in business? Have you got a brilliant idea that you want to turn into a viable business venture? Do you need financial backing to take you to the next level? If you’re trying to get investors on board, it’s essential to impress from the outset. Here are some tips to help you ensure that you’re pitch perfect.
Writing A Business Plan
Whether you’re meeting potential investors or you’re applying for a loan, it’s important to have a business plan that ticks all the boxes and answers all the questions a panel may pose. Your plan is a detailed written proposal, which should include in-depth information about the business model, how it will work, how it will be funded and what kinds of figures you’re expecting to turn over.
If you don’t know where to start, it’s a good idea to investigate different types of business plan software. You can use templates and features that simplify the processes you’re describing and ensure the plan you produce delivers on all fronts. When you’ve put together a business plan, make sure you understand the information you have in front of you. It’s not enough to have everything on paper. If you’re quizzed about the numbers, for example, you need to be able to respond quickly and concisely.
Pitching Your Idea
If you’ve ever watched shows like Dragon’s Den or The Apprentice, you’ll understand the importance of being able to pitch when it comes to securing investment. Nobody wants to be in that situation we’ve all seen on TV when you have a complete mind blank, you can’t answer questions properly, and you’re struggling to get words out.
Preparation is the most important thing when you’re about to pitch. You should know exactly what you’re going to say and have a clear format, which covers all the key points. You don’t want to read from a script, but it’s handy to have some bullets on a small cue card to make sure you don’t miss anything important. Make your pitch compelling. Remember that the people you’re standing in front of may be trying to make a decision between your business and several other propositions.
Make the presentation stand out, be memorable, and show how passionate you are about the idea. It’s essential to get to grips with the figures before you set foot in that room and start talking. If you can’t rattle off projected sales figures for the first three years, a recommended retail price and a manufacturing cost, this is going to make investors uneasy. Don’t be afraid to be original. You don’t have to talk through a series of slides on a projector. Use video clips or a billboard advert to showcase your product, ensure the presentation is interactive, and get the panel involved.
If you’ve got a brilliant idea or you’re working on a new product, and you’re keen to impress investors, hopefully, this guide will prove useful. Do the groundwork, put together a watertight business plan and make a compelling case for your company.