You never know when you'll get another chance to make a first impression. Having worked hard with your staff, you have gotten to the stage where you are searching for investors that will inject cash into your business idea so that it can scale up. However, you may be lacking in being prepared to succinctly and adequately describe your business.
You may not be opportune to pitch your great idea to a collated audience of investors, seated in black suits in a properly air-conditioned room. It may be at an event where you will see your potential whale investor holding a glass of wine. Being able to pitch your idea in a few seconds with all forms of professionalism and expertise is a skill you must possess as an entrepreneur.
Here are some things you should ensure are in play to enable you to pitch appropriately to your investors.
You do not have all day to pitch to your investor. Investors can't listen to your pitch all day. You'll have no more than 30 minutes to propose your idea. Make sure that you keep an eye on the time and avoid wasting too much time with introductions and small talk. If it is in an official setting, ensure that you verify the time provided for your presentation and stay on schedule.
Tell a story
You should spend more time explaining why their product or service is needed than how it works. If you can, tie it to your audience by telling a compelling tale that addresses the issue that your product or service was created to address. Chances are you won't receive an offer from an angel investor if you can't explain in detail how your product or service solves a problem. Beyond emotions, you must elaborate on the uniqueness of your product.
Who is your investor
If you want to pitch to Ultima Lions Den, you should research each of the investors therein. This prepares you to answer likely questions to be asked due to the special interest of each investor.
It takes persistence to get investors. Before the first meeting, do your research before you locate an investor. What is their history in the investment journey? Do they make investments in your industry? What previous commercial investments have they made? What amount do they invest?
You can assess if the investors are a good fit for your firm by knowing who your audience is beforehand.
Prepare your pitch deck or executive summary
A 210-page business plan won't be reviewed by an angel investor to learn more about your company. They have many businesses that are seeking capital, hence they don't have time to spare. Spend some time putting together a succinct PowerPoint presentation and executive summary that covers, among other things:
The issue your startup will address is also known as the 'Problem'. Furthermore, the intended audience or your target audience. The size of your market, the price of acquiring new clients, or customer acquisition cost. The anticipated revenues and costs as well as the exit plan. Finally, you should be careful about following up with your investors. It may not interest you to get poor feedback from your investors but, you must be ready to get NO as an answer and learn from your mistakes. It takes time to master how to pitch your idea successfully so, be patient with yourself and build your way to the top.