“It takes money to make money.” How many times have you heard that saying?
For any business that wishes to get itself off the ground, business funding is vital. You might have the talent, but if you can’t get the business going, nothing will ever come of your ideas. Which is exactly why we did an entire live on how to find investors, and more importantly – how to get a yes!
The Funding Journey
When you first have an idea, initial business funding investments from your savings, family and friends may be enough to make your business idea take off. However, it will not sustain its flight without continued support, strategy, investment, and help.
There are people with money who are always looking to finance a venture. With how the economy is going, they prefer to grow their money than to leave it stagnant in the bank. They want to invest and want a return on this investment. They also want responsible, passionate, and driven people who can make it happen.
However, to find investors – and capture their interest is a little tricky. They typically lead busy lives, and you only have one chance to impress and entice them into taking a chance.
How do you find Investors?
1. Do Market Research
Make sure there is room in the market for your idea. As we mentioned in our previous blog posts, you have to check that the demand for your product or app is growing, your branding, positioning, so you will be able to seize a significant portion of that market share for yourself. This will serve as a great attractor to potential investors.
2. Be Concise
Get straight to the point. Investors are usually extremely busy people, from those who invest for a living and see plenty of business plans, to casual investors who need to get on with the other aspects of their day. Being able to grab their attention and keep it relies on how quickly and concisely you can express the problem, solution, and why people are really going to want YOUR solution.
To help you master the process of getting a YES from investors for business funding, we have created a One Page Business Plan that will help you organize all the critical info. The One Page Business Plan will make creating a pitch deck for investors much easier and will prevent you from getting too long-winded explanations. You will find investors really appreciate when you are able to communicate your idea as quickly and thoroughly as possible.
What goes in the Investor Pitch Deck?
We also have broken down the core information that you need to present in your Investor Pitch Deck. This outline will capture all the critical elements in the most succinct way possible.
- Problem → Solution
- Your team and their skills sets
- Samples of the product or app – what it looks like
- How it works and what it does
- Competitors and their operations
- Target market
- Prediction of where the market will be once your product or app is there – what their investment will net them
- Amount of money you need and the specific purpose
“Identify the problem, identify your solution, and let investors know why your solution is the thing that people are going to migrate to.” – Fred Cary
3. Be confident
You should know your business opportunity inside and out. Make sure you can talk the talk and walk the walk. You have to inspire them to invest in you by informing them of just how much your idea or app can help “save the world.” Have the data to back up your confidence so you don’t come off looking arrogant.
Share Your Passion
Don’t be afraid to share your strategy when getting your idea or invention funded. Let your passion show. Your determination, focus, and your drive to make things happen. Your dedication to ensuring results is a bonus. Remember, investors are not just investing in your business; they are investing in YOU since you are the driver behind the wheel.
“Some people dream of success, while other people get up every morning and make it happen.” – Wayne Huizenga
Demonstrate the opportunity
As the owner of the idea, you have to show that the investors will gain from it. How do you sell something that, at the moment you are presenting, is still a dream? Your goal is to show how your product or app can cause a stir in the market, climb up to a “top of mind” position, and grab significant market share.
Examine your opportunity and the opportunity costs that come with it. If they invest in you and ask for equity in your business, how far can it take you? They may not give you 100% of the funding you need, but it’s progress toward your funding goal.
If you have no experience creating a pitch deck slide to investors, you can bring in more people from your team to help give you credibility. Don’t go it alone if you are unsure.
Share your team’s skillsets
It helps most investors to know if you’ve teamed up with a group of people who can make it happen for you and them, as well. It backs up your claim that you are willing to do whatever it takes to succeed. A lack of success is rarely due to a lack of resources. More often, it is due to a lack of resourcefulness in the person. Lacking funding can be your excuse to not push through with your product or app, but it can also be your driving force to go out there and make your product happen.
“A lack of success is rarely due to a lack of resources. More often, it is due to a lack of resourcefulness in the person.” – Mike Corradini
At the end of it all, your success can only be dictated by two things – your product and you. When you have a compelling product, which adds value to what is currently out there, coupled with your heart, perseverance, and no-holds-barred mindset to achieve success, you’re already there.
IdeaPros is a Super Venture Partner™ who has the resources, experience, and tools to help you find investors and get the business funding that you need to contribute to your idea.
We partner with entrepreneurs at any stage and who are ready to invest in the success of their idea. Apply for an interview and let’s explore partnering together.