A major milestone for any entrepreneur is getting funding for their business ideas, and the most practical way to attain this is by pitching to investors. This is never the most straightforward phase as despite the fact that it presents a huge opportunity; it is never easy convincing an investor to trust you with their money.
The odds are raised if you are a first-time entrepreneur who is just getting into the world of business and have no prior accomplishments or achievement to back you up. Nevertheless, this is also the beauty of pitching as it gives you a chance to swim with the sharks and most probably get your business off on the right foot. It is, therefore, a stage that can significantly give you the much-needed boost or hold you back for a while and must be taken seriously.
There are lots of factors that come to play when making a pitch, and as a person walking down this path, you must be prepared to face them. Regardless of whether you have spent hours on end watching Shark Tank ideas or any other television show where entrepreneurs pitch ideas, one always feels less prepared.
This should not make you feel inadequate but should be the motivation to leave nothing to chance. By now, you probably already have written down all those great ideas and have come up with a perfect business plan for the big day. While these are the core factors that will be the focus of the day, there are other aspects of preparation you must not ignore. These are;
1. Transform Your Presentation into a Captivating Story
Lots of great business ideas have failed to attract the attention of investors because of how the idea was sold to them. While you are out to prove how viable the plan will be and have all those numbers, statistics, and spreadsheets to demonstrate feasibility and sustainability, investors have had enough of this. It is vital to master how to turn your investment pitch into a story, as that is what will get into the hearts and minds of investors. If you tell your story and you tell it right, then you have the confidence that getting that funding will not be a far-fetched goal.
2. Do Lots of Practice and Go Through Every Detail
The last thing you need is to be before a team of potential investors, and you suddenly run out of words to explain a concept. In the worst-case scenario, it is coming to the realization that there was an error in some calculations or the details in that slide you are using.
This is a turn-off as it shows to the investors that you never invested in your time into coming up with the pitch and would do the same with their money. By practicing the pitch, you will get to come up with a masterpiece that focuses on what you want to put across without having those awkward moments on stage.
3. Know Your Competition and Be Ready to Answer Tough Questions
Yes, that idea looks super-perfect, but it will crumble to pieces if you cannot answer questions from a potential investor. This is why you need lots of practice and in-depth research both within the area of interest, and on the investors, you will be facing.
Most investors are experts in a given area and will always ask questions oriented to their fields of expertise. Always keep a straight face when asked a question and try to focus on the key areas the investor is interested in without turning it into another long presentation.
4. Dress the Part
The power of first impressions can never be undermined, especially when you want to convince someone to give you their money. Investors will have an interest in every aspect of you right from the moment you walk in, and your dressing says a lot. Fortunately for you, dressing the part does not mean having to hire or buy that expensive suit when you could do it on a budget.
By using the Max Promo Code, you can get to enjoy amazing discounts of up to 70% off from an order. This will ensure you not only limit your purchases to a single business suit or formal dress but include those designer shoes for a perfect look.