Although you may feel that you have an unbeatable idea, sometimes you do need help to launch your concept and get the momentum going.
It's very easy to fall into the trap of telling your story from your own perspective, but in fact what you need to do is put yourself in the shoes of your audience, and ask yourself what are they looking for?
Whether you are a start-up launching a new company or you are being tasked with creating a new business unit, you can use our practical tips and tricks to leverage greater support and resources for your concept.
1. People “judge the book by the cover”.
In a situation where you are presenting your businesses credentials, it’s easy to get wrapped up telling them about what a fantastic business idea you are working on – when in fact what is being judged by those you want as investors - is you rather than the idea.
Make clear your motivations to get behind the concept and tell them honestly about the real reasons that lead you to take the risk of starting a new business idea or start-up.
Honesty, integrity and trust are important traits to have if you are looking for others to invest time and money in your business.
2. Detail your “skin in the game” or commitments to the new business.
A major point of friction for investors in new start-up is if it transpires that the entrepreneur is not taking any personal risk to launch the business.
As an entrepreneur, it is unrealistic to expect others to invest in your business if you are not showing suitable commitment and willingness to take risks be that in your personal time or money.
3. Create a “fan club”.
When seeking outside investors in a business, they will be keen to understand what is the level of support you have received from family and friends and from other external investment partners.
A prospective investor will feel far more comfortable when they see that they’re not alone in investing into your new business. As always, probably the hardest investor to get on board is the first.
4. Prepare your elevator pitch with different audiences in mind.
A good elevator pitch should be a suitable vehicle to get the message across about your business in a concise and targeted way (typically, in 2 minutes).
One of the difficulties in creating a good pitch deck is that industry experts have an expectation that you will cover off particular points very specific to their field. Whereas a more generic audience will not want to deep dive into the details, but will want to hear more about what makes you unique and what differentiates your product.
So, keep this in mind and prepare a couple of versions that is tailored to your audience and their expectations.
5. Prepare well on what your research tells you will be points of resistance.
After experiencing a number of pitches, it’s likely that you will begin to get a clearer view of what the sceptics in the audience focus on.
Get to know in advance who will be attending a pitch and prepare how you will address their concerns.
6. Be accessible.
Start-ups should be agile, and run a lean operation. Investors are looking for the ability to move fast and be flexible as market conditions and customer demands change.
Providing direct access to senior management when a decision needs to be made is well regarded, as nothing can be so frustrating as trying to go through multiple layers of people to get to a decision maker.
7. Don't fear the digital world.
Your website is your shop window as a business, usually the customer's first touch point with your company, so it should be personal and user-friendly.
Communicate in a simple way, articulate the problem you solve and why your solution is unique.
One of the main reasons why start-ups fail is that they suffer from a lack of demand, customers are either not aware of their product or it does not address a particular need.
Not being able to follow a sharp growth trajectory, with a lack of leads in the sales pipeline can mean no revenue and a possible starvation of funds to keep the business going.
So, it is vital to consider what options you have as a business to keep a tight grip on costs, and be geared up and ready for growth.
This is where Work.Tools can help, our goal is to partner with you, working closely with your business to ensure that you'll have all the resources you need. Not just systems and IT support, but also hardware, software and somebody to ask advice.
We have a number of different support Plans based on your IT needs, whether you are just starting out, or are established and ready to grow.
So why outsource to a Work.tools plan?
- Free up time and resources
- Manage a predictable IT budget
- Access a professional IT day and night
- Enjoy peace of mind
Don't hesitate to contact us if you want to know more.
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