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Pitching to investors can be a scary experience even for the most confident of entrepreneurs. But if you do enough preparation and know your business inside out, you're likely to leave with the cash you want. Here are some tips on how to do it:
You must know your business like the back of your hand and
completely understand what you want to achieve with it. Investors will want to
see evidence that you have carried out market research so you know there is a
need for your product or service and who your competitors are.
Do you know your unique selling point? What problem are you solving
and why will customers purchase your solution over a competitor's? Acknowledge
your competitors and demonstrate why you are different and better.
You don't need to be an accountant but it's important you know your
business' top line financial projections for at least three years ahead. Commit
them to memory. Investors will drill down into the detail during the due
diligence process.
Demonstrate that you have a clearly defined customer base. Don't
quote generic figures such as the world’s three billion mobile phone users are
your target market. Show that you have carried out your own market research and
are not just relying on statistics from industry analysts.
It is important you do some research in advance about the people you
are pitching to. Investigate the types of companies they have already invested
in and be aware of what benefits their experience could bring to your business.
End your pitch with intelligent questions of your potential investors. Areas to cover are what level of involvement they would play if they were to invest and whether they have any comments or feedback on your company's strategy.
