It’s 2017 and I believe everyone has watched the popular American TV show Shark Tank, or even back home the BYOB and Lion’s Den which features business entrepreneurs and young minds who are competing to get their business ideas to get funding.
Most people have business ideas from technology innovations to solving a problem in the society after all that’s the purpose of the any business idea.
But the big question in every young people mind is how to impress a potential millionaire say a Chris Kirubi to be a partner in your business idea.
1. Prepare a good business plan
The purpose of the business pitch is to convince the outsiders that your business idea is well thought out, viable and worthy the financial investment, so a solid business plan is an absolute necessity.
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When preparing a business plan you need to have your audience in mind: lenders and investors operate on a different principle and will probably be concerned with different aspects of your business idea.
Investors will probably be more interested in the highest possible return on their capital, so you need to prove that you know the market, have a clear strategy and will be able to attract and retain the clients.
Banks, on the other hand, will most probably take a closer look at the company’s revenue and cash flow, to make sure that you will be able to meet the payment schedule.
2. Demonstrate credibility
Being a good storyteller is useful in getting your audience engaged, but it will not help you much if your business plan lacks accurate content, thorough research and strategic projections.
Make sure your plan is carefully reasoned and stick to facts and figures as they tell the most about the chances of success.
Remember pitching your idea is more of marketing be convincing but not misleading. Present the truth in a way that will make an impression, which is what marketing is all about.
3. Explain what your product or service is
Show your potential investors a picture of, or give them the actual product to handle.
Be careful not to dwell on the product only. Honestly, investors don’t really care about your product as much as they care about the money that your product will make.
4. Explain what is unique about your product or service
If you are not producing or providing anything different from the run-of-the-mill widget, don’t even go to the meeting. Go back to your drawing board, and design something better.
5. Explain who your target audience is
Explain exactly who your target in terms of the product or service is, this is a major concern to investors since no one wants to invest in an idea that will limit potential growth
6. Explain exactly how you intend to acquire target customers
Business success comes down to marketing. If you have a marketing idea, method, technique or process, this is your chance to showcase it. Contrary to popular belief, great products don’t sell themselves.
You sell the product that’s why CocaCola and Safaricom are household names locally because the companies make their brands visible through marketing campaign. To be persuaded, investors have to see an airtight strategy for getting the product to market.
7. Anticipate questions that may arise
As the saying goes, being forewarned is being forearmed, therefore you should prep yourself extensively for questions that may be brought up by in interested investors if an investor is interested, he or she will ask more questions. Be ready for these questions.
By formulating skilful and persuasive answers to the tough questions, you will demonstrate the abilities and traits that investors love to see.
Pitching is no child play and therefore you must be well versed with what the market requires and put yourself in a millionaire shoes and ask yourself what exactly a millionaire would prefer to put his money.
Victor is a content writer at career point email him at firstname.lastname@example.org