When you have a killer idea for a business, it does not guarantee business success. Just like everyone else, you are going to have to find a way to raise money for your venture! Here are some ways you can get investors interested in your idea.
A Detailed Plan
A lot of people are heavily invested in developing a great elevator pitch. And sure, an elevator pitch is important. You should have the ability to grab someone’s interest in a very small amount of time. But what if that person becomes so interested that they stop what they’re doing and ask for more information on the spot? Can you give it to them? Or are the details of your venture still a little vague? You have to ensure your plan is detailed. That means getting to grips with your unique selling point and having an understanding of the market for your idea.
You have probably heard about the need to get networking in business quite a lot. Some people think that it could not possibly be as important as others make it out to be. Sorry, but networking is absolutely essential! There are investors all over the place, and you have to get to know as many of them as you can. Of course, this does not mean pretending to be someone’s friend just so they will give you money eventually. Be honest about your intentions and make an effort to make a connection with them.
One of the things that really gets an investor excited is knowing there is strong buzz around you. It might be for your specific product. It might be for your company. There could even be strong public attraction to you as a business personality! Whatever it is, that sort of thing can be crucial to getting an investor’s attention. This is why being active on social media can be so important. The subscriber, follower, and viewer numbers all count. You could even buy Social Proof and Social Signals if you need an extra boost to those numbers.
Of course, if you have enough public interest already, maybe you could turn to “the people” for help with investments! Crowdfunding has gotten to be a big concept in business these days. In the last few years, a lot of projects have reached funding goals of millions of dollars through crowdfunding. This is found especially in games and apps. One of the drawbacks is that everything you do in development usually becomes quite public. You would not just be disappointing investors behind closed doors if you mess up.
One Investor vs. Many Investors
Crowdfunding brings us to another thing you have to keep in mind. A lot of business owners are waiting for a single investor willing to inject a large dose of cash into their idea. The “investor superhero”. But you might be better off looking for several smaller cash injections from multiple investors. Don’t limit your sights to an individual! You could end up losing out on big stacks of cash if you turn down the smaller investments of many.