Your idea is unique, and you are aware that it can create a lasting wave in the market.
But to do this, you would need money and not just once, but many times along the due course. One way to do this is to use your own money and fund your own small-time business, but an effective way is to get an investor or a business partner and share the work.
This blog is aimed at telling you one simple thing — “What one will like, is what one will buy” – and this is no myth or no fact, but in fact the harsh reality! Here we walk you through a thought process along the gap from the time you pitch your idea to the time the investor makes a choice. These will probably be among the first life lessons, you as an entrepreneur is bound to learn it the hard way!
Be a good storyteller
“Storytelling is the most powerful way to put ideas into the world today!” – Robert McKee
Yeah, you heard it right! Being a storyteller is about telling an untold story like never before! Let’s say, your idea is too technical to be sold to an audience who do not admire tech. The chances are, that you will land up not getting an investor’s attention although you had the chance to do so. Instead of letting go of that opportunity, build on the art of story-telling that will serve you well. The size of your idea doesn’t matter; what matters is if you are able to explain the idea well to a group of people who are willing to listen and work with you.
Deadlines are good!
All of us hate deadlines! It’s hard to keep them up. But deadlines, taken in a positive way is good where discipline, hard work, time punctuality among other things can be appreciated.
As a business owner, you need not take “deadlines” as a burdening factor. In fact, you can take it as a parameter where you can identify exceptional performers. These performers when promoted will help you scale great heights. How well you set your deadlines and keep up with it, with the workforce you have, will determine your strength in convincing people.
Know your audience!
I cannot stress this factor enough. An entrepreneur has to meet many people and talk about the same story many times. You need to be sure to give enough information to specific groups and keep it short but effective.
There are two parameters to this, one is you need to engage your audience, and two is to make them understand what you are trying to tell them. For this, you need to know your audience; by this, we mean knowing their knowledge level on the subject, their career backgrounds, their sensibilities, their expected responses, the questions they can ask and so on. Based on a good reference with these in mind, you need to chart out the conversation.
For example, if your audience consists of a good number of tech people, then it’s probably wise to pivot the talk relative to the technical aspects of the product rather than finances of it. Otherwise, no matter how well you present the story, no one is going to understand it.
The Sales Talk
When you agree to take up responsibilities of starting a business however small it is, you need to know how to pitch the ‘sales talk.’ When you have some money invested in a process, you need to know what the process is doing for you in return; in other words, it is important to know how much money you are making from it! If you aren’t gaining anything out of that spectrum it’s probably best to check what is not working out in the process. Making necessary changes to it, in the long run, will prove to be useful to your business.
One should never be hesitant to take up sales discussions with the team. Once this is in check, you need to then be able to present the same thing in a different way to an investor who is interested to help you out with your small-time business or rather a person who is interested to make an investment.
Raising funds and investments is not a one-time affair, but rather a continual process. You will be needing more than one investor when -what you call a small business will grow on demand. Therefore, when you meet someone who will potentially make an investment in the business, then probably, its best to talk to him about the kind of revenue he will generate for capitalizing the investment for you.
Keep the investor updated on matters related to generating revenue among other things. Let them know what can be done to recover losses if there were any; if there is an inflation, let them know what strategies you are planning and when you will close the next cycle among others.
There are many technical details on the same thing such as accurate paperwork and finding a delicate balance between the leaders of the small- time business. However, these are beyond the scope of this blog. Following the ones above, will obviously help you get a steady start in whatever you will be doing or wish to achieve. Viewham is a platform that will help you get in touch with investors and other people who are interested in your idea. To know more and to understand the process, please visit us here https://viewham.com/.