Do you need more money to take your startup or small business to the next level? If the answer’s yes, then you’ll need to get investors interested in your company.
Steve Eakin has some great tips on making your business more attractive to them:
1. Consult Experienced & Talented People.
Back your business with intelligent people who can advise you on areas that you’re not completely comfortable with. These can be mentors, specialists in their fields, or formal advisors. The bottom line is that investors should know that you have the support of experts.
2. Understand Your Customers’ Needs.
The point of a business is to solve its customers’ pain(s). But if you’re going to offer a solution, you have to know and understand the problem really well. If you can show or prove that, it’ll leave a good impression on potential investors.
Plus—as Steve notes—even if your solution isn’t perfect, being familiar with your target market means that you can adjust the product or service until it fulfills their needs.
3. Be a Go-Getter.
Doubt and indecisiveness are major red flags for investors. As a business owner/founder, you should be able to step up, make good decisions quickly, and see them through.
4. Know Who You’re Up Against.
Who are you competitors? What strategies do they use to attract and retain customers? What makes you better, different or special in comparison? These are the questions that investors want the answers to.
(If you don’t have competitors, it’s very likely that there’s not enough of a market for your product or service!)
5. Lead the Way in Your Market.
Establish an important place for your business in the market. Whether you’re the fastest, most cost-effective, or overall best solution, investors need to see that you’re positioned prominently.
6. Remember Your Numbers.
If you’ve watched Shark Tank, Dragons’ Den or similar shows, you’ll be well aware of the importance of knowing your numbers. Why should investors trust you with their money if you’re not familiar with your own figures?
7. Prioritize and Focus on Goals.
A common mistake that business owners make is that they want to do too much or be in too many places at once. Investors want to know what defines your business.
Identify your key strengths and dedicate your resources to developing and perfecting those. Attributes or functions that get the most/best results are the ones to concentrate on.
8. Be Searchable and Contactable.
Having a decent online presence is essential for any business. People (especially investors and customers) need to be able to find you online and then contact you.
Create a good website that includes all of your important information, and ensure the same for your social media profiles. Make sure that your message is consistent across all platforms.
9. Research + Cover All Your Bases.
Educate yourself about your target market and the industry you’re in. If there are any gaps in your knowledge, take courses, consult others who have more experience, get to know your customers, etc. Demonstrate to investors that you know what you’re doing.
10. Generate Positive PR.
Whether it’s online or offline, there should be some positive press about your business … preferably somewhere where investors can access it. Even customer reviews/testimonials help. The objective is to leave a good impression on the people who are considering handing over their hard-earned dollars to you!
Do you have any other tips to get investors interested in your business? Let us know in the comments …