For a startup, finding an investor is not an easy job. And to a large extent, that first meeting will determine whether you get the funds or not. A first meeting is therefore extra exciting, these tips help you to prepare well!
Focus on the right kind of investors
Initially, you should make inquiries about potential investors who already have demonstrated an interest in your business category or industry. One way to find such investors is to post a detailed personal and business profile on a platform or LinkedIn. Personalize your message and use your knowledge from the industry to leave a good impression.
Provide a complete business plan
Obviously, you need to start off your efforts armed with a company name, info and logo. Investors need to put a face to the business they are evaluating. Follow this up with a story about your startup, the market need you've identified and how your company will meet this need based on the relevant market and industry research you have already conducted.
Don't start to talk about money immediately
Clearly, you need an investor's money or you wouldn’t be talking to him or her in the first place. But that should not be all you talk about in the first meeting. Investors are interested in your business's details, and why you are passionate about it, and not just how much you need.
Don’t make false promises
Investors want to hear the truth. Though they want to make a profit, of course, they don’t want you to offer bogus claims. So don’t make promises you’re not sure you can keep. When calculating income projections, make them as realistic as possible and consider all plausible factors. Try not to come across as overconfident, as that can be a huge turn-off. And admit if you don’t have answers to some questions investors throw at you. Ask them if you can provide the question later.
Do something with your feedback
Steel yourself for criticism. And take all the negative feedback that may come without lashing out. If need be, go back to the drawing board to make necessary adjustments prepare better for your next investor meeting.
Final word: Presentation is king! How you say what you say is as important as what you say. Here's to your success with your investors!