- July 14, 2018
- Posted by: Asheesh Sinha
- Category: Pitch Deck
Startups seem to be taking on more debt now than ever. It’s essential that when you are launching your startup, you are doing everything you can to ensure success. We all want this, of course, but how many of us know what gives you the best chance at success? Raising funds from investors is one of the best ways for you to gain the support needed to facilitate a less stressful and more productive beginning for your startup. What helps you create good relationships with investors? Check out our top 3 tips to get a better idea of what it’s going to take!
Make an Effort to Validate Your Market and Spread the Word
One of the most important things you can do is work to ensure that you always have a product-market fit. You can do this by going out to pitch your idea/product to potential customers. If you do this often, it will not only help you snag those who are willing and ready to support you, it will give you valuable information concerning your target market that can end up paying off big time for your business. As you learn more about the consumers or potential consumers of your product, you can fine-tune aspects of your business to better suit their needs and desires. Take it one step at a time, always building on the previous model or idea.
Word travels fast, and even if you don’t end up selling your pitch to the person in front of you, there is always a potential opportunity for them to direct you to someone that could use your product or service. The goal is to generate more “buzz” around your product/service, and the best way to do so is by getting people to talk about it. Whether on social media, private meetings or even public gatherings you can make an effort to get as many people as you can talking about why someone could use your product.
As you do more research into the market, make sure that you’re bringing something new and valuable to the table. If you find that your product or business model can’t compete in the current market, then it may be time to go back to the drawing board. If you’re passionate about a certain product, restaurant or service, then you can also look into your options for opening a franchise. Franchising allows you to maintain your position as an entrepreneur, while also benefiting from an established brand and product.
Soliciting Honest Reviews
Honest feedback is essential to the success of your startup. The more people you can get to use your product or service the better, and the better it looks to potential investors. Consider trading what you bring to the table for honest feedback from regular people to experts in your chosen field. Assess the input and take action in applying what’s most useful to your product. Also, take the time to notify those people of the improvements you have made. Doing this shows them that you take their input seriously and can create lifelong investors and customers. It can also bring back those who may have turned you down before because of something your product was lacking that you may not have been aware of before meeting them.
Take advantage of any opportunity you have to receive feedback but take special care to remind yourself that you more than likely don’t need to take everything that everyone says too seriously. Find the things that resonate with you, and apply. Discard the rest!
Utilizing the Right Tools
Using the right tools for your business can show potential investors that you are well organized and that they can feel confident in investing in your product. If you are using software that is out of date or slow in its operation, you are showing that there is a higher chance for error. Investors want to have the feeling that they are putting their money toward a business that is top of the line and as productive as possible.
Not having the right software can lead to all sorts of breakdowns such as communication errors, meeting deadlines, and making it more difficult to coordinate between departments internally. Invest in the right tools and give them a reason to invest in you! If the cost of these systems is holding you back, look into all-in-one software programs as they can be much more affordable.
Not all tools are software, however. If you’re involved in something more manual or physical, you might need to invest in the proper equipment for your industry. This can include machines, presses, conveyor belts, and any number of other motorized equipment. Be sure to research exactly what it is that your product and distribution processes require and don’t be afraid to sink in some cash up front. Startups require some initial investment, but if you’ve planned it out well, you will make up for your investment in time.
Getting your startup off the ground can seem like a daunting task, but it doesn’t have to be. As it turns out some of the most useful things you can do to encourage its growth are quite simple. Try it out and see for yourself! PlanThyBusines.com team can help you in creating best in class business plan, pitch deck and in connecting to sources of funding.