Trying to find investors that care about your business is as important part of growing any kind of startup. Comparable to a job interview, entrepreneurs need to make sure that they say and do the right thing during this crucial - and often short - meeting.
Of course, the specifics of what you will need to do to secure investment will depend on your startup but there are many things that remain consistent and will help impress.
Here are three tips for impressing potential investors during the first meeting:
1. Be clear about growth
Your business might be doing really well now but investors will want to see what its growth potential is. If you want them to put forward a considerable sum, you'll need to show that there is a stable marketplace of consumers that will keep wanting your service or product in the long term.
You'll want to explain how your business targets your key personas and how much potential for growth there is. Investors will want to see how their money could make a difference so you should look at identifying the key ways that your startup can do that.
2. Make your business model precise
Business models are perhaps the most important part of growing a startup into a bigger venture. For the investor, you want to show that what you are doing is effective and, with more financial backing, it can continue to do so.
Ideally, your business model will be scalable and be as precise as possible about the revenue it generates and how it will grow over a period of time. Investors want to back an idea that isn't stagnant so you need to demonstrate how your plan will help your business grow.
3. Sell your USP
Your unique selling point (USP) is the main reason why investors should want to support you and not your competitors or companies that are more established than your startup. This should show what the special advantages to investing in your business are for them, as well as demonstrating what opportunities you can offer them as a financial backer.