You have a brilliant product idea that will change the world? Has your business reached a milestone and you’re ready to expand? These situations share a necessary ingredient: cash.
Finding investors is a very difficult job. You need to make influential people (in most cases, complete strangers) believe in you enough to invest their hard-earned cash.
Read on to find out how best to achieve that, and how Veem can help.
Before you get external funding, try asking around among your friends and family members. After all, they’re the ones who know you best and trust your vision.
Present them with a sound business plan, and ask for a short-term loan. This way, you have an instant track record of your credit history that proves your trustworthiness to potential external investors.
More often than not, it’s not enough to have a brilliant idea or a vision. You have to know your industry inside and out.
Do your research and find out if similar ideas exist. Comprehensive knowledge of the market, your competitors, and your prospective client base is a must if you want to attract investors and get funding.
Have a Strong Business Plan
It’s common knowledge that a foolproof business plan is essential to your success, even more so when looking for investors.
Your business plan is your number-one tool for convincing a potential investor. But it’s not enough to create one: you need to know it inside out.
Glancing at a piece of paper to remind yourself of key facts doesn’t play well. Remember, you need to convince your investors of your knowledge, passion, and capabilities.
If you need a hand with drawing up your business plan, read our blog How to Create the Perfect Business Plan.
Have Realistic Projections
Even if you’re convinced your business will be an instant hit and your numbers will skyrocket within a month, hold your horses.
Don’t include unrealistically high initial revenue projections (a.k.a hockey sticks). They look very unprofessional, and are usually hard to believe. Especially since these hockey-stick projections almost never come true. Reality turns them into something much flatter — pucks.
Instead, try to curb your enthusiasm when predicting your success. Stick to realistic numbers, and try to surpass your own projections. That’ll show them.
Finding investors is mainly legwork. Keep your eyes peeled and go to any networking event you can think of. Business conferences, trade shows, product launches, your neighbor’s cousin’s graduation party — you never know where you may bump into a potential investor.
This is another reason to know your business plan by heart: you won’t be able to whip it out of your pocket at all occasions, and you don’t want to miss out on potential funding.
Have a Board Ready
Choose trusted and knowledgeable people as your board of advisors. Surrounding yourself with the right team gives an air of confidence and showcases your abilities to your investors.
Wait for the Right Investors
It’s hard to say no to somebody handing you cash. But there are occasions when you may have to do that, to avoid a “marriage” made in hell.
The right investor will not bog you down with instructions on how to do your job. The right investor is a business partner who trusts your abilities and won’t try to interfere in the running of your company.
Show your Innovative Spirit
Go for innovative solutions in all your business tasks. Choose software for accounting, inventory, customer relationship management, and payments.
For international B2B transfers, use Veem, the most innovative payments platform out there.
Veem creates a direct connection between you and your business partners, allowing you to send and receive global payments quickly, securely, and as easily as sending an email.
Sign up for a free Veem account and impress your investors with your innovative spirit.