So, you have an excellent idea for a product. You know that what you have is awesome, and all your friends and family are telling you to go for it. But, you lack the funds to get the idea off the ground. This means that you are going to have to seek help from an investor. They have the money and you have the idea. It’s mutually beneficial, but how do you convince them? Don’t forget these people hear pitches for new products and services all day every day. They have been around and really understand. So, how are you going to stand out for the interview of your life? Here are some tips to get you thinking:
Get them hooked
The first few seconds are vitally important. You need to look the part, act the part, and sound the part, which means confidence. You need to succinctly in about half a minute or so, state exactly what your company is planning to do, or does if you have already started. You need to explain the specific problem that your company is solving. You also have to state why you are different from your competitors. If you can nail this, get them hooked, and their juices flowing, you may well be on to a winner.
So you have them hooked, they want to know more. So, they will ask you questions. To answer them correctly, you need to have done your homework. First of all, you need to research them and get an idea of these types of things they will be interested in. Then you need to have done a lot of background into your product or service. You will need to understand the business model. There is where you need to have done a proper in-depth business proposal. Thinking through the business in this way will help you on the pitch, as you will already be forewarned about the types of things likely to crop up. Research and preparation are the keys to success.
Know your numbers
You will be asked about money. They will want to know why you want x amount of money, where it will be going, and how you are going to grow the business. You will have to have full knowledge of finances, all expenses, tools, equipment, staff, parts, etc. The more you know, the better you will come across as a well-informed potential business partner.
Love your product or service
If you want someone else to love your product or service, you have to love it. You have to tell the audience how you came up with the idea, and why, in an engaging way. Your passion and drive have got to shine through. The more passionate you are, the more driven you will be. For example, if you had invented the machine to separate water and oil learn more here, you have got to say how you came up with the idea. Talk about prototypes and things that happened on your endrabout. Be human.