Bill Morrow, Founder & CEO of angel funding and crowd funding platform Angels Den prepares you for the pitch that will change your life…
Pitching for funding is an exciting, adrenaline-filled experience that can be extremely profitable for all concerned. Of course it can also be the most nerve-racking and confronting few minutes of an entrepreneur’s life, so you need to be prepared and plan for success.
Here are Angels Den’s top 5 fundamentals for successful pitching:
There’s nothing more frustrating to investors than an unprepared, sloppy pitch. If you don’t know your numbers and how to sum up your business quickly and concisely to investors, you’re not going to get very far. Practise in front of the mirror or friends and family. Create prompt cards to refer to. Know your facts and figures so you can manage your nerves.
2. Honesty is the best policy
An angel investor is a shrewd individual with enough disposable wealth to be able to offer your business a substantial financial boost, not to mention all the expertise and valuable contacts they can bring to the table. As successful businessmen and women, investors are adept at sniffing out the fibs in any presentation. If you are caught in the act you will instantly lose all respect and your chances of investment.
3. Angel Investors are not Dragons
Entrepreneurs often seem to fear pitching to investors, worrying that they will be dragons, ready to snap and breathe fire at them at any moment. This is certainly not the case.
Investors may have come from very far afield to hear your pitch. It is therefore in their best interest to make sure that if your idea has merit, even if you are struggling with your pitch, they draw the information they need from you.
4. Know your facts and figures
If you have ever watched popular TV shows such as Dragons Den or Shark Tank, you’ll have seen many a nervous entrepreneur publically humiliated for not knowing their facts and figures. While a little extreme, this does push home a very valid point: to not know your current accounts and financial projections could be devastating to your presentation. Investors will always be looking at whether they believe your business will make a profit and whether you have the skills and knowledge to achieve their and your expectations. Your financial awareness is a major factor in their investment decision.
5. Have a Business Plan
To appreciate how your business has developed to date and what its plans are for the future are fundamental to the success of your venture and your presentation. The formation of a comprehensive business plan is a subject of much nervousness for many new to business, but it is simply the past present and future story of your business in summary, so that anyone looking at it can appreciate its potential. If you have structured your business plan correctly, it should hold the answers to any questions the Angels might throw at you.
Angels Den has holds face-to-face pitching and networking events on their crowd funding platform, as well as expert advice throughout the funding process.
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