Starting out on your own can be as equally exhilarating as it is terrifying. Taking that step out into the unknown certainly requires courage, but it could also prove to be the most rewarding thing you ever do. You may need some advice when looking into starting a new business; with usually the first step being how to get the necessary capital to get the venture off the ground, where to look and how to sell your idea.
Raising finance
Whether you’re an established business trying to expand, or a start-up company looking to develop your ideas, obtaining finance can be difficult; which has not been helped in recent times with the banking collapse that forced banks to adopt stricter lending criteria. Getting finance from a bank if you’re an established business is difficult enough these days. If you’re a start-up company your chances of gaining help are even lower.
However there are still ways to get start up business loans to help you live your dream when the bank won’t help. Alternative lenders are a very good option, especially those that are government funded. As well as giving a loan they also run workshops and offer advice as part of the package. Such government initiatives have provided many small businesses throughout the UK with the necessary capital to get them up and running.
Pitching for investment
Pitching your idea to potential investors can be a nerve-wrecking situation, particularly if you’re not used to public speaking or being a salesperson. However to succeed in business you quickly have to learn to sell yourself and your enterprise. First thing is do extensive research – you need to know your investor, as well as your numbers and the market. Nothing will spoil your chances of getting finance more than a poorly prepared pitch.
When writing your pitch you should take into consideration the three P’s – Product, People and Profit; you should also keep it personal and try to tell a story rather than just regurgitating clinical facts. Keeping your investors interested is key, so it shouldn’t be unnecessarily elongated. Presenting a professional image is paramount you need to be dressed appropriately and make sure you are giving off the right impression with your body language. Lastly, always remember to say thank you at the end for taking the time to listen to your pitch.