A perfect business concept is never complete unless it is backed up by financial support. As a matter of fact, it may not even be realized without having the proper financial assistance.
So while you’re enjoying your great idea, start looking for investors to support your business concept. Here are some easy steps you can do to find investors.
Secure the concept. Patent your idea once you’re sure of it. It will give you leverage, especially if it took you a while before finding an investor. You can easily sue if someone tries to steal your concepts. In the same way, it can also attract investors, knowing that they can enter a business that is original and unique, and not just another version of an existing idea or product. In a way, a patent gives possible investors with added security that no one else will just step in and take credit for the business they invested in.
Make a business plan. A sound business plan is always good for business. It should provide a clear identification of your concept, your vision and objectives with the product, details about the market you’re planning to enter, and your existing competition, among others. You should also include a section of how investors will earn money from your concept and what you plan to do next once the money pours in, like additional research or developing new products. No one wants to invest in a business that won’t sell, no matter how good the idea is.
Build a Network. It can be a whole new group of people, or a list of people you already know. The bottom line is, it should be people who you can sell the idea to. These are potential people who would be willing to spend their money on you to make your plan come to life. The longer the list, the more potential your business will have to materialize.
On the other hand, consider the importance of looking for investors whose business is in-line with your concept. This can help reduce the time you need to persuade investors since they are already aware of what you’re offering and the importance of your concept.
Practice. Practice selling your concept to potential investors. You should start building your confidence in your ability to defend your idea against any questions. In the same way, you should develop your power of persuasion in case you go up against people who are hard to convince.
Make your presentation. It wouldn’t hurt to come up with a simple presentation for investors. You can include charts, images or statistics—anything you need to do to come up with an impressive presentation. Spending a little bit of money may be necessary to come up with a good presentation, but it will be worth it as it gives your investors the idea that you’re serious about your concept.
Getting investors may be hard but don’t give up. Just continue building your business plan, practice your selling skills and eventually, you’ll get the investors to help bring your business concept to life.