It is the aspiration of any businessman to secure his/her slot in taking part in a Shark Tank show or pitching to top investors. On the one hand, the prospect represents a shot at success, which is truly thrilling; on the other hand, a poorly developed pitch threatens the total collapse of your business and all the dreams contained in it. Any investor pitch takes a lot of practice in several areas starting with the business model to an ability to predict the questions. Read this article that will provide you with tips on how to prepare for an inbox level presentation that will be akin to taking on a shark.
Refine Your Business Model
Before the shark tank pitch day, think critically – is your business concept viable, well thought, strategic and relevant to meet a significant demand. It will not be wrong to be utterly frank and objective about any model weaknesses or defects. Nouvelle étape : affûter votre modèle pour ce qui est essentiel à votre business plan, c’est-à-dire, démontrer pourquoi vous êtes unique parmi vos concurrents et pourquoi les investisseurs devraient croire que vous vous imposerez sur le marché. Give a strong, succinct definition of how you differentiate yourself and write a mission statement around it that is powerful, inspiring and succinct.
Polish Your shark tank Pitch Deck
Develop a stunning 10-15 slide pitch deck focusing on the problem solved by your product, your proposed solution, business model, the plan on getting your product to customers, revenue projections, your funding requirements and the utilization of funds. Pay more attention to the slides that present potential markets, economic feasibility and profitability because these will be of most interest to investors. Omit any fillers but don’t forget to include bio slides of yourself and the team members with some related experience.
Financial Projections
One document that you will want to be perfect is your financial forecasts because nothing will be examined as closely. When it comes to numbers and assumptions, make sure to go for the lowest of the low. Consult specialists in order to verify the rationality of projections. When estimating the market size use figures way below what research reports to ‘capture’ only a fraction of the total available market especially in the first scenario. It is wise to incorporate realizable assumptions that you can probably justify in the creation of projections that you will be making.
Practice Endlessly
Be with reliable role models for establishing pitch runs. Pitch and review you and your group to identify weaknesses. More work on integrating it into the often limited 4-5 minute time slot where the investor affords. Strengthen the message about what is being communicated to when trying to get the attention of investors and change what parts are emphasized. Get others to sell you their idea and tell you their ideas on it based on an investor’s point of view.
Review Pitching Mistakes
Watch viral shark tank pitches both successful pitches with great successes and the biggest failures. Identify observed strengths of those entrepreneurs, and shortcomings that you should not replicate. Identify where they lost focus and ended with investors having little or no interest in the business or zero confidence in the business. Prepare explanations that could be used to address connections between investment examples of the selected business and some categories with previous bad experiences.
Anticipate Investor Questions
Learn more about general and specific questions that investors carry out and problems that they raise concerning your business or industry. Make a list of 20-30 possible questions with an initial answer. You build answers with force expertise from nichemasters and tutors. Explain the responses and practice how to deliver them in basic and simple language.
Select Attire Carefully
Wear neat and formal business style clothing in darker formal colors of blue, black or gray and avoid any startling pinks or greens. Scale back accessories. The people should not pay any attention to your looks; it has to be the business aspects that count. Resting handshake maintaining good posture standing tall and with direct eye contact.
Prepare a Compelling Close
Clear pen picture of why the business will succeed, projected return on investment and how the funding shall be used to bring about dramatic changes should be stated in the last section of the plan. Express your passion and then end with your call to action that, based on the funding terms proposed, you require or want from the investors.
Bring Backup Materials
Make sure to complete detailed documentation in case the investors decide to come a second time and may include products, white papers, other testifiers, reference information, any type of research, prospects list and third party related to market capabilities or patent rights.
Secure Advisors
Find professionals to give their opinions as you create content and build your business, obtain lawyers to help in laying down the legal aspects of the pitch and operation. What can be said is that their external view will be highly beneficial in identifying areas of improvement.
Follow Up Diligently
Gather business cards and maintain detailed, timely written notes regarding any conversations and proposals with investors.Swiftly and efficiently share any information that an investor may have requested and keep that investor informed of your progress. Investors’ “no” is often a “not yet,” which is why relationship development should not be stopped with them.
By preparing you robustly across these key areas you will feel fully equipped to engage with investors, establish credibility and give your startup the very best opportunity to secure funding on pitch day! Let the preparations begin.
Seeking more informative articles? Business Vision Magazine is your go-to source.
