There comes a time in every entrepreneur’s life when they hit upon a massive light bulb moment. It’s that time when you suddenly realize what it is that is going to make you that huge wedge of cash, and gain you success along with recognition from your peers. When inspiration strikes, it is easy to get so carried away with your plans that you end up stitching yourself up before you have even started. So, before you go running to investors with your brand new plan, stop and think things through carefully. The more measured and prepared that you are when you meet with your investors, the better your chances are of success. Ask yourself these questions first:
Is This A Brand New Idea?
You need to be absolutely sure that your idea is completely unique. Get on the internet and do loads of research to check that somebody isn’t already doing it already. Your idea will have to be wonderfully different in order to engage your investors – remember they have seen it all before so they will be looking for something that is completely new on the market. They need a reason to be excited – so be very honest with yourself about whether or not you actually believe nobody else is offering this product or service in the way you are.
Have I Got a Good Potential Customer Base?
Your investors are going to be very interested in just who is going to pay for your product or service. Do your research and thoroughly understand your customer demographic. Know what age your potential customers are as well as their gender and the places that they live. The more you understand about your market, the better, as it doesn’t matter how great what you are offering is if you don’t know how to communicate it to your potential customers.
Do You Honestly Believe In It?
Many people can talk themselves into a great idea, but they don’t fully believe in what they are doing. Be brutally honest with yourself – are you prepared to put your neck (and your wallet) on the line to guarantee this will be a success? Don’t get carried away, be completely realistic with yourself and always underestimate when you are forecasting figures. Your investors will be watching you very closely, making sure you absolutely believe in what you are selling. After all, if you don’t convince them then you certainly won’t convince your customers. You are going to need bags of passion and conviction when it comes to your new business – don’t even think about going any further forward without making sure you thoroughly believe in what you are selling.
Preparing to go and speak to your potential investors is a big step and you should make sure that you are completely sure about your offer and your new business before you meet with them. Only meet up with them once you are completely convinced that your new business idea is viable, and that you will be able to hook their interest, otherwise you may embarrass yourself.
Author Bio: Nancy Baker is a freelance blogger and an ace creative write with many years of experience writing for top blogs. Nancy has written on a myriad of topics and has written several posts for us.