if you’re a budding entrepreneur with an exciting business idea but you need some help making it happen you won’t want to miss today’s article, and even if you haven’t hit on your billion-dollar idea for a start-up yet you could pick up a few ideas on how to come up with one.
So let’s say you’ve got a business idea, you’ve got a lot of enthusiasm and a roadmap of how to make your first million, but you don’t have the capital to get your start-up off the ground.
You’ve heard of mythical beings like angel investors and venture capitalists waiting for ideas like yours to put their money into, but how do you get them to listen.
In today’s article we’ll be helping you on your first steps to success with some tips on how to present that golden idea, you’ve got, so buckle up for the first leg of your journey to business success, and let’s get started with 10 ways to sell your business idea.
1: point out a problem that you can solve:
Sometimes the problem is something that most people haven’t even thought about yet, and the Wolf of Wall Street Leonardo DiCaprio his character demonstrates this well, he’s trading a bunch of aspiring stockbrokers and the art of the hard sell, he asks one of them, how they sell him I simple everyday object, a pen. His recruit tries really hard to talk up the pen, but Leo tells him it’s so much simpler, all he has to do is ask the customer for his signature, and create a need for the pen. If you can show somebody why they need something, even if they never thought about it before, you’re well on the way to selling it to them, and you won’t even need to use the hard sell, let alone commit fraud which Leo and his gang of cronies in The Wolf of Wall Street do. And this works with investors to show them the customer pain, you can get rid of, and you’ve accomplished step one of getting them behind your idea, think about Airbnb before they came along, people didn’t realize they needed to rent rooms and homes, they settled for hotels, even though they were pricey, but Airbnb presented them with an alternative, and in 2009, they presented the alternative to investors Sequoia Capital, who provided them with the investment, they needed to get Airbnb truly off the ground.
2: state your USP
A USP or unique selling point, means something you can offer that’s innovative and makes you different from anyone else. Sounds complicated right, it can actually be pretty simple. A great example is Eminem’s Their USP the milk chocolate melts in your mouth, not in your hand. Thanks to their hard candy coating Eminem’s set themselves apart from countless other chocolate products out there, which did melt in your hand. Eventually you might be able to use your USP as a tagline in your marketing, but when you’re talking to an investor, if you can tell them something easy to understand that singles you out from the competition, you’ll get their attention, because that means you’ve hit that magical formula entrepreneurs are always in search of your USP.
3: state your brand promise.
In reality, not every great business idea finds a true USP. That’s because with so many products and services out there. It’s rare to have something totally unique. If you can’t find a USP a brand promise will probably work better. That’s something of value to customers that you can deliver without fail. Think FedEx, they use the slogan: when it absolutely positively has to be there overnight. They made a promise they knew they could keep, it’ll make customers pay attention, and to the investors to demonstrate to VCs why the promise is a value and how you know you can keep the promise, and you’re bound to spark investor interest.
4: protect your idea with a patent or other forms of intellectual property.
What do JOHN WALKER, the inventor of the match dice ke not way the inventor of karaoke And Ron climb the inventor of credit card magnet strips all have in common. Apart from the fact that you know their inventions well but you’ve never heard of them, none of them patented their ideas. And guess what, none of them made a penny from their inventions either. So why is this relevant to you selling your ideas. Let’s say you’ve created something that can be patented you present it to an investor and they like the idea what’s stopping them from stealing from you. Well, there’s a simple answer here, security intellectual property rights to it. If your idea can be classed as an invention, get a patent
legally investors won’t be able to copy your idea, and if they want in, they’ll have no other option than to involve You too, and you’re in a position to sell your idea and make some money, the logos and brand names need to be trademarked and text, images, video or music are covered by copyright before speaking to investors, find a reputable lawyer who specializes in IP that’s intellectual property. They’ll give you advice on how to cover yourself and sell your idea without it being copied.
5: prepare a pitch that grabs investors attention.
You’ve probably seen people doing this on reality TV shows like Shark Tank, and it’s a key stage of getting funding that you’ll have to deal with. So what should the pitch contain. Firstly, quickly introduce yourself and the name you give it to your idea then describe the problem, you can solve for the customer, whether it’s the fact that chocolate melts in their hands or that hotels are expensive tried to describe some kind of customer pain that your idea will solve, then go into details about how your idea will make the problem disappear also talk about the existing market, that includes who your target customers are and how fast that section is growing, as well as your competition and what your startup can do that they can’t. And don’t forget to talk about your business model, how much it’ll cost to get the idea to market, how much you’ll charge, and how much profit you see yourself making. Once you’ve created your pitch practice it over and over again. Make a list of potential investors with a focus on ones with experience in your field, and don’t pitch to your favorite investor first. That’s because you’ll get better with practice. So if you’ve got a dream investor in mind, do it a few times before you get to them.
6: prepare an elevator pitch:
what have you don’t have six minutes to wow an investor, what do you do when you bump into Jeff Bezos, and you know you’ve got less than a minute to impress them with your idea for these situations the elevator pitch is perfect. It’s called this because you can use it when you end up taking an elevator ride with a business hot shot and you need to finish the pitch before they reach their floor, and all you’ve got is 30 to 60 seconds, if possible, closer to 30 this pitch needs to include the most basic points. The problem you’re going to solve and at least an idea of how you’re going to solve it, and you need to deliver it in a punchy way that grabs their attention. You’ll also have to be able to reel it off confidently without getting Tongue Tied practice it over and over again until it comes off naturally, but not like you’re reading off a script and always have business cards ready, the investor probably won’t have time to process everything you’ve said to respond straight away, but if you end your elevator pitch by handing out a business card, they’ll at least have a way of getting back to you.
7: create a Hollywood pitch:
What’s even shorter and punchier than an elevator pitch, the answer is a Hollywood pitch. It comes from the world of movies but you can apply it to any business idea, movie producers are known for being some of the toughest people to pitch to and if you want their attention, you’ll have to win it in about five seconds with just a few words. You can do this by combining two ideas that are familiar but not usually found together, often what of that will be a well-known product In the case of a pure Hollywood pitch, a movie. let’s try first with a few movie ideas back in the 70s, if somebody had pitched a producer with the idea for jaws in space. What movie would they have been pitching alien,
What about diehard on a bus speed, and in case you’re too young to know these movies so we’ll try a slightly more recent one Pocahontas on an alien planet avatar, and when it comes to the world of movies What about liquor for videos YouTube, Facebook for business, LinkedIn, and Uber for food, of course that’s a breeze. If you can put the essence of your business idea into a short soundbite like this, you’ll be able to drop it effortlessly into conversations, it could spark interest from people you weren’t expecting it to come from, even if they aren’t a big time investor, they might know somebody who is, and making a Hollywood pitch for your idea is also a useful exercise that can help you better understand what’s at the core of your idea. What is the most important part of the message when you’re presenting it, and what can you leave out.
8: back your pitch up with a professional pitch deck:
a pitch deck is a short visual presentation, usually on PowerPoint keynote or Prezi, you’ll have it in the background when you deliver your pitch, they say a picture’s worth 1000 words, so some slick individuals in the background will give what you’re saying more impact if it’s done well, it’ll help you give investors the impression that you’re a professional and everything you do. You don’t have to create the pitch deck from scratch. There are lots of templates online that work better for pitches than standard PowerPoint templates, and you’ll also want to create a version of your pitch deck, that you can email to investors, something that will help you reach a wider number of people who might be able to fund your idea.
9: build a prototype:
If your business idea involves a product rather than a service. the best way you can demonstrate it is by having something your investors can actually see, touch and try out themselves.
It doesn’t need to have all the bells and whistles of the final product, as you see it, but at least give it a fairly professional finish, and to make it clear what it does, it could be a tool a toy or if you’re a food entrepreneur a symbol of the food you’ve created. And if it’s an app or a piece of technology, you’ll want to have at least a simple version of it, known as a minimum viable product or MVP.
10: how passionate you are about your idea:
Of course you’ll want to show investors, you know what you’re doing and your idea serves a real need. But beyond that, the one thing you can do is demonstrate that you’re passionate about the idea that you have, if you can make investors that see this, they’ll have more faith in you and to know you’re really determined to put that hard work and that will make your idea of success for some inspiration here, try watching successful pitchers on shows like USA Shark Tank, or Britain’s Dragon’s Den, and to see how they show investors just how committed they are, there’s no secret formula here, but remember, if you really are enthusiastic about your idea and love working on it, you should be able to make this shine through and your page.
Here we are at the end, we’re sure most of you have seen business pitches on reality TV shows and perhaps elsewhere too, so we’d really like to know, what do you think is the special ingredient to a great business pitch. Let us know in the comments and for sticking with us until the end.
Here’s your bonus. One final piece of advice to make a pitch that will have investors heads turning and their wallets opening up, grab the investors attention in the first 15 seconds of your pitch, investors often say they know in the first minute if they’re going to be interested in the idea, or if they’re going to spend the rest of their pitch, checking their phones, so you need to keep it short and snappy and engage them from the start. Plan your pitch. So in the first 15 seconds. You’ve told them three key pieces of information, your name, the product name and the problem it’s going to solve. If you do this effectively, you’ll have bought yourself more time to tell them how you’re going to solve the problem. That’s because you’ll have the investors undivided attention, something a lot of pitchers fail to get.
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