To put the odds in your favor, you need to fine-tune your project, lead from the very first day and then locate potential investors that grant funds in your field. Read more about ICO List here.
Make a Business Plan
First, clearly define the nature of your project.
1. Be ambitious but realistic: This delicate balance is the key to your success. Set your business plan over three years without lying about the numbers. If your projections are negative, review the background of your project rather than inflating the revenue.
2. A word of advice: Do not hesitate to divide by two the numbers of your assumptions. If your project is still profitable, it is somewhat encouraging. If not, rework on your premises.
3. Remember no data: Creation costs, attorney fees, supplies… From experience, the prices are often minus and resources are usually increased. Be careful and find the right balance. Your accountant can help you establish your business plan. Chamber of Commerce or the Chamber of Trade can also help you or provide training.
4. Give yourself time: it is the most critical step of your process.
Present Your Project
A document type presentation in Microsoft PowerPoint often has more impact than a written document in a word processor. In this 10 page document you determine:
1. The problem/need you have identified (consumer demand)
2. Your solution: The answer to the problem defined above (starting a business service, open a chain of pizza…).
3. Your business model: how the company will make money?
4. Your difference is what will determine your predictable success (technology, know-how, original…).
5. Marketing and sales: How you will make yourself known and will generate sales?
6. Your competition (Who is it? his reaction to your offer…).
7. Your team: Do you have the best team to carry out the project?
8. Your prospects of sales (where you insert the business plan done).
9. Your current situation (pending funds, funds found, patent pending, a prototype created, pending administrative approval…)
10. A summary of your project and the next steps.
Ideally, it would help if you devoted a page idea. Each page is logically sequenced.
Train yourself to summarize your project in a few sentences. An explosive introduction arouses interest more easily than a tedious presentation. Be straightforward and effective allowing your audience to understand and share your goals.
An interesting exercise is a lift (Elevator Pitch): Imagine you are in an elevator at the side of an investor and you both go to the 26th floor. You have 1 minute to tell him/her about your project and secondarily to convince him. Practice this exercise very structured. Highlight the innovative points of your project. Try to differentiate yourself by highlighting your unique challenge for investors.
According to your profile, experience, and needs, the choice of a particular type of investor is required. Their agreement and their expertise can be an argument to reassure your banker. They can also direct you to more appropriate agencies depending on your industry. These agencies are often comprised of business leaders or people in business who decided to put some of their time and money in the service of entrepreneurs. The initial financial requirements can be fulfilled by asking your relatives, friends or your networks that can help you start your business by investing in your store. Make sure that they are well aware of the only invest the money they would be willing to lose because It is often tough to be angry with family members or friends. The intermediaries who offer to assist you in raising funds for your business, they pay themselves for success, often against an equity investment.