Tips for Presenting Your Business Plan
Presenting a business plan to potential investors can be seem like a daunting task. Read our tips to make your pitch a successful one.
When you have a great business idea but no capital to back it up, that’s when you need to look for funding. Presenting a business plan to potential investors is a very common, and very successful way in which many start ups get the initial capital they need to get started. Even existing companies who have run into a bit of a rough patch need an injection of cash sometimes.
This can take time to master, but it is essential to presenting your ideas effectively. When it comes to presenting a business plan, it is even more crucial. Confidence in the everyday workplace can be gradually built up as you get used to your coworkers and how they operate. Presenting in front of strangers and trying your best to impress them is a whole other ball game.
The key here is not to get in your own head. Don’t stress yourself out too much and don’t overthink it. Try to keep as calm and collected as possible. This can be practiced initially at home in front of family, then gradually ask people you are less comfortable in front of if they are willing to listen. They could be uni friends, or coworkers or any other acquaintance you can think of.
It’s hard to listen and follow someone who is speaking too softly and not enunciating. This is key if you are trying to capture attention, especially if you need someone to invest into your business. Practice at home, in front of family or friends from a distance and get feedback from them.
You may have to trial a few different styles of speaking. For example, Barrack Obama’s style is very enchanting. He uses a lot of pauses to draw you in before moving onto the next sentence. This style isn’t for everyone though.
Show your passion
This is your business, so you know the most about the products, prices, manufacturing process and marketing plans. When you explain all of these things to potential investors they need to see how passionate you are about the product. This will give them the confidence to give you their money as funding.
Before outside investors are willing to give you their hard earned money, they want to see that you are passionate enough to have invested some of your own money as well. If you haven’t already, register the company, and open up a bank account so it’s ready to receive funds. Show proof of how much you have invested into it as well, this can go a long way.
The more you have invested doesn’t necessarily mean the better. If you can prove that you are also smart with the money you have invested that will give investors more confidence to invest with your company. This is a classic example of less is more, or quality over quantity. Make that $100 go a long way, and you are sure to secure investors.
Take on feedback
If you happen to be unsuccessful, don’t get too down. Don’t be afraid to ask those who you presented to for some feedback. Maybe your business plan needs perfecting, or something about the product itself needs to be tweaked. Perhaps they can advise you on a more appropriate approach for the next time you present so that you can nail it.
In business there is a lot of trial and error, and there is never one universal method. Part of running your own business is being able to roll with the punches and get up and do it all over again. Even the most successful business has experienced a rough patch at some point, whether that be during startup or perhaps a few years into it.
To sum everything up, if you have a great idea, can show your passion, confidence and invest in yourself, you are bound to impress potential investors. If you don’t, take on the feedback and be willing to change your strategy for the next time you are presenting a business plan.
Taeisha is a Legal intern at Lawpath. She is a Law student at Macquarie University, previously completing her Commerce degree. She has an interest in Commercial Law.