Some ideas can only come to fruition with a help of additional investment. Or maybe you’re working on a product or service that is buzzing along and you’re looking to boost your growth with funding or insights from an experienced professional. That’s why we want to give you some advice on how to prepare yourself for pitching your business, product or service to industry experts, based on experience sitting on both sides of the table.
Know Everyone’s Roles And Responsibilities
To begin with, we must understand that partnerships of any kind are a liability if not even a risk. If you’re going to start any kind of long term partnership, you need to be very clear on the responsibilities and roles of everyone involved.
Ultimatelly, you need to protect your position as the visionary for your business. You can (and should) accept help from others and still be the major decision-maker. That’s what you must do as an entrepreneur and no higher status or greater investment of your partner should change that.
Don’t let yourself to believe that the investors or the partners will save your business when things start to go to a different direction – that’s your responsibility. Whatever roadblocks or problems show up on the road to success, they are here to teach you, and you’re robbing yourself of experience if you don’t charge in and face them yourself.
Try To Build A Genuine Relationship
If you’re still interested in pursuing an industry expert to be your investor or partner, understand that you’re playing the long game. It’s extremely rare for a starting entrepreneur to approach experts and win them over with just one pitch meeting.
In fact, if you do get the chance to speak with an expert, you absolutely should not lead with a pitch! That will immediately set the tone for a transactional relationship. And you don’t want that, because there’s no way you can afford to buy out the expert just yet.
Instead, you should focus on building a genuine relationship with experts and investors first. Once you get their attention, ask them how you can help them and don’t expect anything in return. Better yet, do your research ahead of time, find out what they need and give that to them before they can even ask for it. That will put you in an entirely different category than the thousands of clueless wannabes and beginners who bombard them with pitches every day.
Prove You Already Have An Audience
This is a one of the most important things when it comes to pitching. If you can show your potential investor or partner that you already have an target group or even an audience of qualified prospects who are eager to buy your product or service, it becomes almost impossible for them to tell you “no”.
Eventually, closing an investor or partner on your idea comes down to the same basic need you have to answer when selling to a client or customer: you have to create certainty that what you have to offer will work. There’s no better way to create certainty than to present a dramatic demonstration of proof right there in front of them. Seek out ways to create dramatic demonstrations like this, and you will attract the people you need to build your empire.
Get Started Together With BWorking Coworking Spaces
If you are a startup looking for ways to accelerate your business, we invite you to visit BWorking Coworking Spaces to talk about all the challenges! Our “Entrepreneurship Support Office” is here to provide you with all the necessary help and assistance needed.