How to draw in investors when a business is just getting started
EVEN THOUGH they don’t always begin with investors, these individuals can be crucial to the rapid and steady expansion of a business. For start-ups and owners of micro, small, or medium-sized enterprises (MSME) seeking investors for the first time, the following helpful advice is provided:
Create a compelling business concept. Having a strong business concept is essential to getting investors to your startup. When a business has a unique selling proposition (USP) that sets it apart from competitors in similar markets, investors are more inclined to invest in it.
Make a thorough business plan. Bring a copy of your business plan to every meeting you have with a potential investor, along with a pitch or introductory presentation. An overview, business model, target market, financial projections, and key strategies should all be included in this document.
A well-structured business plan can serve as a roadmap for success as well as provide investors with a clear understanding of the intended use of their investment and the potential return on it.
Establish ties with reliable financial institutions. Using the financial products and services of a reputable financial organization as a partner can help increase investor confidence in your venture.
For instance, if you process any online payments on your website using Maya Checkout, you can showcase the company’s affiliation with a reputable organization that adheres to stringent due diligence procedures. This is an indication of accountable and open funding.
Join groups that assist new businesses. Joining a company that is dedicated to fostering and assisting startups is another approach to win over investors. Join these groups to make yourself known as a committed new participant in your new business community and to obtain access to invaluable resources and knowledge.
Create a strong team and toolkit for business. Investors frequently place more wagers on the team’s skills than on the actual business concept. Make it a point to put together a team with a range of expertise and experience as well as a successful track record in related fields. To establish general credibility, it’s also a good idea to rely on business tools and solutions, such as services for online payment companies with headquarters in the Philippines.
Examine grants offered by the government. In addition to searching the public sector for funding, entrepreneurs can also search the private sector for investors. Early-stage capital can be obtained from the Philippine government through grants and incentives.