Top tips to secure funding
The adage says that money doesn’t grow on trees. If you’re thinking of starting a company or new project, you’ll most likely need financial help. Whether you’re looking to finance the purchase of new equipment, invest in a technology upgrade, or increase your sales and marketing initiatives in key markets, you must be ready to make your pitch in front of potential investors. Here are our tips to help you to secure funding.
Fine-tune your presentation. Prepare a document that fully presents your company and business plan. Set aside enough time to reflect your strategy; once you’re in front of investors, you cannot start improvising. You only have one chance to impress and convince investors that you’re a good investment for them. Whenever possible, hire professional graphic designers to ensure that your document has a polished look.
Know your market. Many start-ups make the mistake of not having a full grasp on the markets they are targeting. Don’t carry out a market study after developing a product. Rather, analyze the market before you create a product.
Meet a need. Don’t just talk about your product: highlight how your product meets a need, how it meets it, and what pricing strategy you’re opting for.
Put together a great team. Nowadays, an entrepreneur is rarely alone when he or she launches a new business. Investors are more drawn to companies that have a team that supports the entrepreneur. It’s important that team members complement each other. Think of your team. Who is the numbers person? Who specializes in commercialization? Clearly demonstrate that you have a seasoned team behind you and your product.
Build relationships early on. If you are looking for angel investors, don’t start contacting potential partners when you need money. Start building relationships beforehand. When the timing is right, you can then initiate dialogue regarding your funding needs. Potential investors will be more open to talk about your project if you have built a rapport over time.
Perfect your pitch. Prepare a short—but compelling—investor pitch. Be concise and incite investors to ask questions as you show how well you know your industry and competitors. Read our article on the art of the pitch to learn more about how you can better prepare for this important meeting.
Investors will rarely consider a project unless it is stellar from the get-go. You can also receive assistance from the Ministère de l’Économie, de la Science et de l’Innovation. It offers a wide variety of grants and loans to companies. The federal government also offers assistance via the Business Development Bank of Canada.
BDC. 4 facteurs à considérer pour du financement de démarrage. https://www.bdc.ca/fr/articles-outils/demarrer-acheter-entreprise/demarrer-entreprise/pages/4-facteurs-financement-demarrage.aspx.
Vallerand, Nathalie. Dix clés pour décrocher du financement Les affaires . http://www.lesaffaires.com/dossier/financement-dentreprises-des-choix-strategiques/dix-cles-pour-decrocher-du-financement/592943. 28 janvier 2017.