Okay, so you know your product, you’ve practised your pitch and you’re ready to get up on the microphone. The next thing you need to do is prepare for questions.
But how, when you don’t know what your audience is going to ask?
While you don’t know the exact questions that will be raised, you can be pretty confident that they’re likely to cover the same key concerns. The secret? Make sure you do these four things.
KNOW YOUR INDUSTRY
Investors are usually looking for entrepreneurs with a strong understanding of the industry they’re hoping to join. Can you talk confidently about where your idea or product fits into the market? Can you reference your competitors and highlight how your idea is different (and better)? Can you point to other businesses that have grown on a similar model to what you’re proposing?
The more detail you can give, the more examples you can show, the more likely an investor is to trust you.
PROVE YOUR LONGEVITY
Everyone is looking for a product that will last – lots of great ideas boom at the start, but many have a hard time maintaining that level of success, or even scaling further. So you need to be able to show that your idea’s got longevity. What if the market shifts? How would you react to competitors?
If you’ve got a long-term goal and a solid plan for how you’re going to achieve it, investors are more likely to believe in your product.
IDENTIFY WHAT WOULD CAUSE YOU TO FAIL
This is a great one, because it forces you to identify potential barriers, challenges and risks, and brainstorm how you’d overcome them. It helps you strengthen your product, tighten your business plan, and build trust in your idea. If you can show how you’d keep your business going even through the hard times, investors are more likely to think you’re onto a winner.
SELL YOURSELF AS THE CEO
Investors aren’t just investing in your business. They’re also investing in you. Why are you the right person to be bringing this idea to the market? Do you have the stamina to see this idea all the way to the top? Are you a leader that can build a team and guide them to success?
If you can prove that you’ve got the passion, the drive and the determination to build your business and reach your goals, investors are more likely to think you’re the whole package.
Don’t miss our panel talk and pitch event
What are you doing on Friday 31st March 2023? We’re hosting an expert panel featuring Gerald Vanderpuye (co-founder of Impact Brixton), Shari Leigh (founder of the Black Business Network) and Jay Crawford (educator, trainer and public speaker). They’ll explain how to pitch to raise funding, build an audience and boost the profile of your brand. And six entrepreneurs will pitch to our panel for constructive feedback and epic prizes! Don’t miss it – book your tickets here.
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