Smartpreneur had a chat with Brian Oji, the founder and managing director of Inversion: a Business Funding Accelerator that supports entrepreneurs with tools and training to raise investor funding.
Below are some notable points from the chat for every entrepreneur in order to get investor funding:
1. Business idea is awesome but how do you run your business?
It is how well run your company is that determines whether or not you will get funding from investors. A great or unique idea is not enough in the eyes of investors. Your idea has be marketable and push people to buy it. The opeartions and management of your company should be capable of selling your product or service and buyers must be ready and willing to buy. For your business to be investable, one of the things to consider is “how you’re able to maintain low costs and high income strategies ” said Oji.
2. Wondering if your kind of business can easily get funds?
Any business can attract fund. However, investor funding depends on whether you have your numbers in place. As stated earlier, investors don’t fund ideas they fund traction and numbers. Get your facts right.
You need to have an investable company- a high growth company that can make a lot of money for you and your investors. This can be achieved when you create a product or service that a lot of people are excited about and willing to pay for; a product that works and solves a problem.
3. It’s not difficult to raise funds
Raising funds can only be tough when you don’t have a good enough product that people won’t pay for.
You can face investors when you’re well prepared. This means being able to respond to some objections or reservations that potential investors might have against your business. There might be areas you probably didn’t consider which your potential investors are particular about. How do you brilliantly respond and reaffirm them?
4. Business plan is important but Pitch deck might be more important
Oji said business plan is more relevant to an entrepreneur first before an investor. It’s for the entrepreneur to have a wholistic understanding of his or her business, to know where you stand and how to move forward.
Potential investors would mostly glance through your business plan looking out for only key metrics. Pitch decks should be given more attention. It is a brief straight forward presentation using PowerPoint to tell the story of your business, the problem you’re solving, your innovative solution, your team and traction.
5. Social media play a vital role in investor funding
Social media have made networking easier. People or potential investors can be reached directly on social media, no more middle men. Learn to make meaningful relationships on socials and it will go a long way to help your business. “Don’t joke with social media with regards to getting investor attention ” said Oji.
Watch the session below to get more notable points to get the funding you need