Seeking funding is a big step, whether you’re a startup looking to get off the ground, or a small to medium sized company looking to grow.
We’re dedicated to giving you the best possible chance of finding the funding you need and we’ve prepared the following guide to assist you in your preparation.
Do you have a business plan?
A well thought out business plan is a vital component to present to an investor when seeking funding, and if executed correctly will answer many of the questions that the investor would otherwise have to ask you.
An excellent resource on developing a business plan can be found here.
Are your expectations realistic?
It’s important to go into a negotiation understanding that the investor is also looking for as good a deal as possible. Have you overestimated profit? Have you underestimated Loss? Are your interest/equity expectations realistic? Have you overvalued your company?
It is important to understand all of these vales before undertaking a negotiation, as an investor will ask you to justify your assertions if they differ from their own.
Have you made all possible preparations?
Is there anything you could do to make yourself more attractive before you apply? Is your idea patentable? If so, have you patented it? Could you already have a website online? If so, have you developed one? If you are an existing business, do you have your profit and loss reports?
Remember – you only get one chance to make a first impression! It pays to make sure you are as attractive as possible before your first meeting
Having a good understanding of all the questions that you are likely to be asked, and to have answers ready, will greatly increase your chances of a beneficial deal.
Good luck with your proposal!