You have the perfect business idea. You may even have the right team to make it come to life. But where do you get the money to make it happen?
Many launchers know the answer is most often investors. So how do you pitch your dream and secure the funds to make it a reality?
Over the last decade, Matt McKee has secured millions of dollars in funding for multiple projects and startups. In a recent podcast, Matt shared his story and advice on pitching to investors. He believes there is one thing most entrepreneurs forget, and often times it is the one reason investors say “no” to funding your vision.
Resource: Before you know what to communicate, you must understand how to effectively share your ideas. That’s why MNTR created Elevator Pitch, an online, workshop-style video course that guides you through proven methods to shape, hone, and sharpen your message and polish your delivery. Check it out today!
The One Thing to Remember Before You Pitch
Matt reminds entrepreneurs not to be discouraged if they have failed pitches. He says you won’t know if there is a true market until you pitch several times. He recommends pitching to at least 50 different investors.
Remember, investors are saying no 99 times before saying yes to one.
The One Thing to Include With Your Vision
You are passionate about your idea. You know you have a life-changing solution to a problem. You’ve gone through Elevator Pitch and can successfully paint the picture of your vision.
Matt says unfortunately most people fail in their pitch when they stop there — they only offered the idea. You aren’t only selling your idea. Investors want to know how they will get their money back.
As you share your vision, you must also talk about your business model. How are the investors going to get their money back? Give them a plan for how the business will grow.
Business models are rarely unique. Research successful business models, determine what will work best for you and your idea, then model your plan after that. Matt recommends painting a big vision.
You may have a great idea, a great team, and a great market, but at the end of the day, an entrepreneur must have the right execution. Share that execution plan with the investors and you will be on your way to making your vision a reality.