It is surely a great source of joy when your start-up becomes a full-fledged business. You now have proof that people are buying and using your products. And you may feel inspired by the fact that you have bridged the gap in the market.
When your business sails through the tides of the industry, you will realize that you have no choice but to go big and expand. Being complacent will get your business nowhere, so now is the time to innovate.
But when you get to the next level, you may need some extra help, especially if you are tackling a bigger problem and engaging more people. This is the time when you will need new investors and partners.
Finding new investors and business partners can be challenging. You may feel like you are back to square one, but this time, you should realize that you have the experience and knowledge. To increase your chances of landing a good partnership, here are some of the things you need to remember:
Tap an investor network
If your current investor is up for your plan, then good for you. In other cases, you may want to get a new source of funds by tapping into your investor network. You may find new investors in venture capitalists companies who are on the lookout for growing companies in your industry. You may want to talk to independent investors who are eyeing new talents and potential products. Aso, attend trade shows and conferences to up your chances.
Prove your project’s feasibility
Once you have found a potential investor, you have to prepare your presentation. You have to wow them by showing the feasibility of your new business project. Do not come to the presentation without your prototype ready. Make sure you have already pinned down the target market and detailed the business model of the new project. When everything is properly laid out, your investor will easily understand your vision.
Work with credible people
Sometimes, you will need people who will come with you to up your credibility. Some investors want to talk to the person who crunches the number. If you do not have a chief accountant yet, it is a must that you hire a fractional CFO or outsourced CFO services. A part-time CFO can help analyze and describe the figures accurately.
Give them a great deal
Investors are always looking for what they will get from a deal. Make sure your offer is handsome and fair. Other than the income, you may want to offer other forms of assets, such as stocks (if your company is public). Regardless, you should make sure that you will also get what you expect from them.
When you expand your business, you will need new resources. And you can address this matter by getting new investors and partners. Pitching ideas for them is a challenge that you will need to overcome. You can make it happen by being prepared. Other than that, it would also help if you are working with the right team. Their input will always help.
