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3 Tasks to Accompish Before Your First Meeting with Investors

Oct 20, 2020
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When you’re trying to open a business, a lot depends on your first meeting with potential investors. To increase your chances of receiving the startup capital you need, take care of these tasks before you meet with them.

1. Draft Your Business Plan

Your business plan will change based on how much funding you receive from your investors and which ideas they offer. Still, prepare a draft to bring to your initial meeting. It should include an executive summary, your business’s purpose and mission statement, a timeline for opening your doors, and descriptions of the products or services you want to offer. The most important section is your proposed budget, so make sure you spend plenty of time deciding how much money to ask for.

2. Identify Potential Vendors

Rather than purchasing supplies from different companies every month, you need to develop regular business relationships with vendors. Identify the different options in your area for custom metal fabrication Manitoba and note the ones that have the best deals or mission statements that align most closely with yours. Even if you choose different vendors in the end, this step helps prove to your investors that you’ve seriously considered each aspect of your company.

3. Monitor Your Competition

Although your business’s mission statement and values make it unique, there are other companies like yours. You must have a thorough understanding of your competition so you can answer investors’ questions about trends within your industry and any concerns you have about outpacing existing companies. Follow your future competitors on social media and read their public sales reports for a few months before your first meeting. This helps you provide specific examples to support your points.

Your first meeting with potential investors determines whether you can open your business. Prepare by prioritizing these three tasks.

When you’re trying to open a business, a lot depends on your first meeting with potential investors. To increase your chances of receiving the startup capital you need, take care of these tasks before you meet with them. Follow your future competitors on social media and read their public sales reports for a few months before your first meeting. This helps you provide specific examples to support your points.

Your first meeting with potential investors determines whether you can open your business. Prepare by prioritizing these three tasks. It should include an executive summary, your business’s purpose and mission statement, a timeline for opening your doors, and descriptions of the products or services you want to offer. You must have a thorough understanding of your competition so you can answer investors’ questions about trends within your industry and any concerns you have about outpacing existing companies. Follow your future competitors on social media and read their public sales reports for a few months before your first meeting. This helps you provide specific examples to support your point.

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