So you have this new, novel idea that you can’t wait to share with a hungry audience, this article will walk you through the entire process of building a foundation for your idea, all the way to raising capital from investors.
Create a catchy business name
Choosing a catchy name for your business should not be taken lightly. First, come up with a short, catchy and clever name. Secondly, a memorable name will instantly connect your service with the audience.
Conduct a thorough industry analysis
After coming up with a name, consider doing a thorough industry search. Check at the industry statistic, historical data, typical customers and sub-industries to help you target specific audiences better and assure investors.
Do a complete competitor analysis
By conducting a complete competitor analysis, you will have an honest assessment of the strengths and weaknesses of your competitors. This information will go a long way to the success of your business.
Create a solid, reliable business plan
Include both the long and short-term goals and how to reach them. Mention your budget and how you are going to invest and clear about how you are going to generate money for your business.
Design an explainer video
Create an explainer video that explains your business in the simplest ways. Let the voice-over artist represent your targeted audience. The video should be short, around 60-90 seconds.
Find investors and make your pitch
Use crowdsourcing websites to look for investors who want to an infusion of cash to your idea. Consider contacting your mentors too, they might refer people who helped them to you.
There is no perfect way for fundraising except following the lessons above.