You have shelled out your maximum budget to build that minimum viable product to launch your business. But, like most entrepreneurs you would like to get funding for it and raise a toast of success with your MVP. Here are 5 smart ways to make your MVP roaring before investors.
What sounds cool to an investor about your product is how much money it can bring. If he sees the return on investment (ROI) high on your MVP, he will be gaga about it and invest ASAP. But there are certain things that an investor will look up to judge the potential of your MVP. From understanding the salability of the product, the capability of the team, the entrepreneur’s experience and finally the execution plan to bring in revenue via the product are some of the important factors that an investor will look up before investing his hard earned money.
Plan in advance
Most startup entrepreneurs fail to attract prospective investors towards their MVP because of lack of planning. From ideation of your product to launching the MVP and further plans to set sail should all be ready with you before meeting an investor. Be vigilant about your surrounding markets and competitors. Whenever necessary, update and adapt new plans to climb up the business ladder according to the market demands. Never hesitate to champion your idea if you know you’re correct.
All investors would love to meet an entrepreneur who has proven records of successful bootstrapping with his own venture. This indicates that you’re committed to your business and will can run pillar to post to make your product a reality and not just sediment it to the MVP mode. Always bear in mind, an investor will invest in your business to reap profits so ensure your MVP is worth “viable” to him/her.
Spend some to make some
We all have often heard of the popular adage, “Spend money to make money.” It makes sense for attracting investors to your MVP. Participate in cool idea contests and gain some prominence via these forums. Authenticate your MVP idea amongst social media groups so that it becomes viral soon after launch. Also, if possible promote it through advertisements. These will help you to establish the viability of your MVP before the investor and he will never be in two minds to invest on your product or business idea.
Not all investors will be supper happy with your MVP and may not invest immediately. Even if some decline your business offer, be patient to take back with you their feedback. It is extremely important to redevelop yourself in the right way. Accept your drawbacks, put on your thinking caps again to come up with better investor friendly ideas and marketing strategies and approach again if possible. Having said so, it should never be that you lose confidence on your startup product or on yourself.
Finally, remember if your business idea is saleable and attractable, investors will come running up to you. So keep your cool and devise a plan that makes them sign cheques for you.
Debarati Mukherjee is an accomplished blogger, journalist and communicator, with over five years of media writing experience. She has written on diverse subjects ranging from entrepreneurship and small businesses to human rights, beauty, fashion and fitness. There are more than 100 articles credited to her name. Presently she is working as a Communications Specialist with Idyllic Software, a Rails consulting company which aims to help startups grow up in business. You can follow her at twitter or linkedin or write to her: firstname.lastname@example.org
Image Credit: Shutterstock.comSubscribe to the Podcast