Entrepreneurs may find it difficult to garner enthusiasm for their ventures without giving away everything involved, but by maintaining a simple and to-the-point description of their new enterprises, entrepreneurs can “tease” potential clients and investors without exposing the whole idea upfront. The use of advertising, modeling, and promotional materials can lend a helping hand to newly budding business endeavors.
Use Other Business Models
Don’t be afraid to use analogies if your entrepreneurial idea resembles that of another model, particularly if that parallel model is a successful one. It’s been said that imitation is the highest form of flattery, so use it to your advantage! Once your concept is understood, then it’s up to you to quantify why your venture will be successful and how you will be able to add value to your customers. At RepayVets, we assist our clients with developing scripts and creating short videos that describe their ventures and goals in a concise manner that will be easily understood by potential customers. It’s a quick way to capture interest without going overboard.
Strong Advertising and Marketing Efforts are Essential
One important thing to keep in mind is that good advertising and marketing are crucial to new businesses. By researching what other startups in your industry did initially to be successful in their marketing efforts, you can create a template. You may be surprised by the kinds of information you can find with a little effort. Also, ask your network what would entice them to patronize your business if they didn’t know you. Just assuming you know how to market is not a good approach. Learn from those who are more experienced within your network and industry and understand how the market works. You don’t have to repeat others’ mistakes!
More often than not, an entrepreneur might be too reluctant to share information about his idea out of fear that it will be stolen, at the cost of not captivating people who could help the venture be successful. Keep in mind, though, that if the material and information you present are too vague, neither potential investors nor customers will be interested. How can they be, if they don’t even know what you’re trying to sell to them?
How to Appear Organized While Developing
Organization is important. Everyone realizes that most entrepreneurs have small capital budgets and must be wise with their spending; however, there are some very basic and affordable items that all entrepreneurs should have in place. These items will help the entrepreneur come across as more organized, which will help people ultimately take the idea seriously as a true business venture. Simple business cards with a business email address, a one-page description of the venture that can be distributed electronically, or even a simple biography of the entrepreneur and the business venture are all tactics that can be carried out easily and affordably.
When developing and showcasing your startup, using good advertising and marketing, providing business cards, and inserting analogies to other business models can help develop and display your product to lure in new customers and investors without giving away too much information from the start. Tease your customers so they’ll come back for more, and you’ll reap the rewards.
Lt. Marlon Terrell is the co-founder of RepayVets.com, the leading funding platform for Military veterans’ ideas and startups.
