ZEAL Investments is looking for innovative companies whose ideas have the potential to turn the traditional lottery industry on its head.
You might think your business fits the bill, but keep in mind that the idea itself is only the first step. There is lots of blood, sweat and tears in the execution to build a successful business and attract investment. Fortunately, figuring out how to go about it is not rocket science. We recently drafted an eBook that outlines eight straightforward steps to transforming your business idea into an investible start-up. Here are some of the key points.
What’s your vision?
Prospective investors want to know what your start-up is going to bring to the world. As lofty as that sounds, it’s actually a crucial first step for any entrepreneur, that gives your idea a purpose. Communicating this purpose, and not your business idea, is key to attracting the right investment. With a clear vision guiding your start-up’s journey, you’ll have greater success finding the funding your need.
You are who you hire
An investible business is one that knows how to attract – and retain – the right employees. Hiring the wrong people, or trying to manage everything on your own, doesn’t breed confidence. Recruitment must be done in a smart way and you should strive to be 100% sure about everyone you hire.
What’s more, investors are looking for a start-up run by people they can build a rapport with. Relationships are critical to investing so you need to be able to work well together, and this applies to the whole team.
Wondering how to attract investment? Download our start-up’s guide to becoming investible for free!
Dynamite comes in small packages
There is a lot to be said for starting small. It allows you to get really good at servicing your customer’s needs and understanding your business model. If you move too fast, you’ll battle to stay true to your vision and very likely lose track of meeting your users’ needs. The more defined your market, the easier it is to test and adjust your offer, as well as deliver a much more personalised service.
A small, loyal customer base is also harder to lose to the competition – and can act as a valuable marketing tool, spreading the word among family and friends. Investors look for solid growth potential and well executed strategies.
Go live as soon as possible
Remember, your start-up is worth much more in practice than it is in theory. In other words, the sooner your offer is in the market the better. Don’t wait for it to be ‘perfect’ – it never will be. Many start-ups are so in love with their own robot that they focus too much on their product and fail to keep their number one priority front and centre: their users needs.
Once your offer is out there, test it, gather feedback, refine it and build a data-driven picture that demonstrates progress and growth.
Choose your investor carefully
It’s normal to get excited when an investor offers your start-up the funding you need. Before you sign the deal, make sure you’ve assessed them as well as they’ve assessed you. A successful partnership takes two so if they’re not a good fit, your business will suffer – regardless of how big the investment is.
You are going to make mistakes along the way – of that you can be sure. However, if you can attract the right investor to help guide your start-up’s journey, you’ll be on track to a successful future.
Want to know more about how to attract investment? Download our eBook ‘The Start-Up’s Guide to Becoming Investible’ and give your business an investible edge.