1. Jot down a rough business plan; this helps you to focus your time and energy in the right direction.
2. Pick something you really enjoy doing since you’re going to be doing it a lot.
3. Network and make new contacts, utilize your existing rolodex.
4. Start the business while you are still working, this ensures adequate flow of money while you are still going through the startup phase. Try giving your product or service away for free to get your first customers. This will also help you learn a great deal about what your future customers will expect.
5. Get a support system while starting your business, people whom you can bounce ideas off of and get to listen to your latest business decisions.
6. Join a related industry or professional organizations prior to starting your business and do more and more research on your industry, services, until you become an expert.
7. Save your time and money in the long run by hiring or partnering up with expertise that compliment your skill sets and experience.
8. To finance the business, save your money, as well as approach potential investors and lenders. Also prepare a backup plan in case your first financial plan falls flat.
9. Bring a professional attitude and process to your business right from the start, to let people know that you are serious about your business.
10. Before starting your business, learn about the legal and tax issues.

- Bryan Daigle
President & Founder of ideatango.com – the #1 site for inventors & invention ideas For more good info & advice, check out the official IdeaTango Blog

To pitch to investors, we have to re-capture that vision and the excitement we started with. Many entrepreneurs make the same mistake; they forget that they are needed to excite investors and not to teach the investors about the nitty-gritty inner-workings of their business.

So, when you are going to meet the investors, keep in mind that you are not there to educate them, but to excite them. You should always remember that it is absolutely necessary for you to understand the needs of your investors and cater accordingly.

Therefore, before going for the investors’ meeting, cook up an interesting story about how and why you started your business. As humans, we are always interested in good stories and if your story is interesting and not over-dramatized, then the investors are bound to like it. I tried this with a pitch for ideatango and it worked fabulously at grabbing investors’ attention. Also, I don’t recommend putting your story on the slides; just speak from your heart.

Your presentation slides, however, should hit the highlights of your business. The rule I’ve heard is have no more than 10 slides for a 20 minute presentation, because that’s often all the time you have. Here are some things you should strongly consider including in your presentation slide package.

1. Introduction & Agenda: The name of your company, location and tagline with the presenter’s name and designation should be mentioned. Brief overview of what you’ll talk about.
2. Brief Company Overview: Generally explain what you are and what you do. Build the vision and story here. Keep this high level.
3. Customer Pain & Benefits: Talk about why customers buy your product or service. What benefit do you provide them? Potentially include some customer testimonials.
4. Market Information: Discuss market size, potential market share, and growth and trends for your target customers.
5. Competitive Advantage: How are you different from your competitors? This slide is probably the most important to investors, because it will help them ensure that you are unique and difficult to copy. Mention intellectual property you own.
6. Execution Strategy: Also a critical slide, more important the farther along your business. Talk about how you market and sell to your customers, how products are distributed, and day-to-day workings of major operations.
7. Management Team: Who makes the decisions? Who’s on the board?

8. Financials: Highlight 3-5 year sales, expenses, and profits for the investors. Stay at a high level, not too many numbers, otherwise eyes glaze over.
9. Capital Requirements: Talk about how much money you need from investors, how many rounds of funding, what sort of return should they expect, when they get their money back, and exit strategy.
10. Backup slides that have more detail if investors are interested.

Don’t forget to leave time for questions at the end!

- Bryan Daigle
President & Founder of ideatango.com – the #1 site for inventors & invention ideas For more good info & advice, check out the official IdeaTango Blog

Cover Sheet

a) Mission
b) Long Term Vision
c) Short Term Vision
d) Description of Services
e) Marketing Plan – who are your customers and why do they want your product/service
f) Marketing Strategy & Execution
g) Competitive Landscape
h) Market Research
i) Go-to-Market Execution Plan
j) Management Team & Personnel
k) Financials for 3-5 Years
l) Executive Summary – do this last but put it first

The earlier you are in your business, the more important are your vision and strategy. As you mature, your execution strategy will become more important than anything else.

Some investors will also look for other documents including: capitalization tables, detailed financial projections, breakeven analysis, balance sheet, marketing materials, inventory list, resumes, etc.

Whether or not you decide to bootstrap or get funding, thinking about these items ahead and during the startup will help put you on the right track.

- Bryan Daigle
President & Founder of ideatango.com – the #1 site for inventors & invention ideas For more good info & advice, check out the official IdeaTango Blog

• Vision: You must have a vision of where you want your business to be in 3-5 years. Write this vision down or elaborate on it in your quick and dirty business plan.
• Determination: Critical to any entrepreneur. To become successful as an entrepreneur you should have the determination to see your vision through.
• Smart work: There is no short cut to become successful in business. However, always think how you can work smarter and not harder.
• Flexibility: Be ready to change your business according to the demand of the market.
• Self confidence: You can sail through a rough sea if you have confidence in your abilities and belief in your dream.
• Leadership: To build a successful business, you need to communicate your vision and strategy to your partners, customers, & employees. That’s where leadership skills come in handy.

If you have a mix of all these along with optimism and the ability to face challenges, then you are ahead of the game (and me)! If you’re missing key requirements, then consider bringing in partners who can help fill the gaps.

- Bryan Daigle
President & Founder of ideatango.com – the #1 site for inventors & invention ideas For more good info & advice, check out the official IdeaTango Blog