StartupTalky

Tag: Proposals

  • 10 Great Tips On How to Pitch Investors for Your Business

    We are living at a time where startups are playing a crucial role in every country, they are turning into industrial giants that are taking the name of their country further and boosting their economy as well. Now, for any business start-up, the most crucial step is to organize funds so that they can take the business forward.

    Arranging for funds, however, can become a nightmare for many entrepreneurs. Being an extremely important part of establishing a successful business, even minor mistakes made, while presenting your idea can lead to the loss of prospective investors and hence hinder the path towards the foundation of a successful business.

    This list here comes to your rescue, by putting down mistakes to avoid during pitching. In this article, we will explore some vital points that will help you during the pitching of your business to investors.

    1. Know Your Investor
    2. Work on Your Pitch
    3. Focus On Your Presentation
    4. Present Your Business Plan
    5. Increase Your Investor’s Interest
    6. Make Your Proposal Unique
    7. Be Humble
    8. Avoid Exaggerating
    9. Do Not Show Desperation
    10. Do Not Be Overconfident

    1. Know Your Investor

    If you want someone to invest in your startup the first step is to get to know them well. Do your research before approaching the person or organization. Some mistakes to avoid during pitching to investors for your business. There is no need to get personally close all you need is the small official details about their area of work so that you can use it to your advantage while pitching.

    Few points to consider while knowing an investor
    Few points to consider while knowing an investor

    Make a note of the different ideas that they have invested in earlier to find out what type of work they prefer to invest in. If you ask a person operating food chains to invest in a software business there are huge chances of you being rejected, so knowing your investment is extremely critical.

    2. Work on Your Pitch

    A chance to pitch can come up anywhere, a party, elevator, or on public transport. However, in these situations, there isn’t enough time at hand so reduce the length of your pitch. Ideally, try keeping it a minute or two long.

    Most people start losing interest after a minute, hence, make the pitch small and effectively highlight all the attractive and remarkable points so that the investor is intrigued in doing business.

    3. Focus On Your Presentation

    Usually, start-up organizations end up putting all their points and ideas into a presentation hoping that the investor will be impressed, but a presentation filled with too many words will cause more harm than good.

    When presenting, keep in mind that your slides only have a gist of the plan of action. It should be short, crisp, and to the point like your pitch. Try to wrap up your presentation in 12 to 15 minutes. Generally, you will get only half an hour with the potential investor including the time for Q&A, therefore, use the time wisely.

    Main points to remember while preparing for the presentation
    Main points to remember while preparing for the presentation

    4. Present Your Business Plan

    The pitch and presentation won’t be of any use if the business plan is not thoroughly laid out. If the business strategy does not highlight the goals of the start-up along with the expected revenue, size of the target market, and description of the start-up management team, the investors will not be convinced. The important point is to make them realize how strong the business is.

    5. Increase Your Investor’s Interest

    Every person wants to start a new company to provide people with better facilities and give them something but that’s not how an investor would think. An investor will only agree to fund a business if he is sure of gaining a profit; hence, you need to make sure that you mention your expected monetary gains for the next few years.

    6. Make Your Proposal Unique

    Sending your proposal to every potential investor through email in the hope of getting a response will not yield any results because investors are swarmed with thousands of proposal mails every day, so the chances of getting a call are very slim. You need to find unique ways of making your proposal stand out so that it can invest your potential investors.

    7. Be Humble

    When you land an interview, with a potential investor, be humble. Let them ask questions. If any flaws are pointed out in your model or plan, accept them and find ways to improve them. The investors have seen their fair share of business proposals and the advice they give will be beneficial.

    Do not be stubborn and keep an open mind while answering. The reason an investor ask questions is that they are interested and wants to make sure that they are putting money in the right place.

    8. Avoid Exaggerating

    Exaggerating financial gains and lying about them is going to get the proposal rejected instantly. The investor will want to know exactly where and how much money is being spent. If you get caught while lying, it could make a big opportunity slip through your fingers.

    9. Do Not Show Desperation

    The funds are extremely important for the survival of the business. There might be an urgent need for the funds but showing that desperation to the investor would be a wrong call. Confidence is crucial and you must possess that regarding your business idea as it is very crucial.

    10. Do Not Be Overconfident

    Even though being confident is good, being over-confident and bragging about the growth and profits of the business will drive the investor away. This will give them the impression that you are not realistic and will get you rejected. Try to be subtle while approaching potential investors.

    Conclusion

    It’s always challenging to pitch your ideas to Investors as an entrepreneur. Focus on numbers while presenting your story in front of investors. Don’t forget to share the marketing plan. Otherwise, practice your pitch and dress well. Prepare yourself for your next pitch, while keeping the above points in mind.

    FAQs

    How do we find investors for business?

    Look for relatives and friends who are interested in your business, private investors are also there to choose from, crowdfunding platforms can also be used to find investors.

    Can we pitch an idea to the company?

    Yes, an idea can be pitched to the company but with the proper showcase that fulfills the criteria of that exclusive firm.

    How can we convince the investor?

    Investors can be convinced in many ways, some of the most common techniques to follow are to have a clear business plan with proper knowledge about its type of audiences, market conditions, and competitors. One also goes ahead with the convincing part by asking for the guide from the investor itself.

    How to approach an investor?

    Approaching an investor seems bigger task than actually dealing with an investor. One can always take the help of any intermediate party available, or the best approach for an investor is to go with the means of asking for a guide rather than directly coming up with the investing part.

  • How to Write Freelance Bid Proposals

    It’s hard to muster up the courage and set out to start something of your own. It’s even harder to build a steady work pace, in the Indian freelancing market, and land enough clients to keep you smiling throughout the year. What isn’t hard is curating the perfect proposal for your clients, a feat that adds to your success and shows professionalism. This being said, proposals do play quite a role in helping you not only land clients but also bag great projects, and make a good impression.

    Why do You Need to Write Freelance Proposals?

    Before we come to understand the necessity of writing business proposals in any and every professional setting, let’s see what it is.

    So, how do you define a business proposal? Wikipedia defines it as a, ’a written offer from a seller to a prospective buyer.’ Call it a bridge between the service provider (that’s you!) and the client.

    Another source says, ‘A proposal puts the buyer’s requirements in a context that favours the seller’s products and services, and educates the buyer about the capabilities of the seller in satisfying their needs.’

    That is, you need a proposal for a business proposal since it clarifies and establishes the terms of working on the project. It describes the targets and goals through a formal document that is mutually agreed upon, by both the client and the freelancer.

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    Clients Expectations From Proposal

    • Personalization in proposal
    • Professional writing style
    • Details about your skills and experience
    • Social and communication skills
    • Assurance that you will spend time on their project and add value.
    • A price that matches your skills, experience and professionalism

    How to Write a Good Proposal?

    Know Your Client

    Writing a proposal may seem like a daunting task but knowing your audience narrows the scope quite a bit, and makes the task both easy and more specific. You need to know the person behind the desk, to create a maximum impact with your proposal. For that to happen, a strong understanding of your client is vital.

    Think of a proposal as an in-between between finding your client and getting paid. Now this ‘in-between’ requires some convincing, demonstration of your skills and a notion of how this professional relationship can be successful. Knowing your client’s preferences, work requirements and needed job skills help. By addressing your client personally, you are adding more value to both his company and the job at hand. This assures your client that you are genuinely interested.

    Note How You Start

    You might want to draft a proposal that captures your client’s interests right from the beginning.

    • Start with a specific, attention-catching (yet professional) subject line and follow up to a strong, purposeful introduction.
    • Let them know what makes you different. Mention your skills and convince them why they might need you.
    • Don’t hesitate to dole out your observations regarding the business or the project. Consequently, follow up your observations with solutions and suggestions; that is, what you could do from your end to optimise their business.

    Promote Yourself

    How can your client hire you if they don’t know what you are capable of? The key? Promoting yourself.

    • Let them know why you are the perfect candidate. Elaborate on your strengths and how is it going to be beneficial for your client.
    • Do mention your qualifications along if the job requires any kind of academic expertise.
    • Work on your communication skills. You need to convince your client that you are indeed capable of the task.

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    Highlight Your Strengths

    If you are a freelancer, who is searching actively for a job online, you sure need to let the world know of your strengths and abilities.

    • Sell yourself
    • Put your marketing skills to effect, and build a wide network. Your client should be able to reach you before giving you the job and needless to say, network building helps.
    • Let the client go through your sample works, that are relevant to the job.

    Include Your Work Samples

    Employers are always eager to see if the words on your portfolio do indeed translate to some real work. A collection of carefully categorised and sorted work samples will do the job for you.

    • Among your work samples, including the projects that are similar to or related to the task at hand. This would assure your client that you carry some experience in the area and hence, are capable of doing the job.
    • Instead of keeping a diversified portfolio that showcases everything you ever worked on, be more specific or job oriented. This shows both expertise and professionalism. Resist the urge to include your every work on your portfolio.
    • Keep the language in mind
    • Note that when addressing your clients in your proposal, you want to be persuasive and positive. Let them know that they don’t have to worry at all and their project is under capable hands.
    • Be professional
    • Add a little value on the client’s front. Let them know you understand their company’s vision and his or her passion for the job. Adding value not only builds a healthy professional relationship but also, ensures that both the employee and the employer is satisfied with the result.
    • If possible, use their language.

    Create a Brand of Your Own

    Creating a brand of your own makes you stand out of the crowd. The point being, instead of heading for the built-in templates, you can draft your proposals. From deciding on a design layout to curating, writing and editing your proposals, crafting your content brings a sense of your own identity to your work and projects forward your image in the professional market.

    You can also refer your client to visit your website or portfolio. Because it will help the understand to know more about you and your work. But this is optional.

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    What Your Proposal Should Include?

    Confused what you should include in your freelancing proposal? Here’s a complete breakdown of everything that should be there:

    General info

    Give a little introduction about yourself. This includes your name, your client’s name, contact info, and project brief. You can also tell write little bit about your education. For example any type of course that you have done and which will help you to complete the task.

    About the work

    Include your skills and why you should be considered for the candidature.

    • Acknowledge what your client is looking for and how are you going to deliver on their needs?
    • Give positive suggestions and solutions and let them know how you plan to optimize their business. Show the client that you understand their needs and are capable of delivering them.

    Deadlines and Cost

    Most freelancing projects come with their time restrictions and expenses.

    • Consider how much time would you need to deliver the project. And include it in your proposal with mutual agreement.
    • Will there be any overhead expenses? How much will be paid and on what basis? What would be the mode of payment? What will be the contract terms? These are some of the key points that ought to be discussed in the proposal as well.

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    Conclusion

    While the above factors sum up the points of consideration for writing a great freelance portfolio, there are other factors as well that still need to be considered. For example, your client, the project undertaken as well as the pay scale offered. With these tips, however, we hope you craft an amazing proposal and win that dream project.

    Frequently Asked Questions

    How do I write a good freelance proposal?

    Keep your proposal short, professional, and friendly. Adding samples of your work at the beginning of your proposal. This might help in creating a good impression in the starting. Your proposal needs to be short so that your client do not lose interest also, you have to make sure you capture their attention with few witty lines. Clients are interested in knowing what is your reason or motivation of working with them. Simply they want to know how you fit the needs of their project. So, answer the question ‘why should I work with you’ very carefully and creatively. Not to mention add your relevant skills and experience.

    What should be included in bid proposal?

    A bid is a tools to persuade someone to choose your company over others. Most often people write it as if it is a information source, no wonder why it does not work. The bid should be written considering clients needs and expectations in order to let them know that you understand them clearly. Every client is different and so shall be your proposal, personalized. Also the proposal should include how are you adding value or if you understand them.

    How many bids one gets on Freelancer?

    Well, that depends on your membership type. Free Members get 6 bids per month. Intro Members get 15 bids per month. Monthly number of bids for basic, plus, professional and premium members is 50, 100, 300 and 1500 bids respectively.