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How do I raise my first round of funding? This is a question that every early stage startup founder has on his mind. Although there is no fixed method to ensure funding for a startup, but there are certain things that an investor would like to see in a startup before putting his money. In this blog, we have highlighted 3 key steps to ensure that everything is in place before one reaches out to the investor.
1. Viable Idea & Business Model : An investor will sure look for the clarity around the business idea. Not only the founders should be clear of what the business is going to do, but also 1) Who is going to pay 2) For what service? and 3) How much?. This, combined with the cost of goods/services gives an idea on the unit economics and viability of the venture. Some key elements that one must have in place at this stage are:
a) Business Plan & Business Model
b) A product/service
c) Cost of Goods/Services
d) Sale Price of Goods/Services
2. Initial Traction : After one has the business model in place, the goods or services to be sold have to be taken to the customers. This is the moment of truth that proves if your customers are willing to pay for the service or not. Some of the key elements for customer traction are:
a) A Website/App for the customers to land on to
b) Marketing & Branding Campaigns to reach out to customers
3. Clear Plan of Expansion : Once the idea has been validated with the customers, the next step is to chalk out a clear path of expanding the venture. The costs associated with various resources required for executing the expansion gives a broad idea on the investment required from the investor. Some key elements that one needs to have in place:
a) Pitch-Deck
b) 3-5 Year Business Plan
c) Key financials from initial traction
d) Plan for Investor Connect
Once the Pitch-Deck supported by the Business Plan is ready, its time to reach out to investors. Very early stage investors generally look for a viable business idea which provides a solution for which customers are ready to pay. With the three steps above, it becomes easier to engage with the investor.
