Topic: Dealing with finances
1) How much research needs to be done before taking an idea to financiers?
One would have to have in depth knowledge about the various aspects of a business plan (i.e. strategy, financial forecast, marketing, risks mitigates). How much depth depends on the nature of the business, but typically, strategy, services provided and the financial forecast need to be well-developed. However, it is acceptable not to be fully prepared in certain cases as long as the direction is clear. For example, in the food business, we did not present the full menu, but rather the food categories and explained why each one is important to the business.
2) What are the key points to remember when presenting a new concept to financiers?
It is important to keep the presentation simple by focusing on the core messages. There should be 2-3 points in each aspect of the business plan (if the investors want to know more about a certain aspect, they will ask). It is a good idea to go into some level of detail on the financials as that would indicate that the forecast has been built on a solid foundation. For example, in the food business, we presented the percentage cost of ingredients per product which showed that we know the business we are getting ourselves into.
3) What credentials should you include when presenting to a potential partner?
It is important to mention the academic background as well as the work experience without much detail, and it is always a plus to mention how the business idea relates to a passion that he or she has. The purpose here is to build trust.
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