Asking investors to believe in your business again can be challenging, especially if you didn’t do well the first time. They will run away from you since they can’t risk losing money. However, if you believe in what your business offers, you can’t give up. Try your best to convince investors to give it another shot and see your business grow. Here’s how.
Provide a Detailed Plan
The best way to make the investors believe in you is by offering a plan. Show them what you intend to do to grow the business. Explain the mistakes you made and how you plan to do better. These detailed plans will make them more confident about trusting you again.
Explain What Went Wrong
Awareness is a great start. You can’t convince these people to believe in you if you’re unaware of what went wrong. It also takes humility to acknowledge that you did a few things incorrectly. Unless you’re conscious about what took place, there’s an excellent chance you will do it again.
Introduce a New Product or Service
Perhaps, you failed because you didn’t sell interesting items. Another way to convince the investors is by telling them that you have a new product to sell. Discuss how it’s different from what you did before. You can also explain why the previous products didn’t sell as much as you hoped.
You can’t be in a desperate mode when you talk to your investors. It will show them you’re not confident enough with what you plan to do next. Once you enter the room, express confidence about your plan. Try to come prepared. Check the venue and determine if it has the necessary equipment for your presentation. It includes the projector on ceiling that will make it easy to get started right away. You don’t want to spend too much time setting things up since it will take time away from the discussion. Check out Unicol if you want to get one now.
Show a Financial Plan
You must also discuss the numbers if you want to convince your investors to spend money again. Determine how much they’re going to spend and what they will get in return. It’s even better if you have a timeline. It assures them that you can do it better this time.
Explain Your Vision
Perhaps, you failed last time because you didn’t have a long-term plan. You were not clear about where you desire to steer your company into. When you’re clearer about the vision, you will entice investors to believe in you. It’s not only about what you sell but your attitude as a leader. If you show how deserving you are to lead the business, investors will trust you. Hopefully, you can make them realize that your company is worth another shot. They will be hesitant, and others will even walk out the door. But, you can’t give up. You deserve to succeed because you keep learning from your mistakes. Not all entrepreneurs get it right the first time. They eventually make it because they keep trying.