Office Space For Lease In District 7 Ho Chi Minh: Key Tips for Attracting Investors and Customers to Your Business

Tuesday, December 1, 2020

Key Tips for Attracting Investors and Customers to Your Business

When you start a replacement business in Vietnam or anywhere within the world, you’ll be asking investors and customers to require a leap of religion in your idea. This means that before they invest in you, or try your product or service, they’ll have to decide to buy-in to something they have little experience or knowledge of. Here are some tips for how you can make their decision easier.

Key take-outs

Ensure you can explain your idea clearly and steel oneself against questions
Spend some time documenting your financial projections
Consider all the options for investment and finance before making decisions
Seek professional advice

Communicate clearly

Make sure you can explain your new business idea succinctly. You want to know your idea in-depth enough that you can communicate the high-level concept without going into detail.
Imagine you are talking to a stranger at a party who asks you what you do. How can you make your business idea as simple and understandable as possible for them? This succinct summary will take pride of place in the introduction to your business plan – which you’ll need to show to your bank or investors if you’re seeking funds – so spend some time getting it right.

Connect the dots for people

Understand the crucial points someone must accept to form the leap of religion and say yes to your new business idea. Think about any assumptions you’re expecting them to make to see your idea as successful – and fill in the gaps for them. What queries are they sure to have about how it works, and how it will make money?
Discuss your idea with trusted friends and family and invite their honest opinions, alongside any questions they need about its viability. This will assist you establish sound responses to the sort of questions investors may ask.

Find a parallel example

Often, people are more inclined to accept a new idea when they see a similar concept or are provided with a clear analogy. For example, think of the journey from the MP3 player to music stored on your mobile phone.
It is much easier for people to understand your product or service as being the next logical step that responds to ever-changing consumer needs, expectations, and habits; rather than being something completely new to the market.

Be confident, yet realistic

Back yourself and your idea. Speak from your heart about your plans, but don’t be overconfident about how successful or life-changing the idea will be. Customers may respond well to your optimism and energy, as will investors – but the latter would require your enthusiasm to be tempered with realism.

Understand your financials that bring benefit for Customers

If you’re asking an investment partner to take the leap of faith in your idea, then know your financials inside out. You want them to feel confident that your numbers and plans are achievable. You also want to set realistic assumptions for your financials and have a sound understanding of the market you are entering.
This can be presented within the sort of an income projection, or cash budget.

Know your investor audience

Know your investor audience in customer

When you ask people to take a position in your business idea, it’s good practice to research those people. Know what they offer beyond the investment funding. Do they provide resources, expertise, or connections to your business?
Also, know how much control you want to maintain over the business, so you can paint the picture of what their involvement would be.
If you wish to raise start-up funds other than through an investor, you have a number of options to choose from. Our 6 ways to help finance business growth article outlines some of the commonly-used ways to finance launch and growth.

Own your business experience for Customers

If you’re someone who ran successful businesses within the past, own and share this experience, providing the maximum amount of relevant data as possible. Investors are likely to consider your proven skills and capabilities when assessing if you have what it takes to turn a new business idea into a successful and profitable reality.

Source: Vietnaminsider

To find more about guide for business and investment in Vietnam, you can click here: https://lookoffice.vn/economy-business-investment/guide/

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