Simple to figure out exactly how much money you need as almost all of it will be for marketing to customers, and types of customers, you have already identified.
You should have a pilot to know who they are, know what they like, understand how they decide to buy your product and what will make them purchase it. You may also need funding to fulfil their orders, or to build the infrastructure that will make fulfilling their orders cheap and easy.
Our pitch is always like this “I sell websites to SME's in the West Midlands and the estate agency sector
Your pitch is almost always some variation of “I sell sun tan lotion to people at the beach”. Where “sell sun tan lotion” is the product or service you deliver from the point of view of your customers and “people at the beach” is what your customers are called and where you find them.
-“I sell child care services to parents who work in London’s financial district.”
-“I deliver critical business skills to UK entrepreneurs and small business.”
-“I provide ad hoc legal services to Cambridge businessmen”
-“I sell colour changing umbrellas to high end stores and museum shops in the UK and Europe”
Go and track down customers then take orders and then seek out angels and venture capitalists as you will then halve the challenge of getting funds as you gain 100% belief in those you pitch without question.
Now you have orders you can be the picky one!
Find People Who Have Invested In Your Industry Before
With a business that makes money or has real orders it goes from a pipe dream to a real pitch. Investors will now put money into your business to make it bigger and more profitable as opposed to seeing if it works.
Finding angels and venture capitalists is the simple part. Turning the tables by getting orders means you are doing the vetting, ensuring they have money and are willing to give it to people is somewhat harder.
A warning for 2010 is you will find people who are all talk and you find many people do not have money to invest when they say they do.
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