Twice a month, our panel of mentors answer your practical business questions. Send us your questions!
Dear BAM Mentor,
What would you say were the most important things to prepare or think about as I approach a BAM investor? What are some typical pitfalls or mistakes I could avoid?
~ Getting Prepared
Dear Getting Prepared,
Funding for your new business is obviously crucial – no cash, no business. So let’s think about this from an investor’s perspective. What is it that interests him or her? What does he or she want to see? What questions answered?
Here’s what I’d be asking: What exactly is the product or service that you intend to sell? Don’t assume that I understand it. Make it simple for me. What is the market demand for this? Do people really need/want your product or service? Who will your competitors be? How is your idea better than and different from theirs?
This first set of questions is about your viability in the market place. Is this a real business? The next set of questions is about you. Can I count on you? What is your background? Why are you particularly qualified to launch a business like this one? Do you have a specific knowledge base or experience that would give me confidence that you can actually pull this off? Who do you have around you? What is your track record? Who will vouch for your character? Your commitment to Christ?