Behind many successful business owners are rags-to-riches stories that reflect the importance of knowing when to lean on others for financial support. Starting a business isn’t only for people with trust funds. In fact, many small businesses are begun by people who are rich in vision and creativity but lack sufficient funds to initiate a venture alone. Learning the art of pitching is the key to securing funding for your new business in NJ, and we’re here to help you refine your approach to one that resonates with decision-makers.
Explore Your Funding Options
The New Jersey Small Business Development Centers network is filled with people who can point you toward funding opportunities that are designed for entrepreneurs. Talking to experienced financial professionals gives you insight into the types of federal loan and grant programs that are available along with options at the local level. Having a list of funding sources helps you to expand your search to a wider area which leads to greater success.
Bridge Connections With Storytelling
Every good pitch tells a story, and you’ll want to have a captivating storyline that resonates with decision-makers. Typically, you’ll want to start with an elevator pitch and move on to a brief story about why you want to start your company. While you don’t want to overload your listener with details, sharing that you grew up in a family that was within the industry or desire helping your community creates a personal connection that keeps people interested.
Convince Them You’ve Done Your Research
A good story reels your listener in, but financial decision-makers need to see hard data before they decide to take a chance on a new business. Make sure to include relevant information about the current market for your company’s industry that lets them know why you believe your business is necessary and will lead to return business and growth over the upcoming years.
Share Detailed Financials
Banks and other funding sources tend to want to take a deep dive into your company’s current financial standing and anticipated growth. This is one of the most important aspects of securing funding, and you’ll want to make sure to have a financial counselor review all of your data and documentation. From pulling together tax records to demonstrating your current investments, taking time to carefully put together a thorough financial report can make a big difference in hearing that much-desired approval for your request.
Be Prepared to Defend Your Business Plan
In a perfect world, your pitch would be so amazing and the documentation so detailed that you’d receive instant approval. But, it’s best to expect some degree of pushback from decision-makers. Practicing your responses to common questions that donors and lenders ask helps you be ready to provide answers that they can’t argue against.
At NJSBDC, we’ve cultivated a team of some of the biggest thought leaders in the small business start-up industry. We can help you create a pitch that includes all of the relevant information that lenders need to make an informed decision, and we’ll take it a step further by helping you create a compelling story that drives action. Request an appointment with one of our counselors today to refine your pitch and secure funding that gives you the best start for launching your company.