Imagine you're in a bookstore.
You pick up a paperback, glance at the title and the cover, and then what? You'll probably flip it over and start reading the back, perusing through the summary and reviews to get a gist of what this story is all about before you even think of taking out your wallet.
The Basics of your business profile is the back of that book.
This is where you need to convince investors your story is one worth exploring. Keep flipping through those pages—or in this case, keep scrolling!
But that's easier said than done, so let's take it step by step.
This is your 10 second elevator pitch. In a single sentence, investors should understand what you are and what you're doing. Also, (we're guilty of this) avoid using trite comparisons such as "Uber for plants" or "Uber for calendars."
Example: Emberlight, Turn any light into a smart light.
Example: Livblends, Keurig for all natural smoothies.
2. What do you do?
In a paragraph, explain what your business does in simple, straightforward language. Everyone from a ten year old to your mom should be able to understand.
Eliminate buzzwords such as "revolutionize" and "disrupt." Be specific about the problem you're solving and how you're solving it.
Example: Lawn Love is a network of the best lawn care companies consolidated under one consumer facing brand. Our platform gives customers instant, accurate quotes online without an on-site visit, and routing efficiencies help companies make more money while customers pay the same. Payment and scheduling are automated, and customers can manage everything from their phones.
Example: Freight Farms manufactures fully-operational hydroponic farms from upcycled freight containers. Using advanced growing technologies and human-centered design principles, we provide individuals of all skill levels with the infrastructure to immediately begin producing a high-volume of locally grown food.
3. What is your ambition?
This is 1 to 2 paragraphs digging into the "so what" of your business. You're answering two main questions for investors: why is it a big deal, and why should I care?
Example: Magnises, We plan to become a must-have for millennials in every market. Members use Magnises to elevate their lives professionally and socially. The unique nature of our product is the power of our community. Our members source perks, allowing us to scale rapidly. Front row NHL tickets, exclusive access to events in NYC and DC, and unparalleled networking opportunities all are powered by our members. As we scale, Magnises will be every brand’s access point to the most influential consumer group.
4. Major Achievements
Top rated on Yelp? Kept 95% of customers over the last year? Built the world's smallest violin? Excite investors with your businesses' proudest and most revealing accomplishments or educate them on the potential of your target market. Remember these are essentially bullet points. Keep them punchy.
Example: Valet Anywhere
- $1,300 yearly profit on every car.
- 3 deals with real-estate builders and mgt companies to sell parking subscription along with luxury condos
- Select investors include: Tusk Ventures, AngelPad, CA Ventures.
Social media accounts are also powerful ways to illustrate your business' personality, values, and customer relations. Remember: investors aren't just investing in your business, they're investing in you. They want to know as much about you as they can, and genuine social media posts go a long way in showcasing who you are.
Got a pitch deck or a business plan? Attach longer documents for investors who more details about your pitch.
Finished the basics?
Good, now write them again.
Clearly explaining the problem you're solving and how you're solving it is tough. We recommend going over your Basics several times, continuously pruning unnecessary words.
When you think you're done, ask yourself: if I were an investor, would I keep reading?