Every business needs to grow, and sometimes, that means sourcing funding elsewhere to kickstart the process of scaling. Some companies opt for bank loans, while some take advantage of government grants and subsidies. But for businesses that aim big from the get-go, venture capital (VC) is the way to go.
Venture capital has always been one the most sought-after methods of funding for entrepreneurs looking to breathe life into their big ideas. It involves convincing investors or venture capitalists to invest large sums and take an equity position in your company in exchange for a healthy return on their investment. The whole process is challenging, but the benefits are worth the trouble. Getting backed by a VC adds prestige to your company and gives you higher chances of growing even further.
Attempting to get VC funding alone is a risk in and of itself. There are so many things to consider, including asking yourself if your company is ready enough to wow investors. You should also ask yourself if you managed to weather the storm of the pandemic and if you’re built to thrive in the new normal? Moreover, does your business idea service an unmet need in a niche market but has high start-up costs? Do you have tangible progress that can be showcased in a pitch deck? Do you have a plan for scaling at all?
To make the process less overwhelming, you can start by putting together a pitch deck. With this tool, you can put together important factors, like the market pain point you are solving, what progress looks like in terms of revenue and teams, how much you are asking for, financial projections, and of course, your vision. It may sound easy, but with all the factors that need to be included, there may be some that fall through the cracks. Luckily, NetSuite has a guide that will help you know how to tell your story the way it should be told, all while adhering to the 10/20/30 rule for building decks.
Once you have a solid plan in place, you can proceed with the next steps, like finding the best VCs, learning how to negotiate properly, and mastering how to close a VC.
NetSuite’s white paper Your Guide to VC Funding is your one-stop shop for learning what you need throughout the VC lifecycle so you can secure funding to bring your big plans to fruition.