Tips for bank presentations to get funding for a small business
Starting a small business is an exciting thing. Being your own boss, making money doing something you love, and unlimited income potential drives millions of people to attempt to start a small business.
But starting a business can also be very expensive. Many find that starting a business has start-up costs outside of the reach of their own personal expenses, and when this is the case, they apply for small business loan.
This can be an intimidating process as it often requires the people who are starting the business to give a bank presentation in order to get funding. However, this shouldn't be a deterrent if you are well-prepared and excited about your business. The following are tips for bank presentations to get funding for a small business.
Have a solid business plan.
A business plan is vital in order to get funding for your small business. Most banks or investors will require a business plan, or a detailed written summary of how a business or entrepreneur plans on organizing and then effectively running a potential business in a way that will allow it to succeed. This helps the bank to see that you have already thought of everything it will take to run your business. A bank wants to see a solid business plan that is well thought out before investing money into the business. There are many resources available to assist you in developing an effective business plan and include books, websites, and software.
Get to know as much as possible about the people you're meeting with.
If possible, talk to the people you will be meeting with before you give your actual presentation. Make sure you know exactly what they are expecting as well as the information and papers they will need to make your decision. This way, you will be better prepared and more comfortable, having already met or at least spoken with them beforehand. Once you meet for the presentation, you will have already broken the ice, making you more at ease for your presentation.
Try and get a referral.
Referrals and recommendations mean a great deal when it comes to financing a small business. So if you know of an individual or small business that successfully got financing from the bank you are presenting to, ask for a recommendation. It will look better for you and give the bank more confidence as well.
Practice your presentation.
Make sure you have an outline and practice your presentation so you know exactly what to include, how to stay focused, and how to stay within your time frame. As a general rule, it's a good idea to keep your meeting to no more than an hour.
Be concise, direct, and enthusiastic.
It's important that you get right to your presentation (another reason why it is a good idea to speak with the people beforehand.) Be enthusiastic and optimistic as well, to show those you're presenting to that you are eager to begin and confident your business will do well. Use real-life examples instead of projections as much as you can.
While it can be intimidating, making a presentation to the bank is necessary if you are trying to obtain funds for your small business. The above tips will help you to do your best.