I finished a meeting with a potential investor at 1:06 am early today. During the meeting, our discussion revolved around the following three factors:
1. Cost. What’s the cost of your product? Have you consider the ROI? What’s your profit margins? These questions are usually bundled together.
2. Position. How do you position your products? What’s your target market? Who are your competitors? In real time, these questions are wrapped in another form of questions, for example, the investor might ask “ABK’s products are seen in woolies and selling at xxx, do you see your products selling in the same place?” The surface question is that where are you going to sell your product, but a deeper question is do you see ABK your competitor? If yes, what are your competitive advantage? If no, where do you position yourself, a range higher than ABK, lower than ABK? How do you reach your potential clients?
3. Sales channels. Who will buy your products at what time and in what settings? If you are selling online, how do you gain traction and more importantly, how do you monétise it? Show your vision and back it up with data, if you have any. If you don’t, convince your investor why you think it will work.
I am exhausted, but look up to the bright side, this is a terrific experience on the way to reaching my goal.
Good luck to you, my fellow enterpreneurs. And you are more than welcome to leave me a message to tell me how’d your one go.
Irene Tan 