When you start a new business in Vietnam or anywhere in the world, you need to make investors and customers confident in your ideas. This means that before they invest in you or try your product or service, they will have to decide to buy something for which they lack experience or knowledge. Here are some tips to make your decision easier.
Make sure you can clearly articulate your ideas and prepare questions
Take some time to record your financial forecast
Before making a decision, please consider all investment and financial options
Seek professional advice
Imagine you are chatting with a stranger at a party and asking what you do. How do you make their business ideas as simple and understandable as possible?
Understand the key points that someone must accept to make a leap of faith, consider any assumptions you want them to make to make your idea successful, and fill in the gaps for them.
Discuss your ideas with a trusted team (such as YAXIN) and friends and ask for their honest opinions and any questions they have about its feasibility. This will help you establish reasonable answers to questions that investors may ask.
It is easier for people to understand your product or service, which is the next logical step in responding to changing consumer needs, expectations and habits. Rather than becoming something completely new on the market.
Confident but realistic
Support your own ideas. Tell your plan from the bottom of your heart, but don’t be confident about the success of changing your mind or your life. Customers and investors will also respond well to your optimism and vitality-but the latter requires your enthusiasm to match realism.
If you want an investment partner to be confident in your ideas, then please thoroughly understand your financial situation. You want them to be confident that their numbers and plans can be realized. You also want to set realistic assumptions for finances and have a good understanding of the market you are entering. This can be expressed in the form of cash flow forecasts or cash budgets.
Your investor audience
When you ask people to invest in your business ideas, it’s a good practice to study these people. Understand what they can offer other than investment funds. Also, know how much control you want to maintain over the business so you can understand their involvement.
If you want to raise start-up capital through means other than investors, there are many options. Our 6 ways to raise funds for business growth outlines some common ways to raise funds for startup and growth.
Your business experience
If you are someone who has run a successful business in the past, please have and share this experience and provide as much relevant data as possible. Investors may consider your proven skills and abilities when evaluating whether you need to transform a new business idea into a successful and profitable reality.
If you have trouble investing in Vietnam, please contact us: YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
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