The ones for whom passion, creativity and freedom are important, are the ones who would rather start up and live their dreams than slog in nine to five jobs (hey it’s no more ‘nine to five’). These start up entrepreneurs have the energy and desire to contribute to the world. Though the idea of having your start-up may be quite exuberating – your own brain child, success, fame, dollar value, etc., but the ground reality is quite different. It takes sleepless nights, over working, firefighting, stress – physical, mental, financial for some initial years before the start up takes off. Here is a curated list of suggestions that prepare the Startup Entrepreneurs to avoid failures and minimize their risks to come up as successful businessmen:
1. Money should not be the ultimate goal
We are not saying that money should not be the goal. Of course, it is important for businesses to be viable. Most important objective of the business is rather in answering what value is it providing and how it plans to do that. Focusing on money can be misleading and potentially drift the startup owner to drift away from the plan given the financial struggle one may face. An entrepreneur by constantly focusing on the value proposition will not only develop your clientele in the long run which would increase revenues too.
2. Use Freedom Wisely
Freedom from the boss who breathes down your neck, now one is answerable to oneself. But it is a bigger responsibility. Freedom to work for any number of hours and from any location, is such a respite. This so-called freedom must be coupled with daily goals or else it would result in loss of the productivity. There are very good productivity apps to aid the working. As a start-up entrepreneur, one’s venture is a clean slate and how one pulls the reigns will decide the future of the start-up. Have a plan and execute it. Delegate proper work to the employees and see it gets finished on time. Procrastination SHOULD NOT BE part of an entrepreneur’s dictionary if he/she wants to achieve and establish credibility in the market
3. Growth Mindset
A Startup entrepreneur must assign a dollar value to his products & services and a growth plan for 1, 2, and 5 years right before he even starts. In addition, an entrepreneur who wants to grow should be open to new suggestions and ideas from his team, must be willing learn from others and his own mistakes and use different methods to make his products or services better over the period of time.
4. Creativity driven
A Startup entrepreneur is bombarded with different sorts of challenges and requirements. Unless one is creative enough to solve the problem even though it may mean designing impossible candies like Willy Wonka it is fair enough to survive the startup game. No no, one can’t afford to relax with the current success, it will get one complacent. Rather be creative and be proactive by improvising existing products and come with new ideas. A successful businessperson who is able to offer something new to the market will keep consumers happy and competitors on toes.
5. Brand building
The moment the market starts recognizing the brand, it means the startup has done a good job in establishing the brand. But, bigger question is how the startup wants the market to perceive its brand and for how long it remembers. Today, brand building of the start-up begins with the brand building of the entrepreneur himself. The name of the start-up and the name of the products must be unique and catchy to impress investors and clients. As an entrepreneur, you must be prim and proper in appearance for every meeting.
6. Prepared for instability
A job means security and stable income but for an
entrepreneur, it’s more about instability than about security and stability.
There would be highs and lows on his way of turning a startup idea into a big
successful business. There will be days when there will be operational hurdles,
market fall, and loss of investors or customers etc. Always be prepared for
revamping your business strategies to deal with the uncertainties of the
market. Your strategies must be in accordance with present market situations.
7. Plan – B
Having a plan B may prove as a big savior in the face of
uncertainty and challenges. A Startup Entrepreneur should develop alternative
offerings whether within the existing startup or a separate idea as a rescue
plan or something to fall back upon because the one thing that everyone can
related with is that we all are prone to failures when we are trying to do
something new and a startup idea is always a new thing unless it becomes a
successful business or a big brand.
8. Regular market research
A market research to start with, helps one know the customer better, who they are, what they want, what they like or don’t like, gives the right basis to build the business upon. Unfortunately, many entrepreneurs startup based on their capabilities and gut feeling. That’s ok. But, matching up with the real market research gives the true picture. Now the entrepreneur can build up on the accurate foundation, target the right customer, market the right way. Once the business starts rolling, startups should conduct regular market surveys to understand customer satisfaction and to improvise product and services.
This checklist will assist a startup entrepreneur to prepare for the success while working on these points to avoid mistakes and walk on the road of one’s dream venture. On the other hand there are times when failures are sure to come as in case you are trying to achieve something big. And if, failure does happen, remember that failure is just a stepping stone to success so, one must not take failure to one’s heart and get demotivated. Instead, entrepreneurship is all about learning from the failures and build a strong base for your dreams.
The concept of an online grocery
store was based on the idea of making the life of people easy and comfortable.
Shopping for grocery item is a routine job. It is something which people do to
fulfill their household needs. Hence, came the concept of online grocery. Many
local, as well as international players, came up with their websites and apps.
Even though grocery items constitute daily need items, still the online grocery stores are lagging behind as compared to other e-commerce businesses. Many online grocery stores did show tremendous growth in their start-up years, but with time, these stores failed to achieve set goals and started showing losses. Many big names like Grofers, e-grocers, Peppertap, etc. are either shutting down their businesses in various cities or planning to quits in 2019. Now the question arises “Why grocery stores fail in India?” What are the Challenges faced by Online Grocery Store?
Below are the Challenges faced by Online Grocery Store in
Buying grocery is a social
experience: Buying grocery used to be a social event where families go to the
market or a supermarket and buy their daily, weekly or monthly grocery needs.
Many people enjoy browsing through those aisles of the supermarket and picking
up the brands of their own choice.
Similar is the case of fruits and
vegetables. Many people love to buy their fruit and vegetable in the
traditional way as they can check each and every piece for its freshness.
However, one neither smell the freshness of fruits and vegetable nor can check
them physically. Among Convincing people about the freshness of the grocery
items is one of the major Challenges faced by Online Grocery Store.
There are many Challenges faced by Online Grocery Store. One of them is the buyer’s reluctance to pay delivery charges. Most of the online grocery stores are giving facility of free delivery only when the customer places an order as per the limit set by them. This minimum order limit varies from website to website. In some it may be Rs 500, in others, free delivery service may start at the purchase of Rs 1000.
In most cases, a customer needs to
pay delivery charges on order of small amounts. Buyers keep on switching from
one website to another till they find a grocery website which charges a minimum
Difficulty in reaching small towns
Among various Challenges faced by
Online Grocery Store reaching the people in small towns is the most difficult
one. Most of the small cities in India have their own local markets. Everyone
knows everyone in a small town. Hence, they are just like one big family.
People love going to market and buy their own groceries as it gives them the
opportunity to meet other people. Small towns are free from traffic, that
another reason that people are not afraid of going to their local markets.
Above all this, at local markets, people can do bargain with shopkeepers.
Hence, convincing them to shop online
for their grocery is one of the main problems for online grocery startups.
No matter whatever the business, the
main motto of any business is to earn a profit. Online grocery retailers work
on a very thin margin of 5-7%. Making profits with these thin margin is one of
the most difficult among all the Challenges faced by Online Grocery Store.
Orders qualifying free delivery criteria further increase issues related to
profit-making as the online retail store loses their delivery charge amount.
More focus on horizontal expansions
Online grocery retailing is very
competitive. Hence, many online grocery startups start focussing on expanding
their services to various cities. However, these horizontal expansions create
various problems for online grocery startups like exhausting their VC money,
etc. As a result in many cases, online grocery startups end up withdrawing
services with time. Sustaining competition and running a business in various
cities are some other major Challenges faced by Online Grocery Store.
Housewives are less tech-savvy:
Sometimes the solution itself becomes a problem. Shopping grocery online aim at
saving people’s time and effort of going to market and shop for their daily
needs items. Well, most of the grocery shopping is done by housewives. Not all
the housewives are tech savvy. For many housewives, apps and online grocery
shopping is an alien concept.
Moreover, browsing through various
sites and comparing prices doesn’t excite them. They prefer going to the market
and do their shopping. Moreover, many housewives prefer bargaining over
comparing prices on the internet. Among various Challenges faced by Online
Grocery Store, attracting these housewives is the main issue.
Availability of preferable grocery item at the time of
logistics and managing stocks for
such a wide variety of grocery goods are other major Challenges faced by Online
Grocery Store. Online retail grocery stores act as one large supermarket where
the buyer can find numerous brands for one single grocery item. Most of the
people are quite particular about their brand preference as far as their daily
need items are concerned. Hence, when buyers fail to find their preferred brand
or the grocery item they are looking for runs out of stock, it’s their local
market which comes to their rescue.
Inability to master inventory management
Some of the online grocery startups
follow the inventory-led business model. Under this model, the companies
maintain their own inventories. This does provide them with various benefits as
the company has complete control over managing stocks as well as its movement.
However, the major drawback in managing a warehouse is its rental cost. The
company needs to have a good financial backup to deal with the cost associated
with warehouses and cold storages.
Infrastructure is another important
factor on the list of Challenges faced by Online Grocery Store. Different
online retail startups adopt different business models. Some online retail
shops have tie-ups with local grocery retailers, and some have their own stores
to take care of the grocery needs of their customers. Companies with their own
stores need to have a huge capital. Expenditures like the rent of shops,
maintenance of shops, cost incurred for transportation and other logistic
related costs, together consume a major part of the revenue earned. Hence in
many cases failure to manage infrastructure turns out to be the major reason
behind why grocery stores fail.
Online grocery market is highly
competition driven. Among all the Challenges faced by Online Grocery Store,
preventing customers from switching to the competitor’s website is the most
crucial challenge. With so many options
available on the internet customer enjoys the benefits of browsing through
various websites and select the product from a website which gives maximum
benefits. Hence, staying ahead of the competition is very important for any
online grocery startups. Online grocery stores need to keep a close watch on
their competitor’s each and every move.
Another issue faced by online grocery
stores is that they face the competition from both other online retailers as
well as the retailers of local grocery shops. After all, a vegetable and fruit
hawker also give door to door delivery. Surviving in such a competitive market
is not an easy task. One has to keep on working on new and innovative ideas to
attract new customers and retain their existing customers.
Freshness and quality of vegetables and fruits
Everyone wants to buy fruits and
vegetable which are fresh. Different people have different ways to check the
freshness of vegetables and fruits. Some check it by smelling, others may look
it closely to see if it’s fresh or not and some may even prick them. People are
quite selective for their vegetables. They do all the checks
before purchasing them.
In case of online purchase, there is
no way to check the quality at the time of placing an order. Hence, issues like
delivering rotten vegetables or late delivery cause dissatisfaction among
buyers. This may further lead customers to go back to their traditional
shopping methods. Hence, delivering what has been promised is another major
difficulty that makeup to the list of Challenges faced by Online Grocery Store.
Huge marketing expenses
Two of the biggest Challenges faced by
Online Grocery Store are
Convincing shoppers to shift from
their traditional way of buying grocery to the new, modern and advanced way of
Providing the best service possible
while taking care of customer satisfaction.
To overcome the above-mentioned
difficulties faced by online grocery startups, online grocery needs to spend a
lot of money on marketing and promotional activities. These expenditures are
added to total expenditures, and sometimes, the situation goes out of the hand.
Expenditure to attract customers exceeds so much that it turns profits into
Some online grocery stores even
offered money to local retailers in order to have collaboration with them.
Whereas others spend money on hiring famous celebrities for promoting their
brand, for example, Big Basket hired Bollywood megastar Shahrukh Khan as their
brand ambassador. These additional expenditures further reduced their profits.
Another major problem faced by online grocery stores in India is to earn customer loyalty. To overcome loyalty related issues online grocery companies give various offers and discounts to their customers. However, the customer has become much smarter. Buyers browse through various sites and compare the discounts offered by these sites. Finally, they buy the product from the grocery retailer which give them the best offer.
Offers and discounts turn out to be a
temporary solution. Companies do succeed in getting the customer’s attention by
giving a various offer, but it does not provide any permanent solution as most
of the customers keep on shifting from one site to another. There is no
customer stability in case of online grocery shopping. Hence, gaining customer
loyalty has become the most challenging job for online grocery stores.
Difficulty in keeping up with buyer’s product preferences
Online grocery retailers cater to a much larger customer base as compare to any local grocery retailer. Different people have different taste and preferences. For example, some prefer organic pulses over normal pulses, etc. In fact, different customers prefer different product within the product category of the same brand, example some prefer Colgate sensitive whereas others prefer Colgate total.
Even these preferences are not stable
they keep on changing.
The term grocery is an umbrella for various kinds of household and kitchen related items which in itself forms an exhaustive list. Within this list, there are thousands of products, and for each product, there are numerous varieties available in the market. Hence among various Challenges faced by Online Grocery Store, keeping up to customer’s choice and preferences is very difficult. Till the time, the online grocery store keeps on fulfilling the buyer’s needs, and requirements there won’t be an issue. But, one small mistake and the customer will not think twice and shift to another website.
Issues related to training and operations
Other Challenges faced by Online
Grocery Store are:
Recruitment of delivery staff and their training
Issues related to logistics
Managing and handling cash
Handling perishable food items
Appropriate handling of returned products.
Change is always welcomed with a
little bit of resistance. People take time to get adjusted to new technology.
Similar is the case with online grocery stores. The concept was developed on
the basis that people would be ready to pay a little bit extra if their regular
grocery needs are delivered at their doorstep. Well, in reality, the situation
turned out to be totally different from what was expected. With the
availability of so many options, buyers want to buy grocery from stores which
promises them goods at the most reasonable price that too with other additional
services like offers, free delivery, and even cash back.
There is no doubt that the road to success is not easy for any online grocery retailer. As discussed above, there are numerous Challenges faced by Online Grocery Store. However, the idea of online grocery shopping has met with both denials as well as acceptance by the people. Some shoppers welcomed this concept as it suits their lifestyle whereas others still prefer the old traditional way of buying their daily need items from local markets.
items form a basic necessity for every family. They constitute daily need items
which need to be purchased on a daily, weekly or monthly basis. Today, everyone
is living a fast and demanding lifestyle. Sometimes, regular shopping for daily
chore items becomes difficult.
There was a time when people wished that someone rotate a magic wand and their grocery items just appear on their doorstep. Well, it seems like someone has read our minds. “Ta-da” now the grocery items are available on our fingertips. Online grocery shops in India has made our life much more comfortable. Grocery start-ups in India have turned out to be a blessing for many families, especially where both the partners are working and hardly get time to go to the market.
took their time to accept the whole idea of online grocery shopping. They
preferred going to market and hop from shop to shop to get their grocery items.
Well, with the passage of time people realized, order groceries online save
their time, effort and money that too without compromising on the quality.
Benefits of Purchasing Grocery from The Online Grocery
All kinds of grocery items
available on a single platform.
Lower rates as compared to
traditional retail outlets.
Delivery at the doorstep.
Availability of discounts and other
Various modes of payment options.
Saves time and effort.
The order can be given anytime and
10 Best Grocery Startups In India Of 2019
One of the biggest online supermarkets for online groceries. Big Basket is one of the best Grocery Startups In India. This online grocery store offers more than 14,000 products to its potential customers. Customers can buy fresh fruits and vegetables, dairy products, frozen food items, personal care products, staples, spices, and other grocery items. Customers can buy products by ordering on the website as well as via mobile app.
guarantees high-quality products at the most reasonable prices. Same day
delivery is another important feature.
services are available in Delhi, Mumbai, Pune, Hyderabad, Bengaluru, Mysore,
Another famous online grocery shops in India is ZopNow.com. The company deals with more than 25000 products. This grocery store offers a wide variety of online groceries including fruits and vegetables, sauces and pickles, sweets, cookies and biscuits, home care and beauty care products, frozen foods, parenting products, and other kitchen and home products.
On-time and free delivery are the main attraction of this online grocery store. ZopNow offers its customers one of a kind experience. With ZopNow, customers can record their product preferences and save a cart. This would give them a bespoke grocery shopping experience. ZopNow never disappoints its customers in terms of discounts and offers.
services in Delhi and its NCR regions including Gurgaon, Ghaziabad, Noida, and
Faridabad. Other cities covered under ZopNow are Hyderabad, Bengaluru, Mumbai,
Nature’s Basket is one of the Grocery Startups In India which has been started by the famous Godrej Group. Just like their other ventures, Godrej group’s online grocery store offers the best quality products to their customer. This basket offers the best quality grocery items from various parts of the world to its customers. Cheese from France and Italy, spices from various parts of Asia, Mediterranean oils, Organic supplies from India, famous tea of India, Europe’s salami and ham and exotic vinegar.
The app is
designed to cater to the various needs of its customers. This online store
offers more than 15000 products including exotic vegetables, weight management
food items, fresh bread and patisserie, and instant meals. As most of the
products available on Nature’s basket are imported it limits the choice as far
as the brand name is concerned.
provides its services all over India.
is another growing Grocery Startups In India which offers fresh farm products
including fruits and vegetables. The company offers high-quality bakery
products, dairy items, beverages, international food items, and other organic
products. This online grocery store is known for providing high-quality
products at reasonable prices.
For anyone who is looking for an alternative for traditional grocery shops and fruits and vegetable hawkers then, aramshop.com is an excellent option to look for. Besides being reliable, this grocery store is known for its fast delivery services. Once a customer places an order, the delivery is made within a few hours.
wide product range of over 20,000 quality products Naturally Yours is one of
the most prominent Grocery Startups In India. It’s a customer focussed online
grocery store which enables services to the customers anywhere and anytime. Its
product line includes organic food and cosmetic items, ayurvedic products,
seeds and nuts, supplements, premium quality essential oils, etc.
grocery store covers Delhi, Gurgaon, Noida, Ghaziabad, Hyderabad, Pune and
Mumbai. To make shopping convenient for the customers, Local Banya offers three
subscription plans for the duration over 3, 6 and 12 months. Besides daily
grocery items, beauty, and household products, fresh fruits and vegetables,
snacks, health food, sauces and condiments, and stationery items. Local Banya
offers exciting offers to its customers.
Grofers is the right choice for people who prefer local stores over other sources. Grofers allow buyers to select their grocery items from the stores within a radius of 6km of their place. Besides basic grocery items, the customer can order flowers, pet care products, baby care products, and cosmetics. The delivery is made within just 80 minutes. This app turns out to be a local online grocery store for its buyers. The delivery is made in eco-friendly bags.
covered: Delhi and NCR, Agra, Jaipur, Chandigarh, Indore, Kanpur, Bengaluru,
Chennai, Hyderabad, Ahmedabad, Vadodara, Surat, Kolkata, Nagpur, Pune and
in Mumbai, who wants to purchase premium quality exotic or imported fruits and
vegetables, pickles and sauces, organic and herbal items, non-veg food items
and staples and grocery, Eemli proves to be a very good option.
Reliance Fresh Direct
Fresh is a well-known name in the retail grocery with stores available all over
India. Its online grocery store is the extension of its
retail branches. Reliance Fresh Direct offers a wide variety of grocery items
and the best quality products at reasonable prices to its customers.
numerous Grocery Startups In India. All these grocery stores have converted
internet into a big supermarket where the customer can buy the grocery items
with just a click, and the delivery is done at their doorsteps — an easy and
convenient way of shopping.
Software as a service or SAAS companies provides software and other applications to various companies or other customers. Most of the SAAS companies follow the subscription model. SAAS startups in India are showing enormous growth with every passing year. The market of SAAS startups in India is quite strong and competitive. Demand for SAAS products is increasing among various industries including e-commerce, healthcare, and BFSI. Almost all the successful businesses in these sectors use SAAS products. In the past few years, the demand for Indian SaaS products has increased in the global markets as well.
One company which holds a very strong position in the list of SaaS companies is Agile CRM. The company provides service, marketing, and sales automation in a single platform. With its numerous features, it turns out to be All-in-One CRM for various small and medium-sized businesses. The product offered by the company is simple and is quite economical. Some of the important features of the SaaS product offered by the company are:
The products of capillary technologies use modern technologies like AI and Machine Learning. This integration not only helps the users to get a deep understanding of the buyers but also keep them one step ahead of their competitors. It provides omnichannel solutions and personalized loyalty programs.
Founded in 2011, this SaaS company has shown tremendous growth in the SaaS market. It is ranked among the top few fastest growing SaaS Startups in India. www.BuildaBazaar.Com form one of the largest e-commerce platforms in India. It provides services including:
Online store building.’
Excellent customer service
Mobile responsive sites
The services provided by BuildaBazaar are used by various businesses irrespective of their size.
Chargebee is a Chennai based SaaS company. It is a PCI Level 1 certified. It is an online subscription management platform with the automated recurring billing system. The system work for more than 30 payment gateways all over the world. Some of the services provided by these SaaS Startups in India include:
As the name suggests it is a cloud-based software which helps in hotel management operations. It helps in managing hotel operations in an optimized way. This system helps in maximizing revenue by driving more booking and increasing market reach. It also provides solutions related to online distribution and property management.
This SaaS company has become quite popular among companies who are looking for developers. HackerRank has changed the entire scenario of recruiting programmers. This SaaS system provides a platform where companies can recruit programmers on the basis of their coding skills. With the help of these companies are able to build strong engineering teams without undergoing traditional recruitment approach through resumes. It is considered as one of the most popular SaaS Startups in India. This system is used by more than 1000 businesses all over the World.
It is a cloud-based platform. This system has a global demand and is used for SMS and voice calls. This SaaS business was founded in the year 2011. Services provided by this system include:
Next business that makes to the list of SaaS Startups in India is Zoho. This SaaS organization is there in the market since 1996. The company offers more than 33 software which helps the users to grow their business. The company has a user base of more than 20 million. Based in Chennai, Zoho offers software related to the field of sales and marketing, recruitment, finance, support, and collaboration.
Edvento.com provides a test preparatory platform. Smart online tutors of Edvento help the test takers in improving their scores on standardized tests. As it’s a web-based system, test takers enjoy the freedom of learning as per their schedule. The site offers pre-recorded learning sessions and practice sessions.
This SaaS system provides a technical platform to its users. It provides customized URL shortener. This helps in creating, sharing and tracking the short links. It helps its users in the branding of their domain by improving brand recall, marketing ROI and click-through rates. This system focuses on data visualization and data analytics.
Based in Delhi-NCR, this company specializes in:
Online Video Analytics
Online Video Marketing
It is one of the most popular e-commerce product discovery platforms. This is used in around 40 countries, and over 1200 websites use this platform. Some of the e-commerce websites which uses Unbxd are FreshDirect, Ashley, HomeStore, and Express. This platform uses advanced data sciences to connects buyers to the products on the basis of their preferences. It helps the websites in increasing their sales.
Social media platforms have become an important platform to attract buyers. SocialAppsHQ deals with managing these social media platforms for marketing SMB’s and brands and became one of the SaaS Startups in India. It aims at brand positioning, customer satisfaction, getting the market insights and analyzing campaign performance. Services provided by this system includes
It’s a cloud-based integration system which acts as a connector for various popular SaaS Software and apps. Some of the popular SaaS systems for which Kloud connectors are ready to use includes Xero, CRM, Zoho, Shopify, Constant Contact, etc.
This is another Chennai based SaaS company. This system helps companies in their supply chain management. The services provided by this SaaS business are Cloud computing, Logistics, and Supply Chain, trucking, Connected Devices, and transportation.
This system provides a platform for managing marketing operations. It allows businesses to analyze customer data across various databases and sync the data. This system allows tracking and syncing customer’s data without writing any code to other marketing, ads or analytic platforms.
This system helps in managing desk ticketing. This ticket managing software helps in getting faster responses, tracking and providing best customer service.
This system deals with facility management. It is used for managing building operations, sustainability, and maintenance.
If you own a business, then you will meet many investors who will provide you with the decent funding so that you can easily carry out different processes in feasible manners like marketing, productivity, hiring, development, communication and R&D and many other things related to your business. Communicating correctly with the investor is very important because you need to impress them and at the same time, you will have to convince them by providing enough proof regarding why we should invest in your business. It is essential to learn How to communicate with investors.
Several businessmen are lacking solid understanding related to convincing the investors. Investors are very important for a business as they will provide you with financial stability so that you can work with passion and build your own legacy. If you want to initiate an effective communication with your investor, then you should be following certain tips that are elaborated in the further part of this topic.
Scheduling meetings is one of the first things that are not negotiable. It is very important to schedule your time and make enough days vacant so that you can meet with your investors. You can definitely opt for the quarterly meetings if your business already has a strong foothold, but if you are an entrepreneur, then you will have to schedule more meetings. You must hold meetings every 6 weeks in order to provide proper information to the investor and get feedback from them. Ensure that you are scheduling in person and virtual meetings as well. Do not think that you are over-communicating because communicating is very important because investors are going to provide you with their money and they are going to trust you with that, so they will be expecting transparency from your side. You should have a clear idea on How to communicate with investors.
Answer all the queries
It is quite expected that the investors will be having several queries in their mind. It is very important to answer all of them thoroughly and completely without providing improper information related to any question. If they are asking questions to you, then it indicates that they are interested in investing in your company. Moreover, by analyzing their questions, you will be able to pick out the perfect points where you will have to focus. It is crucial to be transparent with your investors and make them aware of every bit related to your business.
Ask the question
The series of question is not a one-way thing because communication is very important. It is also important for you to ask your investors several questions to make them understand that you are eagerly trying to learn about them and in this way, you will also be getting some mentoring and counselling from your investor. All the investors will be having a different type of approaching manner. Even if an investor is interested to help, but still you will have to provide them with enough reasons to do so apart from the profit that they are going to earn. By asking them questions, you will be developing enough knowledge on How to communicate with investors.
If your company is going through any issues then you should definitely aware the investors related to it. Not everyone will be considering the conference call to be convenient, but it is quite optimal because you will be able to talk to everyone properly over a phone call. Ensure that the conference call is not ending into any jumbled conversation. Always try to make a script before you are starting the conference call.
Different investors will have different approaches. Some of them will be looking into the numbers and see how much profit they are earning whereas other investors won’t even care to look at it. So always try to send reports every month to those investors who want to know the numbers. In this way, they will be able to get clarity regarding the money which they are investing and whether it is getting invested in the right way or not.
In the world of digitalization how can we forget the social media? You can use social media to get investors who are interested in investing in your company. Not everyone will appreciate the concept of communication-related to investment on the social media but many investors are definitely having some positive attitude towards the social media, and that is why they are using it for finding a proper place to invest their money. Utilize different ways to approach them and learn How to communicate with investors.
Apart from all those meetings and quarterly reports you can also call your investor and talk to each of them to learn about their personal feedback. You can just make a call and talk to them related to the numbers that the business is making every month and provide them with a brief update. You can also ask for some advice. In this way, you will also be able to learn whether they are having any queries related to their investment. So, know How to communicate with investors.
If you want to find more trusted investor then you can use the mutual connections through friends or social media. Moreover, when another person is recommending you then chances of convincing the investor to invest in your company and receiving positive response increases.
Communication is important but do not waste the time of yours by providing them with unnecessary information. Do your homework properly. The investor will have proper knowledge regarding the niche market where he wants to invest. Always try to focus on the topic of what you are trying to do and the types of opportunities that you are going to provide to the investor.
If you are an entrepreneur, then you may find talking to your investors quite daunting, but even if it is daunting, still you will have to do it efficiently. Investors will have several businesses where they can invest so if you want a particular investor to invest in your company then you will need to input more effectively. The entire article is focusing on How to communicate with investors.