It’s time for the five Dragon’s to take their seats as the first episode of the new series of BBC’s Dragon’s Den is set to air tomorrow evening. Going into its 12th series, Deborah Meaden, Peter Jones, Duncan Bannatyne, Kelly Hoppen MBE and Piers Linney will have the chance to invest in some of the freshest and most innovative business ideas in the UK today.
With the likes of Levi Roots securing £50,000 investment for his Reggae Reggae Sauce back in 2007 and The Wand Company wowing all five judges and causing a bidding war in 2010, we’re excited to see what’s in store for this series! In particular, what investment Duncan Bannatyne may make, considering he has announced his departure at the end of this series.
Presenting in front of strangers isn’t the easiest thing to do in the world, let alone pitching your business idea for investment which you’ve spent hours developing and perfecting. With this in mind, we thought we’d offer our tips to help you be prepared when the time may come!
1. Many pitches are given a limited amount of time; Make sure you include the most important points about your business by creating a clear and concise pitch.
2. Knowledge is power. Demonstrate in your pitch that you understand your market and customer but don’t use field specific language as you may come across as a know it all and baffle investors at the same time.
3. Take your time when getting ready before the pitch. If you look good, you’ll feel good and therefore be more confident within yourself when pitching your business.
4. Look at your business from an investors point of view, identify if there are any flaws they may pinpoint and consider what questions might be asked about your business.
5. Practice, practice, practice! Find a friend or family member you can trust to give you honest feedback. Practice your pitch in front of them with enough to time before the pitch to make relevant adjustments.
6. Finally, just be yourself and be honest. Some people want to invest in the person as well as the idea.
If you need some advice about funding your start-up and pitching, drop into our start-up surgery.