The thumbnail version:
- We’re in times where capital may be needed
- It’s hard to raise capital
- A pitch deck is one way to get a foot in the door
The full version:
Raising money for the shop can be really tough. And it’s particularly tough right now after almost a year of COVID-19 rotating shut-downs and lost sales. So here’s some advice from Courier that you should consider if your plan is to raise investment capital—start with a pitch deck.
I think it’s a good start to raising capital, large sums or modest sums, and from any source. It’s even a good idea for nailing down a clear overview of your business in your own mind even if you’re not anticipating raising capital at this time.
So what is a pitch deck? It’s a visually-compelling, succinct presentation that tells the story of your business at a high level of overview. It explains why your business is worth investing in. It’s not all you’ll need to seal an investment deal, but it’s a door opener. It should consist of about a dozen slides, each addressing a single, clear point in the telling of the story of your shop.
Here are some indicators to underscore why it has to be “visually-compelling and succinct”:
- “If you can’t get an investor’s attention in 3 minutes, you’re going to have a lot of trouble getting a customer’s attention in that same time.” – M. Vernal.
- “Investors spend on average three minutes and 44 seconds looking at a pitch deck” – From a study by DocSend.
- “The number one question your pitch deck needs to answer is what problem your business is focusing on, why it needs to be addressed and how your business or product is the solution. However you tell the story of your business, it’s the problem you’re solving that needs to be addressed.” – Courier
With regard to the last bullet point above, the ecological impact of non-organic clothing items would be an example.