A 10-point checklist to consider before meeting investors for funding

You're about to start your company, but to do that, you need capital, and you can't put up all the money alone. Before you go out looking for funding or investors, make sure you satisfy the requirements on this Starta-inspired 10-point checklist:

1. Market Research.

Market research is the verifiable data that shows the need for, and viability of, your idea. Your idea may be good in theory but without market research, there is no real numerical backing. To get this data, may need have to pay, or do it yourself, but you need it if you want to prove your worth to an investor.

2. Financial models.

Naturally, these should be a part of your business plan, but some investors require a certain level of detail. You'll need spreadsheets of projected costs, sales and revenue, profit margins, growth rates and all that kind of stuff. This will be proof that your business can actually make some moolah.

3. One, three, and five-year plans.

building your business from the start should not be your only focus, You'll need to map out your projected growth over the course of the first year, the first three years and the first five years. A majority of investors usually look for a long-term angle before committing.

4. Potential customers.

Market research will point out a theoretical customer base for your business, but potential customers will further solidify your point. Investors will be much more interested in working with you if you can acquire at least a couple testimonials from a prototypical customer or major client willing to bet on your idea.

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5. Real ability.

The first stages of development and business growth are not going to be a walk in the park and you have to be capable of handling it personally. If you some experience in the industry, all well and good. If not, then you may need to undergo training or seek help from other resources.

6. Consider the right kind of funding.

Business loans, VCs, angel investors and crowdfunding are some of the many funding types out there. You have to weigh the advantages and disadvantages of each before you decide which to pursue.

7. Create your pitch deck.

Whoever you are approaching from investment - angel investors, your parents, or potential crowdfunding backers - you'll need a compelling presentation to get people as interested in your idea as you are.

8. Identify a break-even point.

Launching a startup and getting successful is an exciting process but you can still go down if you don't identify a break-even point. How long do you need to work on, or develop, your product or service before you get to the point where you are no longer in the red? It could take years: Konga has not achieved break-even yet.

9. Figure out your production estimates.

It is critical you know just how much your startup will actually cost, beginning with your production estimates. Can you produce a product, say software, yourself? Or do you need to outsource that? If you will need outside help for anything, you will have to factor in those costs to figure out your funding needs.

10. Understand your talents and limitations.

Even if you have an idea that can scale to the size of a Fortune 500 company like Apple or Google, you will considerable amounts of persistence, motivation, and willingness to do the hard work needed. Take inventory of what you are good at, and what you need help with.

There is other stuff you should consider before you go looking for funding but these points listed above will definitely get you in the door. Go change the world!