Envestors Registration Phase: Tips for Answering Registration Questions

Tips for Answering Registration Questions

At this registration stage, you will be asked the following questions regarding your business idea:

• Explain what problem your business is solving
• Explain how your business offers something unique to the UK
• What skills and experience do you have that will help run this business?
• Resume
• What traction have you achieved so far?
• What is the growth strategy for the business and what jobs do you anticipate you will create within the first 3-years?
• What makes your business scalable?
• What is the estimated budget to launch this business in the UK?
• What capital/funding do you have available within the first 12-months?

Tip 1: Dive into Their Mindset

First things first, let's crack what the endorsers are really after: innovation, scalability, and viability. They're scouting for the future stars of the UK's business scene - innovations that scale, thrive, and basically, make them look good for picking you. Think big, aim high, and show them you're the next big thing they don't want to miss out on!

Tip 2: Be Specific

We often hear from clients bursting with enthusiasm, dreaming big, like wanting to "revolutionise the food industry with a platform connecting food lovers and restaurants." Sounds epic, right?

However, when we dig deeper, it gets fuzzy. They struggle to pinpoint exactly which part of the food industry they'll transform or how they'll pull it off. Plus, it's a crowded space—loads of apps and sites already link diners and eateries. So, the million-dollar question is, what sets this idea apart? What's the secret sauce that makes it stand out from the rest? What specific problem you are solving? Is it about improving discovery, reservation, delivery, dietary needs, or something else?

Tip 3: Do your Homework

When it comes to market research, surface-level browsing just won't cut it. The endorsing bodies are on the lookout for proposals that demonstrate thorough, in-depth analysis. 

Let's put it into perspective: imagine you're proposing a new tech solution designed to streamline online grocery shopping.

Here's how you make your research stand out:

• Use Specific Data Points: "Our analysis shows that the online grocery shopping market is expected to grow by 20% annually over the next five years, according to a 2023 report from MarketInsights Inc. This growth is driven by increasing consumer demand for convenience and the expansion of internet penetration rates."
• Name Your Competitors and Differentiate: "While major players like Instacart and Amazon Fresh dominate the market, our platform introduces AI-based personalised shopping lists, significantly reducing shopping time by 30% compared to our competitors."

By weaving in precise numbers, citing reputable sources, and detailing the unique aspects of your technology and team, you not only demonstrate thorough research but also build a compelling, credible case for your business idea. This level of detail shows the endorsing bodies you're serious, prepared, and ready to make a significant impact.

Tip 4: Get some Traction first

At Salmo, we meet many entrepreneurs who are just beginning to flesh out their ideas, and a common concern is how to demonstrate traction. Our take?  There's more you can do to validate your idea than you might think. Traction isn't just about sales numbers; it's about proving there's a real hunger for what you're cooking up. And yes, even at the idea phase, you can start gathering proof that your concept has legs.

Here are a few ideas:

• Engage Early, Engage Often: Dive into your target market with enthusiasm. Start conversations, engage on social media, or participate in forums related to your industry. This isn't just about spreading the word; it's about listening, learning, and iterating based on real feedback. Our clients have found this approach invaluable for refining their value proposition.
• Conduct Surveys That Matter: With tools like Google Forms or SurveyMonkey, you can launch targeted surveys to gauge interest, uncover pain points, and validate the demand for your solution. 
• Build and Test Prototypes: Even a simple prototype can speak volumes about your commitment and the feasibility of your idea. It's a tangible way to show potential customers, and endorsers, that you're serious. 

Let’s compare the following two statements:

“We don't have traction yet but we believe there's a real need for our product because a lot of people seem unhappy with what's currently available. We think our app could really change things by offering something a bit different. We're confident it will do well in the market.”

versus…

"Our market validation exercise revealed that 75% of surveyed customers expressed dissatisfaction with current market offerings, citing a lack of personalization. Our solution targets this gap, aiming to capture 10% of the market share within the first two years, translating to an estimated revenue of £5 million."

I think you get what we are trying to say. 

At Salmo, we've got our fingers on the pulse of what the Home Office is scouting for in applicants. With that insight, we tailor your responses to shine a spotlight on your idea. It's not just about fitting a mould; it's about showcasing how your vision aligns perfectly with what they're seeking. We're in the business of fine-tuning your narrative, making sure your application not only ticks all the boxes but also tells a compelling story that sets you apart.