We know that preparing to pitch to potential investors can make your head spin, so here are seven tips to help you start things off more confidently:
- Know your numbers. You don’t have to know everything in detail, but you should familiarize yourself with the basics: things like yearly sales, cash flow projection and net worth.
- Be able to explain your business. Prepare to describe your business model, explain what market need your business satisfies, who your competition is, and your marketing and sales plan – to name a few.
- Research your potential investor. You should be able to speak accurately about what your market is looking for, and how you can give it to them.
- Act natural! Pitching feels intimidating. But be professional, friendly and try to relax! Your investors are looking for someone they want to work with.
- Practice in front of your business partners, trusted friends or family or even in front of your mirror. This will help you pinpoint strengths or missing pieces, and give you confidence if you need to go “off-script.”
- Be concise. You might have 20 minutes to make a pitch, or you might have 20 seconds. Prepare a few pitches of varying lengths that get the point across and sound compelling.
- Put yourself on the other side. If you were the one hearing the pitch, what would you ask? Write down these potential questions to help you become better prepared.
What materials should you have when pitching your business to investors? Find out here!