We know that making pitches to potential investors or customers can be nerve-wracking, so here are seven tips to help you get prepared:
- Know your numbers. Familiarize yourself with the basics: things like yearly sales (volume and dollar amount), cash flow projection and net worth.
- Know your business. You should be able to describe your business model, explain what unique need your small business fills, who your competition is and your marketing and sales plan – to name a few.
- Research your potential investor or customer so you can speak accurately to what they’re looking for – and so you know what issues may arise.
- Act natural! Pitching your business is certainly something that can feel intimidating. But be professional, friendly and try to relax! Your investors are looking for someone great to work with as well as a great business to invest in.
- 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 five minutes to make a pitch, or you might have 30 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 being pitched to, what questions would you ask? Make a list of these questions to help you become better prepared.
What materials should you have when pitching your business to investors? Check out our blog post here to find out!