Every entrepreneur knows how nerve-wracking it can be to pitch investors. Whether you’re looking for funding for a startup or an injection of cash to grow your existing business, you want to be sure that your message is being communicated effectively. For this reason we asked 13 successful entrepreneurs of the Young Entrepreneur Council (YEC) the following question:
What is your best tip for practicing your pitch with investors before the big meeting? Why is that important?
1. Research investors and their interests
A cookie cutter pitch is less work, but also less effective. Find out who to turn to, what they have invested in before, what personality they have and what values they have. Adjust your pitch to suit the audience. Keep it honest and authentic, but be strategic about the aspects of your business and plan that you want to highlight. – Corey Northcutt, Northcutt Enterprise SEO
2. Make mock presentations with family and friends
It is important to do mock presentations with family and friends to help solve the problems and improve your confidence. Encourage family and friends to ask meaningful questions and not hold back on objections or criticism. Another tip is to keep learning your product by heart and knowing your industry. This creates confidence in your knowledge of your particular product or service. – Kyle Michaud, exposure experience
3. Tell a compelling story
Remember that the most important thing to do when reaching out to investors is to tell a story. The most memorable (and therefore most successful) pitches that have stood on either side of the table as both an entrepreneur and an investor are based far more on telling a compelling story than on spreadsheets, forecasts, and projections. Numbers have their place but focus on telling a meaningful story first. – Matt Diggity, Diggity Marketing
4. Spend enough time rehearsing
Time matters. Just spend time rehearsing. Anyone who has the feeling that they can “inspire” it usually cannot, or they have enough life experience that can be translated. It all depends on the time and effort required to prepare. – James Guldan, Vision Tech Team
5. Record as you practice
When reaching out to investors, it is helpful to record your practice and then review. It will help you assess your body language, eye contact, and the general delivery of your message so you can change it up as you see fit. While practicing in front of someone helps, I prefer to record myself because I am my worst critic and want to make sure it is done right. – Stephanie Wells, impressive shapes
6. Cut it to the absolute core
Trim, trim, trim. Based on the feedback investors received during the pitchings, once you think your pitch is ready, do at least three additional passes to narrow it down to the absolute core product, core vision, and core market. The most effective pitch is one that is brutally precise and purposeful in every possible way. – Mahesh Chaddah, Reservations.com
Other items from AllBusiness.com:7. Vary the practice
It’s hard to really know the context of your playing field and so you need to be prepared for anything. Will you sit down, get up, with PowerPoint, with paper, without visual aid – who knows? By varying the practice, you can read the context and still provide a great pitch no matter what is thrown at you. – Eric Mathews, Start Co.
8. Provide security and confidence
Trust is an essential element, and imparting trust to the people you speak to is essential to keep security and keep investors safe. It is important to prepare and understand every aspect of the topic you are developing so that you can cover every detail within a meeting. – Kevin Leyes, Leyes Media & Team Leyes, of Leyes Enterprises
9. Use a mirror and timer
Use a mirror and timer to rehearse, and take an acting class too – seriously. Speaking properly, managing your intonation, and being able to communicate the best kinds of nonverbal cues is so valuable. The truth is that 75% of communication is non-verbal. Hence, getting these things right is important so that you get the best message possible. – Nicole Munoz, Nicole Munoz Consulting, Inc.
10. Don’t remember your pitch
While practice is important to looking polished and professional, you don’t literally learn what to say. This will almost always come across as a robot with no personality. Speak in conversation and understand the topics of conversation you want to cover. This creates a consistent voice as you jump from your script to answering questions. – Matthew Podolsky, Florida, PA Legal Counsel
11. Watch online tips and tricks videos
The first time you start practicing your pitch it is helpful to watch videos online for tips and tricks on how to get it right. YouTube has a variety of resources that you can use to see how other investors are reaching out and what brings them great deals. – Jared Atchison, WPForms
12. Walk the field with your mentor
I recommend that you sit down with your mentor and discuss your pitch before presenting it to investors. Your mentor will walk you through this and help you prepare for some of the tough questions that are going to come your way. In addition, you can practice reading your pitch aloud, which will make you sound more confident during the live presentation. – Chris Christoff, MonsterInsights
13. Be prepared for negative questions
CONNECTED: The 17 Biggest Mistakes Startups Make With Their Investor Pitch Deck
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