A few weeks ago, I listened to a podcast where the hosts were talking about business lessons. After a particularly hard year, one host asked the other, “So what did you learn?”
Then there was complete silence.
I tried to fix my phone, thinking the silence was a tech issue, not a lack of answer.
Then the silent host responded, “I know I learned a lot, but I don’t know what, exactly.”
It was an incredibly honest answer. How many times had I been there myself?
Since then, I’ve made it a point to write down what I’ve learned…
- After a conference: what did I learn?
- After I fired someone: what did I learn?
- After a launch: what did I learn?
- After I hosted an event: what did I learn?
Keeping track of my lessons has been a powerful way to document how to get better by not repeating the same mistakes.
Last week I was in Miami for two events: 1. To record episodes for my podcast; and 2. To attend a podcast recording as a guest of The Pitch.
The easiest way to describe The Pitch is like Shark Tank, but in podcast form (founders pitch investors to fund their businesses).
On Saturday afternoon—while JD and Luna played in the pool—I journaled what I learned from watching founders pitch investors. While I don’t have plans to pursue outside funding for my business (at least not right now), I love learning HOW.
I’m an avid learner and am obsessed with collecting business skills like Pokemon cards, so as I build my investment portfolio, I also love learning from industry leaders.
Over two days, I took copious notes as I watched 14 founders pitch investors, and I wanted to share my biggest takeaways…
- Profit, profit, profit: A wise investor (and business owner) should focus on profitability as a standard metric of company health. The fastest way to get money is to show you know how to make (and budget) it.
- Omnichannel marketing strategy: Investors are very interested in how diversified your marketing efforts are. It’s unwise to be all-in on one social platform (like Instagram), or without diverse marketing follow-up strategies (like email).
- Storytelling: Capture attention by way of a story. The best way to start a pitch is to tell the story of how you struggled until you created your own (business) solution, or tell the story of the gap in the market you’re trying to fill. Your ability to narrate well gets (and keeps) investors locked in from the beginning.
- Know your metrics: The better you know your numbers (lifetime value, cost of customer acquisition, total gross revenue, profit, cost per lead, etc.), the faster you build trust with investors.
I spoke with an investor last week and she admitted to knowing whether she’ll make an investment within the first seven minutes of a pitch…or less.
If you’re looking for ways to fund your business (bank loans, venture capital, angel investors, etc.), I learned that if you can drill down on the four lessons I learned, you’ll set yourself up for a fighting chance.
As a slight departure of this topic, I want to admit something: I have zero doubt I could raise investment funds.
Not because I’m special or my business is spectacular…I simply understand the art of Profit, Marketing, Storytelling, and Metrics.
Can I share what I know about this with you?
For the next few weeks, I’ll be sending an extra email to my Insider’s List (opt-in HERE), outlining these precise strategies as I launch a new offer.
Like always, I send weekly notes sharing what I’m learning in hopes that you grow your business alongside mine. It’s an honor I don’t take lightly.