They were about to make the most important business pitch of their lives as contestants on Shark Tank.
Margulis and her husband, Josh, were pitchingHoneyfund, a leading wedding-gift and honeymoon registry website.
They all looked slightly terrified, but none of them crumpled.
Sara and Josh Margulis, cofounders of Honeyfund, hold up a board they used as part of their pitch on Shark Tank. Photo courtesy of Honeyfund
In fact, they nailed it.
The Margulises left with a deal from Kevin OLeary, a multimillionaire Canadian businessman.
Five years later, both businesses are flourishing.
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Being on Shark Tank is a do or die moment, Margulis said.
If you screw it up, youre going to be regretting it for the rest of your life.
So what helped them keep their composure?
A killer business pitch and a lot of practice.
How to Craft a Winning Business Pitch
In an elevator.
At a networking event.
With an old colleague.
Or maybe on national television, staring down five Sharks.
Dont know what to include in one?
Dr. William Sahlman, author and professor at Harvard Business School, has your back.
He says every great business plan should mention:
The People:Whos running the show?
Include yourself, other co-founders and all managerial positions.
Be sure to show your personality as well as expertise and skill set.
The Opportunity:Heres where you explain your product or service and who will buy it.
Highlight price points, customer demographics and competitors.
Such factors include laws, regulations and economic trends that could impact your business.
Entrepreneurship is not all rose-colored monocles and top hats.
Describe the worst-case scenario and how you plan to weather the storm.
memorized) will help, especially if youre facing follow-up questions from investors or curious clients.
Any time you talk about your company, you should be able to convey those things simply.
Your audience could be your first customer, your first employee or your first investor.
Each person needs to hear slightly different things.
Your environment is also important.
Consider time constraints and formality when giving your speil.
Include a Call to Action
A good business pitch should demonstrate a clear next step.
For Kang and Margulis, that meant asking the Sharks for money.
But they couldnt just say, c’mon Sharks, give us your money.
They needed to show exactlywhytheir businesses needed the capital.
That same mindset extends to pitches to your first customers and employees, as well.
Let a potential customer know how their feedback will improve your product.
Paint a picture of the future of your business with the help of a new, talented employee.
Dont just dole out your business card and say, Stay in touch!
That requires practice and a little more practice.
Pacing, enthusiasm and data are a lot to balance all at the same time.
Or maybe youre using way too many numbers and not enough personality.
Theres no good way to know unless youre actually pitching to people.
Theres a saying, Unless youve said it 10 times, you actually havent said it.'
Apply the Feedback
Your business pitch is neverreallyfinished.
Hear them out, and make the changes to keep your pitch fresh and engaging.
What good is all that practice if youre not adapting your pitch and style?
Both Kang and Margulis said that the process of poring over the details of their businesses was illuminating.
And thats just understanding your company from the perspective of an investor.
When she first started pitching Coffee Meets Bagel, Kang took the name of the company for granted.
She thought as most might assume that investors just want to hear hard facts and numbers.
But in reality, they really wanted to hear the story behind the name.
(Bagel is an homage to NYC, where the company was founded.
And what best complements a bagel?)
Investors are humans at the end of the day, Kang said.
Having an entertaining, fun story in a pitch… really helps you stick.
Adam Hardy is a staff writer at The Penny Hoarder.
He specializes in ways to make money that dont involve stuffy corporate offices.
Read his latest articles here, or say hi on Twitter@hardyjournalism.
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