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What you should know when pitching to industry experts
Whenever you're running a business it's always a smart thing to partner up or bring on industry experts to help you out along your way. Many people want to run everything on their own, from the setup to sales, but they quickly realize how much work it is and how tough it is to accomplish everything on their own. Bringing on someone that actually knows what they're doing will help you out with the process as well as show you what you need to do and what NOT to do in order to be successful.
Pitching to the industry experts isn't the easiest thing to do because they're already successful and probably don't need to make you successful in order to make a few extra dollars each day. You'll need to entice them in order to bring them on board, which means you'll usually have to show them potential profits, so that's the ace up your sleeve if they don't see the potential of your business.
In this discussion, I'll be going over a few key components when pitching to industry experts, and they are:
Understand the risks you're taking
There are always risks when bringing on potential partners like they don't really know what they're doing but they're enticed by the amount of money you're making, so they sign on in order to get some free profits. If you don't know who you're really bringing on, their background, their personalities, their previous ventures, etc. then you're just giving away a percentage of your company that you likely will have to pay a premium to get back.
Once you bring on a partner, they're part of your company regardless of how much work they actually do, so you'll need to put a clause in their contract that has regular assessments throughout the year to make sure they're actually doing work. If they miss their goals multiple times throughout the year, they will be removed as partners and forfeit their shares, making the company 100% yours once again without you having to pay them for their percentage.
Build up a relationship before pitching
If you have a perfect partner in mind, you should always build up a business relationship with them before pitching your ideas and potential team up. People will tend to ignore others who are pitching them right away, and that's why you need to play a patient game of building your friendship in order to pitch later on.
Once you have a friend you can count on for certain things, and he or she can count on you for some help when they need it, you can easily pitch to them and they will likely join up without knowing how much you're actually profiting.
Prove you know how to connect with present and future buyers
If you have built a friendship with your potential partner, and they trust you, then you can pitch to them. Be sure you understand how to connect with buyers right now and how to do it later in order to bring them back into your website. Potential partners want to see you know how to work with current customers and how you're going to keep bringing them back in, as well as bring in new ones, and build relationships with them.
If you can convince your potential partner that you know what you're doing, they will be a bit more enticed and want to sign up with you.
Pitching to a stranger isn't the easiest thing to do because you don't really know what they're like and what they're looking for. This is why you need to build a relationship with them and pitch after a while. Help them out when they need something and they will trust you more and likely partner up with you and not worry about your profits. You will also need to know how to make money, without wasting it, and you will entice more potential partners to come on board with you.
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