Someone who is beginning or running a business understands the value of pitching. Pitching to friends and relatives can be more difficult than pitching to strangers. Friends and family should be considered one of your key investing opportunities. These can lead to valuable relationships, investments, and instant business.

However, we have plans for entrepreneurs to discuss their businesses with friends, family, and the community.

1. Customize your elevator pitch.

Entrepreneurs should always have an elevator pitch prepared for each gathering. People have an attention span of approximately eight seconds. It’s critical to describe what your company is, why it’s essential, your business model, market potential, and value offer.

For example, pitching to someone with little business expertise appears different from pitching to your wealthy uncle, so avoid using professional jargon or acronyms that friends and family may not comprehend.

2. Look for friends and family with appropriate experience.

Starting with folks who understand your business or sector not only improves your pitch conversation, but also provides valuable business advise and direction. Look for well-connected friends, family, and community members with appropriate business expertise.

3. Evaluate financial availability and request assistance.

Determine which of your friends and family members can best help you. Don’t waste a difficult talk with a friend or family member who you know isn’t in the best position to help you. Explain how you intend to spend the funds and identify the various milestones you expect to attain.  

4. Document the funding.

These partnerships are the most delicate since they are founded on deeper, more personal principles. Respect the risk and create a legal contract that holds everyone accountable. Do not rely solely on a handshake for any transaction, especially one with friends or family.

5. Keep communication lines open

Consider using social media and email blasts to promote your business and keep your community up to date.

Consistently reporting about your business is a way to keep you remembered and open to referrals. Consider social media and email blasts as options to pitch your business and update your community.

6. Write your business clearly.

It is critical to create and convey your company’s aims and possible success. Most friends and family will not read your complete business plan. You should be prepared to present an executive summary of your target market, financials, and overall strategy. A clear executive summary boosts your idea’s credibility and demonstrates your foresight.

Sharing your business strategy with your friends and family not only boosts your chances of getting business from them, but it also prepares them to be advocates and recommenders for your company.

Why should you pitch your business to family and friends?

Here are a few reasons why it’s crucial to pitch in and seek support from friends, family, and the community around you:

• They trust you and have the potential to bring in new business.
• It strengthens the community and serves as proof for prospective investors.

How do you announce your company to your network?

Here are some strategies for introducing your business to your networks:

1. Create a list of everyone you can contact.
Email addresses, LinkedIn connections, and Facebook contacts. You can send this announcement message via email, direct messaging, or a social network post.

2. Plan your emails. Plan
Reach out to 5-10 (or more) contacts daily.

3. Send emails and track answers.
To track your responses, keep track of the date you contact them, the date they respond, any prospective business it may bring you, and an appropriate follow-up date based on the response.

4. Meetups & Gatherings

Create a business plan to accompany your pitch.
What is the greatest approach to create and communicate a business plan with your friends, family, and community?

Sure, your friends and family may not be investors looking to give you millions, but they are sources of encouragement. It can also lead to new business and relationships that you might not have made otherwise. Bridge the gap, share your company idea, and begin pitching your venture to individuals around you.