Pitching to investors can be challenging. Investors will only loosen their purse strings for those with the best and most profitable ideas.
But for those passionate about their new restaurant idea, outside investment can be an excellent and sometimes the only way to turn restaurant dreams into reality.
The best way to pitch your start-up to restaurant investors is by first picking the right investors to meet with.
For instance, you must pitch your idea to investors that:
- Have a track record in investing in projects similar to yours (although not too similar as they don’t want to invest in the same thing twice).
- Have goals similar to that of yourself. If one of the primary aims of your restaurant is to promote animal-free food products, then an investor solely interested in making money will not likely be a good fit for you.
It will require a lot of research to find investors that match these criteria, but boy, is it worth it. As part of this research, tailor each pitch to specific investors. Although they all look like scary finance robots, they’re not. They’re individual people, so treat them as such.
Investors will also want to know your story, so make sure you show it to them. Your new restaurant start-up idea is intrinsically linked to you and who you are as a person. They’ll want to hear about how you came up with the idea, why you’re the right person to bring it to market, and why you think the idea will succeed.
Next, you’ll have to answer the question, “but what’s in it for me?”. You must explain and clearly illustrate how they’ll benefit from investing in you and your idea.
Come equipped with a robust and well-thought-through business plan, ideally with thoroughly calculated financial stats and numbers to back your strategy up.
Also, consider bringing your team along to the pitch. Investors know that it takes more than one person to run a restaurant, so they must meet the high-caliber and talented individuals you’ll be working with.