106: Success Unfiltered with The Pitch Queen, Michelle Weinstein

Show Notes

Out of college, Michelle was a financial analyst.  She followed the mantra of go to school, get a secure job, and plan for retirement.  After a few years, she couldn’t take it.  She left and went into sales at Nordstroms.  It was there she learned a lot of skills.

She got thinking what she could do with her analyst background and sales, so she got into the real estate and mortgage businesses.  She was working a lot and started to have an unhealthy lifestyle – and she was a health enthusiast.  She hated to cook, but wanted to find a way to eat healthier.  She came up with an idea for healthy prepared meals to sell.  She started Fitzee Foods.

She had initial success.  She raised over million dollars for the business.  She got into Costco and the Vitamin shop and even got to pitch the idea on Shark Tank, but ultimately had to close the business down in 2017.

As she says, “It was a really expensive MBA program…”

The lessons learned with Fitzee were really the stepping stone to becoming the “Pitch Queen.”

What were the most important things you learned going through the experience with Fitzee?  Why didn’t it survive?  And How did you claw your way back?

She’s still paying things back over a year later

One lesson she learned was that although she had a passion for health, she wasn’t a chef, and didn’t have the real experience needed.

You should have an expertise in the product or service you are selling

You have to interview your investors as much as they are interviewing you.  Interview at least 3 companies that they have invested in.  Michelle made the mistake of taking investment money from the wrong group.

Make sure every single investor is an “accredited investor.”

Remember, you are getting “married” to those investing in you.

How important is timing?

Fitzee came before the “boxed meal” craze and was early on the trend

Capitalization is very important – you have to be well-capitalized to whether the storms and get through the startup phase to really make it.  If you are underfunded, it makes it ever harder.

Some businesses are more capital intensive to get going than others – you must understand this

At the 24 min mark, Michelle shares why learning to sell is so important for success…

No matter who you are, you are having sales conversations all of the time.

Sales is really about how you are helping people

Sales is the foundation of your business.  The first number on your P&L is sales (income)

Selling does not have to be stressful.  We make it stressful.

The core of sales is building a great relationship and focusing on building a great relationship with your prospect makes it easier to ask them to buy – not “sell” them.

Michelle’s 5 Step PITCH Queen System (www.sellwithoutsleaze.com)

Problem solve:  Figure out what your client’s problem is and make sure to help them solve it in your pitch.

It’s not about you:  It is about what is important to them

Talk less:  Use the 80/20 rule.  They talk 80% of the time, you talk 20% of the time.

Cues:  Buying signals.  Look for the cues (verbal, non-verbal) that they want to buy

Hit the ask the button:  Ask them for the business

At the 37-min mark, Michelle talks about what I means to be “professionally annoying” and gives examples.

“When you are always showing up, you become “professionally annoying” and get business”

How did you pitch your way on to Shark Tank?

You have to be professionally annoying.

It is a better place to pitch for a product based business or tech business.

Michelle reached out to every producer and followed almost 2 times per week.

They send people home all the time if you are not on point for your pitch at all times – you have to be on your game.

Know which Shark you are pitching to because one of them will be the best fit for your pitch and solution.

Shark Tank is the Olympics for entrepreneurs