They expect you to counter. So they open low.

[00:18:00] “They assume that you’re going to negotiate. And if you do not negotiate, you leave a lot of money on the table.” The first number is not the real number. It is priced expecting you to push back.

But pushing back is not the skill, knowing what to push to is. [00:19:00] “You need to know what you can negotiate... understand what others are receiving, do your research, make sure it’s prepared.”

One of her members did exactly that. She took the community’s benchmark report into her salary negotiation [00:20:00]: “I printed out the reports. I brought it to the table and was like, well, looking at my experience, look at what you’re hiring me for, I’m actually over here.” She got what she asked for.

The absolute one rule to apply [00:21:00]: “Don’t say I feel like.” Instead state facts, stated objectively, and then you STOP talking. Make your case and leave it with them.

The investor expects a counter, so the first term sheet is priced for one. The number you name is the number you negotiate down from. And “I feel we’re worth this” is exactly as weak across a cap table as it is across a desk.

The difference? Mélanie's members have a survey. Founders often think they have nothing. But they have Companies House. When a UK company issues new shares, it generally must file an SH01 within a month, disclosing how many shares were issued and the amount paid per share, including any premium. It's public, it's free, and it can offer valuable clues about what investors have paid in comparable businesses. Try it: Use an AI co-working tool to analyse the SH01 filings of comparable businesses and estimate their implied valuations. Then benchmark those findings against your own fundraising numbers. It's not a definitive valuation benchmark, but it's a much better starting point than guessing.

Write down the number you would say out loud if an investor asked you today:

How much are you raising? (Your ask)
What percentage of your company are you offering? (The investor's equity stake)
What valuation does that imply? (Specify pre-money or post-money)
No ranges. Exact numbers.

Check the maths: If you're raising £500K in exchange for 10% of your company, that means 100% is valued at £5M. That's your post-money valuation (after investment). Subtract the £500K investment, and your pre-money valuation is £4.5M (before investment).

Now write one sentence justifying that valuation with evidence: revenue, growth, traction or market comparables. Not “I feel”.

If you can defend your numbers, you're better prepared for investor pushback. If you can't, you've found the homework to do before the meeting.