Brian Nichols is the co-founder of Angel Squad, a community where you’ll learn how to angel invest and get a chance to invest as little as $1k into Hustle Fund's top performing early-stage startups

Getting a follow-up call with an investor is a big deal. It does not necessarily mean they want to invest. But things are starting to get serious.

Most likely the investor has some knowledge about your market, your problem set, or your target customer. They could also be interested in you as a founder specifically. But since they have not committed yet, they still have reservations. It is your job in this second call to address those concerns and begin building a foundation of real trust.

So how do you prepare for the call that might actually result in a check?

Anticipate Their Questions Using the 5 Pillars

Step one is putting yourself in the investor's shoes and thinking about what they might still have reservations about. At Hustle Fund, we evaluate startups across five pillars: team, problem, solution, market, and traction. These same pillars drive the follow-up questions investors ask.

On product viability, investors need to believe your product is a functional solution to a real problem. Be ready to show how it works in practice, share evidence that the problem genuinely exists, and provide feedback from early users, even if it is rough.

On market demand, a brilliant product means nothing without willing buyers. Come prepared with research showing customers will pay, a pricing strategy that supports a reasonable payback period, and any revenue or retention numbers you have. Anything above zero at the pre-seed stage is meaningful.

On customer acquisition, this is where most investors dig deepest. Elizabeth Yin has said that customer acquisition cost is the area she scrutinizes the most. Be ready to discuss which channels you have tried, what the results were, what your cost per acquisition looks like, and how you are thinking about lifetime value and scaling your user base.

On competitive advantage, there are probably dozens of companies trying to do what you are doing. Your "reason to win" is crucial. Prepare to discuss what makes your solution genuinely different and what barriers to entry exist for potential copycats.

On team capability, investors need confidence that you are the right people for this. Highlight relevant experience, unique insights from customer discovery, and how you are thinking about growing the team.

Address the Risks Directly

Investors who have been watching your space have probably seen other companies attempt the same thing. They have a sense of what the common failure modes are.

Use the follow-up call to address risks proactively. You are not expected to predict the future. But you should come prepared with a well-thought-out plan for how you will handle the most likely challenges.

The founders who impress investors in follow-up calls are the ones who say "here are the three biggest risks to our business, and here is what we are doing about each one" before the investor even asks. That level of self-awareness and preparedness builds confidence.

Build Trust From Day One

Your relationship with investors will likely last years, if not decades. The follow-up call is where you start establishing the foundation.

Be open about challenges, not just successes. Demonstrate that you will keep communication lines open even when things get difficult. Show that you listen to feedback and act on it, even if you ultimately take a different direction.

Elizabeth Yin's team at Hustle Fund looks for founders with growth mindsets. People who are open to receiving new information and hearing new perspectives. A follow-up call is one of the best places to demonstrate that quality. If the investor pushes back on something from your first meeting, do not get defensive. Engage with it. Show that you have thought about it.

Nobody expects insane traction at the pre-seed stage. They do expect that you come prepared, know your metrics, understand your market inside and out, and have a realistic plan for the future. Avoid overly optimistic claims. Offer a balanced, clear-eyed view of your business.

If you are on the investor side and want to learn what to listen for in follow-up calls, Angel Squad members practice deal evaluation alongside Hustle Fund's team across 1,000+ startups reviewed monthly. Check it out at hustlefund.vc/squad.

The first meeting gets you in the door. The follow-up call is where the real decision happens.