Recently, the term “business pitch” has become as popular as the term “startup.” A pitch is essentially a business plan that one presents verbally to potential investors of a business. A shorter summary of the complete pitch is an elevator pitch. The startup owner has to clearly explain the business opportunity to the investors, so that they can make the most appropriate decision.
Here are 10 necessary steps to create a winning pitch for your business.
1. Time span
The pitch should be clearly explained to the investors in a short time. You should know that you only have a few minutes to sell your business idea. This is a do-or-die situation, which requires the utmost composure.
2. Make your presentation realistic
Presenting a realistic picture of the future prospects of the business is preferred. You have been running the business with your own funds up until now, so you have had your share of successes and failures. Your projections must be based on those experiences and must sound absolutely realistic.
3. Savings attitude
One of the most important qualities of a startup founder is financial control. Having an understanding of where each and every penny is being spent in the business will add to your brownie points. You have to make the investors know that you have a grip on the business and its operations. They should feel that you are a dependable leader and are passionate about your vision.
4. The business opportunity
The most important aspect of pitching for your business is to highlight the business opportunity and how are you going to tap it. Your business is out there to fill gaps, but it is the size of the market and its affinity to the product that will fetch you the investor’s trust. Highlighting the opportunities and challenges would help you put forth your arguments more assertively.
5. Understanding of the competition
Understanding the competition is important for every business owner, which must be showcased while presenting the business pitch. An in-depth competition analysis must be presented and you must highlight how your product stands out and has better future prospects, as compared to others.
6. Marketing strategy
Knowing your marketing plan is another very important aspect of pitching your business. Your goal is to build a market for your products and services. The strategy has to be clearly explained to the investors, so they know how are you going to position the product in the market.
7. Target audience
Being focused about your business and knowing who exactly you wish to sell to is important for the business. This lets you earn the investors’ confidence so they know that you are going to reach out to a tangible audience and achieve the desired profitability.
The more focused your approach, the higher your chances will be of getting the desired amount of funding. In your pitch, you need to communicate the precise plan of action, and how you will use it to achieve the desired results. You also need to be specific about the amount of funding you require.
9. Create a multi-level pitch
A multi-level pitch helps you divide the pitch into shorter and longer versions. The shorter versions help in explaining the basics. The longer version helps to explain the details and how the plan is going to be executed.
10. Get your team to participate
A business leader must always take his or her team along with them. This adds to the confidence of the audience. You should encourage team members to participate in the pitch process by planning out the speaking slots for them. A strong team showcases the ability of the business to grow and provide the desired return to the investors.
Making a successful business pitch to your investors may seem challenging, but using the right approach will surely bring you supporters.