A great business pitch is usually a presentation by one or more people to an investor or group of investors. However, it can also be through an email, letter, or even an impromptu conversation.
Having a great pitch is one of the first steps to starting a successful business. If your pitch can make a potential investor interested in your company, then it means that you are heading in the right direction. There are also product pitches which are sent straight to the customers.
Why We Pitch
People usually pitch a business because they need resources to start a company or to continue expanding an existing business. If the goal is to raise start-up cash, the target of the pitch is an investor. Other businesses pitch to potential customers to sell their product. In short, a pitch is a presentation of a business idea to potential investors.
What Stage Is Your Company At?
The most important thing to remember when writing a pitch is the stage your company is at. Are you looking for seed capital? Are you looking to expand? With this in mind, you can write a pitch that will tell investors exactly what you are looking for.
How to Pitch
One of the first points of the pitch should be a short description of your business. Using simple and easy to understand terms to describe your company instead of long-winded and pretentious ways of describing what the business does is very important.
A great pitch is also one that starts on a great note, can hold the interest of the investor till the end and can make them consider investing in the company or buying the product at the very least. It is very important that the investor is interested in what you have to say and to keep them engaged, it is essential to provide information that they will benefit from rather than stray facts and numbers.
The person reading the pitch is likely thinking not only from the view of an investor but as a potential customer. So remember that when framing your pitch. If you, like us, have watched many episodes of Dragons Den and Shark Tank then you know that the businesses that gain the attention of the investors are those that address a potential need of the customer. Ask yourself how your company does this and include it in your pitch.
The Elevator Pitch
Have you heard of an elevator pitch? If not, then its time you know about it. As an entrepreneur, you should consider how you would pitch your business to a stalwart if you meet them in an elevator ride that would last only a few minutes. Practise the pitch in your head now so that you can be ready when you meet Bill Gates or Elon Musk in an elevator.
Turning your pitch into a story would also make the company a lot more relatable than by using numbers and statistics. The potential investor should understand precisely what your product or service is and why it is unique when compared to your competitors. No one will want to fund a company if there is another one doing the same thing. Hence it is essential to be unique.
Investors would also want to know who your target customer is having market research about this factor can help in convincing them that you understand your audience. Similarly, how you intend to acquire customers is also something potential customers are likely to be interested in.