You have a brilliant idea. You've come up with a foolproof business plan. Now all you need is support, be it financial or otherwise. Pitching your business to a possible support system is not easy, but it can make or break your opportunity. You only have one chance to make an impression, so make sure your business pitch will make all your dreams come true.
Here are six things you should do when pitching your business:
1. Make the first minute count
The majority of people with the power to make decisions of this nature have heard almost everything already, so if you cannot grab their attention within the first minute of your pitch, you've already lost.
2. Make your pitch about solving a problem
Turn your business idea into a story by presenting an issue or problem and offering up a solution to it. Any new business needs to show that it is filling a gap in the market - this gap is the result of an unsolved problem and if you present your business as solving this problem, you'll be set.
3. Know your stuff
Have thorough knowledge about everything to do with your business idea, business plan, financials, marketing, customer retention ... Try to answer any possible question that may come up. If you have a mentor, run your pitch past him first and get him to ask any question that comes up, no matter how silly. You need to be prepared for any question.
4. Know your money
As an entrepreneur asking for investment or support, you absolutely have to know how your business will make money, how you will deal with expenses, and how you will use any money that is invested. Without this forethought, you may face tough questions that you cannot answer, and this will signal the failure of your pitch.
5. Practice makes perfect
Practice your pitch over and over again. Know your content inside out. Ask your current support system to indulge you and listen to your pitch, asking questions, making comments, and even being mean - you don't know what your potential investor might be like or might ask, so practice facing every eventuality.
6. Express your passion and energy
Throughout your pitch, retain your excitement about your business idea. If you look bored without even having started your business, it is unlikely that you will inspire support in the kindest angel investor. Be confident in your idea and end your pitch with a strong call to action for investment or support.
By Roane Swindon
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