Welcome > Blog > Blog Posts > Pitching your business idea is easy. Or is it?
9th August, 2016
You’ve come up with a great idea for a new product or service and you need support, whether it be financial, technical, or professional partnership. The next step is convincing the right person to give you that support.
So what do you have to do?
Finding the right audience to pitch to is the obvious first step (and there’s a few links below to help with the search), and then you have to prepare your pitch. And prepare you must! Your idea will be as clear as crystal in your own mind but you have to portray that idea to others with the same clarity.
Whether pitching to a friend or associate, a group of business angels, or a bank manager, and whether it be face-to-face, using a business plan, or online, there are some fundamental rules to ensure you make your pitch the best it can possibly be.
Make sure you have all the relevant facts and figures at your fingertips – have a print-out with you that you can refer to both at face-to-face pitches and when preparing a written or online pitch. You should also consider producing a one or two page brief summary; use your business plan as a back up to your pitch (in some cases your business plan will form the major part of your pitch – particularly if you’re talking to a bank about finance); consider producing a PowerPoint presentation; and develop a 5-minute elevator pitch.
Investors are as interested in the entrepreneur as they are in the business idea (maybe even more so) so prepare yourself too! Be confident in your idea and show a passion for the business. Investors need to know that you are logical, efficient, quick-thinking, and able to see your idea through. They also need to know who you are, so be yourself!
Practicing your elevator pitch for face-to-face meetings will bring confidence but you also need to have answers to all the potential questions that might be asked of you. Know your product, costs, market, and processes inside out and you will not be caught out by questions you cannot answer.
‘Knowing the enemy’ will give you an advantage too. Research the investors wherever possible and use the information to your advantage to benefit your business – do they have experience in your industry? ; have they invested in a similar business before and how successful was this? ; how much time do they have to support you and your business? Pitching to the wrong people is both a waste of their time and yours!
Pitching your idea
Spencer Waldron, presentation expert at Prezi, suggests that the best pitches tell a story. Consider formatting your pitch with an introduction, a middle section of ‘chapters’, and an end where the main character in the story is your proposed market / customer.
The introduction could cover what is available now and the gap in the marketplace that your product or service will fill. The middle chapters will cover your target audience and their needs; why your product will benefit them; why they will buy from you; who might stop your business being successful and how you will counteract this. And the end would be the growth plan for your business and your exit strategy. It would be worthwhile adding a brief summary which highlights the 3 things you want people to remember from your pitch – choose the 3 wisely!
Ensure your content covers all the issues that your potential investors will want to know about: customer base; your team; costs and financial forecasts; competitors; and, of course, what exactly is it you want from the investor (and, where applicable, what do they get in return).
And finally your presentation should be well designed – smart, crisp, and to the point. And make sure your personal appearance is as polished as your presentation. In any printed or digital material keep text to a minimum; highlight important parts with ‘bold’ / text size / text colour; discuss one point at a time (in a PowerPoint that’s one point per screen); and use photos and images wherever you can. Finally, maintain your branding throughout your presented materials.
So, there you have it – pitching your business idea is easy, isn’t it?
Written by Davina Young, Marketing Manager at Cavendish Enterprise
Cavendish Enterprise partners are able to advise and support you in writing your business plan. Our business advisors can also assist with other skills and knowledge you may need to develop your business idea.
Some useful links:
Once you’ve got your pitch ready, the following links may be useful:
Looking to start a food and drink business? Pitch on 16th Sept 2016
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