If you’re an entrepreneur, knowing the maxims of pitching your business holds vitality. Even if funding is not in your mind, having an elevator pitch works wonders in understanding your business inside and out. You never know the time when it comes in handy and how it’ll decide to seek investment.
So what Are The Ways Of Making A Pitch For Investors?
A successful pitch begins with a thorough business plan. And, it’s up to you as a business owner to know about things that make your business valuable and if it’s worth investing in. Your financial history may run as long as five pages or the maxims of stacking up against your competition. But, can you cover it all? Maybe not!
Are you thinking of pitching your business idea to venture capitalists or angel investors for the very first time? If yes, then know that you have only ten minutes to play your game. Don’t know where to start? Well, here are some ways of making your quick pitch a big success:
Create A Presentation
It is vital to take out some time to put together your pitch deck. And, the ultimate goal is to have a deck that’s easy to pull through so that investors too are excited about your business. Experts recommend entrepreneurs create a startup pitch for which they can speak for 10 minutes or less. Also, ensure preparing an extended version, which your potential investors can have access to at a later period.
Practice Your Pitch
Practising your pitch holds utmost importance. It is because the tip on your list will be useless if you cannot speak about each element of the business.
Entrepreneurs’ ideology of knowing your business well is a myth. They assume that knowing their business inside and out is enough and will make their pitch deck killer. And, this thinking makes them get into a meeting unprepared, which causes problems later on.
Thereby, it is just and wise to prepare yourself. Take out time, simplify your message and keep elements that shape your business.
Outline The Problem And Enlighten It With A Story
Begin the pitching process with a compelling story. Ensure that this should be the one that appropriately addresses the problem. After all, a sound business is always the one that solves persisting issues in the marketplace.
By doing so, you’ll be able to engage with your audience in the right way. If the story relates to your target audience, it will also work well for the investors. Show them the pain points that previous entrepreneurial endeavours have. Also, ensure indulging in an apt investor research process so that you know the things they care about.
Doing this will help you tailor a story explicitly for them.
An Apt Solution
Share some unique products about your product and see how it solves the issues. Ensure keeping the problem-solving points short, concise, and easy to understand and remember. Avoid using buzzwords as your investors may forget those.
Also, let your investors know about your target market, revenue, and business model. Share your early tractions and milestones. Map the forward steps and additional milestones about how funding will be successful in achieving them.
Your investors may also be interested in knowing about your exit strategy. After all, you’ll be raising large sums of investment. Enlighten them if you’re planning on getting acquired, going public, or something else. Prove your due diligence on your business exit strategy in front of your investors.
You never know about the outcome of your pitch. Whether you’ll receive funding, there’ll be another meeting or an outward rejection right away. Thereby, never lose hope, entrepreneurs, as there is always a scope for improvement.
Instead, ask for feedback and take that into account the next time..
You never know how good your pitch will be unless you do it. Never stress yourself and treat each investor pitch as an opportunity to learn.
After all, it’s about getting better in the process until you crack that big business deal.