Presenting your business ideas to the world is definitely vital and worth the preparation that it entails. It’s one of the most important aspects to widen your horizons, as well as to attract the attention of your potential investors.
This is what we call a “pitch.” It is an elucidation of your business idea to allow both investors and audiences alike to be more interested in your business proposition. It is basically verbalizing your business plan. It serves as the opening salvo, and the “hook” by which you can capture the attention of your target market.
How do you make an effective pitch? Here are a few pointers to help you out:
- Your pitch gives you the ability to explain a business concept within a limited period of time. Keep it succinct – the attention span for a pitch tends to be short. It is important to be cognizant of this fact and figure out few words to deliver a big message.
- Since you are going to explain your business plan with clarity, your pitch must be conversational, not sales-talking. You are doing this to convince the listeners that you, through your business idea, are solving a problem or filling a gap within the market by providing the perfect business solution, with a large addressable market to address. Also, you must describe your business plan in clear terms so that your potential investors can correctly determine risk and return, identifying how your proposition sits within their existing investment portfolio.
- You are not only making your pitch for investors. You are also doing this to attract more clients or customers, so it’s better to be simple and direct, rather than to use a complicated language. Doing the latter would give you a hard time to understand your audience’s reaction or views on your proposition – keep it simple.
- For securing investment, your pitch must be fresh and relevant. If your business plan isn’t exactly the first one of its kind in the market, you can always point out to your plan’s best features and new adaptations.
An effective pitch starts with a thorough business plan. A pitch is a brief summary of the entrepreneur’s vision with respect to his ideas. A pitch also helps you create that personal connection with your prospective investor. Hence, your pitch must contain the answers to your investor’s possible and typical questions.
A pitch is a brief and concise verbal manifestation of your business plan, not a substitute. Those who effectively deliver their pitch objectives are the entrepreneurs who present a great opportunity, and can give answers to their panel’s questions with confidence and clarity- convincing them that their pitch is worthy of investment. Why wait – get started on it as you move along the business-building process!