Pitching your business may be presented in a variety of avenues. Whether it is in an elevator between the first and fourteenth flour, or on national television in front of the dragons, there are key fundamentals that will always hold true.
1. Less is more- Figure out how to explain your business quickly and concisely. A pitch does not always take place in a boardroom, sometimes you need to relay your proposition in the time it takes for your listener to finish their martini. Start with a clear explanation of what your business is (For example… ‘We rent reusable moving boxes for residential and commercial moves’.)
One of the most common mistakes is to get heavily invested in the description of details and technicalities. If the audience you are pitching to do not grasp the concept right away, they may presume that your customers won’t either.
2. Connect with emotion – Frame your business from the perspective of solving the customers’ problem. When it really comes down to it, all great businesses solve a consumer need. Have an in depth understanding of the implications of the present issue; you do not want to sound like a solution in search of a problem.
3. Know your market – Objectively quantify the size and scope of the market so that investors know that there is real potential in your business. Coming up with a great solution to a problem holds little value if the market is limited (“I have finally come up with an easy grip handle for left-handed fencers with no index finger!”)
4. Speak to your audience– Not everyone might understand the jargon affiliated with your business. To know your audience is to know how to connect with them. Although you might find it sounds more professional, using complex vocabulary throughout your pitch runs the risk of having your audience fumble important details.
5. Know the line between confident and unrealistic – Projecting skyrocketing returns and large margins does not inspire confidence. A smart entrepreneur acknowledges risk, coupled with strategic solutions and realistic growth.
6. Boil down your value proposition– Very few businesses have a strong barrier to entry i.e. patent so you need to communicate what it is you offer that will prevent others from ripping off your idea.
7. Practice, Practice, then practice some more– Rehearse your pitch in front of friends, family and colleagues. If you think it's embarrassing in front of them imagine how embarrassing it's going to be in front of professional investors that see pitches all day long.