How to Pitch your Business IdeaJuly 30, 2017
Your business pitch is often the deciding factor in whether you attract interest to your company or not. Whether you’re pitching for investment, mentorship, during networking or for other reasons, it is an undeniably vital part of getting your business idea off the ground. However, the skill of pitching is unlikely to be something that you are taught and prospective pitchers are often unsure as to what a good pitch comprises of. To help you create a great pitch, in this article we’ve put together some of our top pitching pointers.
Short and Sweet
A pitch should be concise and clear. If you can’t get across your business idea succinctly to your audience in a short amount of time then it is unlikely they will be impressed. Make sure you don’t ramble by focusing on the core necessities and facts of your business. A 10-15 minute pitch is a good aim and if you’ve managed to capture their interest in this time, you can go into more detail during their questions.
Understand your Audience
To carry out the best pitch, you will want to tailor it to whomever you are pitching to. For example, your pitch to a potential investor should be different to that for a potential customer. When tailoring your pitch, you need to consider a few things about your audience, such as:
- What does your audience care about most?
- What will they want to know about your idea?
- How will your idea benefit them?
Once you’ve thought about what the audience will want from your pitch, rather than just what you want to say, you will be able to craft a much stronger, customised pitch.
What do you want to achieve?
This may seem like an obvious one, but all too often do people go into a pitch not knowing exactly what they want from it. Merely relaying a lot of information and hoping for the best is not persuasive and not enough.
This point is related to knowing your audience; what you want to achieve from a pitch depends upon who you are pitching to. For example, if you are looking for investment, you should tailor your pitch so it more prominently features aspects like your strategy, financial projections, returns and detailed plans for how you will utilise the proposed investment sum.
Facts and Figures
Knowing the key figures, data, strategy and projections for your business idea is crucial. So long as these are realistic and accurate, they will add legitimacy to your pitch and help your audience understand your plans for growth and investment. It is very important that your figures add up and are well thought out as this can be a common area that fails under scrutiny.
Good visuals will only ever enhance your pitch. Whether it’s a prototype of your product or pictures of your service or concept, this will help bring to life what you’re talking about. Visuals will add another element of interest to your pitch and hopefully make the whole thing increasingly engaging. Make sure if you do bring something visual along that it is of sufficiently good quality to maintain a professional air.
The importance of you having passion and commitment for your idea cannot be understated. If you don’t clearly demonstrate passion and belief for your idea, why should anyone else? What’s more, these attributes are key for the longevity of your business as they will keep you going when times are tough. This is important for your success and important to your audience as they are essentially buying into you as well as your idea.
When it comes to pitching, you really can’t over practice. You’ll learn more practising your pitch on different people so try to pitch as much as possible and ask for constructive feedback.
Murray & Lamb have an experienced team of business advisors and chartered accountants who can help you make a success of your startup. Our professional advisors can help you with business planning, your finances and much more, all with the goal of keeping you efficient, well-guided and financially stable. For more information about our services which cover the North East of England, contact our helpful team today.