You’ve carefully created your business idea, done your research, written your business plan and now, all that is left, is that crucial investment that’ll make the difference between your business soaring or slumping. There is just one vital step between you and said investment from an investor, and that is your business pitch.
One way to an investors heart is to sell them on a winning pitch. If your pitch is gold, no doubt you’ll receive the gold (investment) you need. There are steps, though, to a winning business pitch – and we’re going to let you in on a few of them.
1. Know everything you can about the investor you’re pitching to
While this may sound obvious, what will really set your pitch apart is knowing crucial titbits of information about your potential investor. Knowing this means you’ll then be able to tailor your business pitch to them and, trust us, this will go along way.
2. Don’t take forever
The best pitches get across all the information needed, in the shortest space of time. The shorter your pitch, believe it or not, the more effective. If the investor is interested they’ll ask questions and if not, why, then you’ve saved yourself time. You have to appreciate, an investor’s time is extremely important, so keep your pitch extremely focused and show a respect for their time. This will also go in your favour.
3. Make your pitch story-esque
Who doesn’t appreciate a story? Something that hooks you in, carries you throughout and then ends – just in time – with us wanting to know more. This is how your pitch should be. If you want to capture your investor’s attention, and – most importantly – occupy it. Then, transform your pitch into more of a story – you’ll have them hanging off every word.
While sure, spreadsheets and graphs are important. Chances are your investor has seen hundreds of graphs, diagrams and spreadsheets. So, be different and stand out.
4. Be exact, in every sense
This is your chance to shine, your moment to really convince someone about your product/idea. So, be exact. Tell your potential investor exactly what your idea is about (whether a product or service) if you can give them something (an actual product) to hold even better. Give them, essentially, the complete picture.
Now they’re holding, or have a clear image of your business idea, open the book even further and tell them exactly who your target audience is. Leave nothing to question or assumptions. And, of course, back this up with relevant data where necessary.
Be exact with your proposed marketing too, tell them exactly how you intend to get this target audience on board with your idea. If your idea, goal and plans are airtight, you leave them no opportunity to pick holes. I know, sounds so simple, doesn’t it?
5. Don’t forget to include your revenue model
An investor invests, in part, to make a return on said investment. Make sure to include and detail your revenue model within your pitch. It is really important, and if you don’t include it be prepared for questions about it.
6. Show your passion
You know your passionate about your business, after all, why else would you be doing it? But, it is important to show this passion during your business pitch. You can show your enthusiasm in various ways: in how you dress, in your thorough research and in the execution of your pitch. All of this shows the valuable time and effort you’ve carefully weaved into it, and thus how passionate you are about the idea.
If, though, you take away one piece of information from this article, let it be this: investors are approached all the time and by many different business ideas. While this is not a slant against your idea, you have to appreciate that not every idea – whether good – will be invested in. Keep working on it though, because sooner or later there will be the perfect investor for your company. One you can work with and who truly understands your business.