HOW TO WRITE A PITCH FOR YOUR BUSINESS
One thing all business owners must know is how to pitch their business idea. If you really want to raise money for your new business, you need to pitch your business idea so you can attract investors or funders to fund your business.
What is a business pitch?
A business pitch is a presentation by one or more persons to an investor or group of investors. This could be through email, letters,s or even by a conversation with the business owner by the investors. The main objective of a business pitch is generally to secure the resources necessary to move the business forward with a business plan. A good business pitch attracts investors immediately and keeps them from losing interest. Your point must be brief and clear, because if investors are not clear enough about your business idea, then customers would not understand it either.
Also, it is important for you to do your research. You must know your product very well, your audience, and your competitors and be ready to answer any question from your potential investors. Your overall idea about your business is important, make sure you have detailed evidence, and use powerful convincing words. And ensure you have proper grammar, spelling, and punctuation
As a business owner, you must be able to pitch, whether it’s to potential customers, suppliers, banks, or to investors to raise money for your new business. Investors are looking for realistic business plans or ideas for them to fund. If you have a good business idea, you must have a pitch that would go along with your business ideas. To pitch your business ideas to investors, you may need to be abreast of the following tips:
- A brief but detailed Pitch: while writing a pitch for your business, you must ensure that you can sum your business ideas in a way that is easy to understand. For example, if asked, you should be able to describe your business idea in a few minutes; you must be able to say all that your business entails within that few minutes without leaving any stone unturned.
- Your experience: your ability to articulate your business idea in your pitch is very important. Your real-world experience, together with your management team is one area to focus on because investors will specifically watch out for this part while pitching your business idea. And all your experiences, as well as other information presented, must be backed with evidence. Evidence such as market research, cash flow, organizational charts, etc. should be included.
- Be realistic with forecasts: investors are not after you get quick profit. Business investors won’t likely trust you if you promise to deliver a huge sum of revenue within a short period of time. Instead, demonstrate a realistic profit or revenue growth. While doing this, you must also give what you expect in the worst scenario. There should be evidence for your forecasts, such as market data and competitor analysis, give important references on how you came about your claims.
- Do not inflate your figures: As a business owner, you do not need to inflate your startup capital based on unrealistic or vague assumptions when trying to raise funds for your business.
- Start small: Show investors that your idea can scale. Do not try to convince them why you must start big. Let investors know what you can on a small scale first.
Read Also: HOW TO WRITE A BUSINESS PROPOSAL
In addition, creating a successful pitch starts with a well-prepared business plan, you need to state or identify what makes your business valuable or worth funding. You can make a quick pitch successful in the following ways:
- Make a brief presentation: As a business owner who wants to pitch his business, you need to put together your pitch deck. The goal is to ensure that you keep investors interested in your business. While making your presentation, you should have in mind that you need to have a short version that you can say in a few minutes, as well as the extended version of your business plan.
- Practice your Pitch: you need to practice your pitch so you can present easily present it to investors within a short period of time. You might a large number of pages you want to cover in your pitch, but adequate preparation and practice will make you fall through within a short time without leaving any stone unturned.
- Link each problem with a story: you need to relate your story to your audience, it will get them engaged, likewise the investors. You need to also make some research about your investors; like what industries have they invested in before? From this, you have an idea of what they are interested in or care about.
- Your competition: you need to provide enough detail about your competitors, why you are so different from your competitors, and what’s the difference you are doing. Proper analysis of this, will give you an edge and convince your investors about your business idea to fund your business.
- Your target market: everybody cannot be the target market. You need to be specific and realistic about whom you are building your product for. This will help you to think strategically about your roll-out plan. Once you have your target market, it will help investors to visualize the potential customers. It is also much easier to speak to the identified set of people than a broad demographic.
HOW TO WRITE A PITCH FOR YOUR BUSINESS IDEA
It is worthy of note that pitches are written for all kinds of the business ideas across several industries. For your business pitch, the following tips are important.
- Follow submission guidelines
- Establish your idea and get the readers familiar with them.
- Explain your methodology
- Be prepared to give answers to questions.
- Follow Submission guidelines: if your business has guidelines for submission, you have to follow it thoroughly, starting from reading them, taking note of some things that you need to pay attention to, ensure you follow the guidelines to detail.
- Establish your idea and get the readers familiar with them: Inform your investors what your idea is, clearly explain your idea and the uniqueness of your idea and its importance will go a long way in convincing the investors. Explain what value you will bring in through your products/ services. Show how it will benefit people (customers especially).
- Explain your Methodology: Your methodology here means how you want to carry out the process for development and how you want to spend your money. You can clearly state your budget to back it up. Stating your budget means how you want to spend the actual amount received from investors because investors want to know where their money is going and how you want to use the money.
- Be prepared to give answers to questions: while defending the pitch of your business, you must be ready to answer a few questions. In fact, you can try and venturesome likely asked questions into your presentation. Ensure you know your products very well, so you can provide answers to likely asked questions.
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