Don’t ever underestimate the power of a well crafted business pitch. Have you ever listened to someone wax on about something that loses you in the first sentence? Have you tried to explain, to your Dad, what you do and he cuts you off with a million questions and misses the point altogether because you were not prepared with a passionate and well thought out business pitch.
Just like a solid business plan, your pitch must be perfected. It could mean the difference between getting that big sale, securing that bank loan for money needed to launch and even convincing that amazing person that could rocket launch your business if they would only believe in you and come and work with you. I could go on about stories I have encountered first hand, not only what I have blundered but I have seen others make mistakes by not being prepared to pitch their idea.
You can start with a 5-minute business plan, but the ultimate goal is to create an elevator pitch. Elevator pitches are designed to provide the most important facts in the average time you’d spend with someone in an elevator. That is between 30 and 60 seconds, in case you’re wondering! This is your pitch about your product or service and it is designed to give the listeners just enough essential information to make them want more. Remember, typically the elevator pitch is about how long you will have someone’s attention. The key here is to elicit questions so you can elaborate about your business. This engagement will make sure the person you are pitching to will remember you and your business.
There are 4 key elements to your pitch:
- Does your business solve a problem? If so, state the problem clearly and succinctly.
- The second sentence should be about how your business will solve the problem.
- Make mention of your target customer and how you will reach them.
- Lastly, you should describe your competition against and how you will make your offering different and better.
The key elements in a powerful elevator pitch are passion, preparedness and extremely simplicity. With these elements you can convince your listeners that you are determined to achieve your goals.
Now that you have your elevator pitch remember that a large component to convincing an investor, potential partner or just a worried parent will be the financial aspects of the business. These concerns require a sound business plan which I go into in my book Letters to My Daughters, Business Advice for entrepreneurs. You can shut down naysayers the minute you show how prepared you are to answer any financial questions they may have.
Remember to practice your one-minute pitch and let your confidence and passion shine through. I promise you, this exercise will have lasting effects on your
business. Make sure all of your employees are also able to spout this out at anytime. They can be your biggest sales people!
If you would like a worksheet with steps to create your own pitch please go to my website and download it for free. Lindahollyer.com