Being an entrepreneur means taking risks. It also means you have to be able to energetically pitch your business to venture capitalists and angel funds. As an aspiring entrepreneur, you need to communicate your business ideas effectively through a start-up pitch.
The What, Why, Where, and When of your Business Plan
Lay out the what, why, where and when of your business plan. Don’t worry about the “how” since that normally gets worked out after the pitch is made. Include details such as your planned business name, line of business, reach, and timeframe for getting it off the ground.
Fixing the Need Gap
Discuss how your product or service will alleviate the pain points of the customer. Focus on what your business can bring to the table or how your company can present a new angle in an existing market. It has to demonstrate a need in the market that your product or service is working to fulfil.
Include Market Research
Include details about your market research without going into too much detail for fear of boring your listeners. Review the market size, the number of direct competitors, and potential or anticipated sales. Include positive statements from product trials or prospective customers who have shown interest. That will add clout to your presentation.
Discuss the Profit Viability
Discuss the profit potential of your business and how you arrived at those numbers. Any prospective investor will be interested in this information and you need to portray it clearly to get them on board.
So in a short while, you need to convince the audience that you know what you are talking about when it comes to your business idea and be prepared to field questions, too. Confidence is key while making a start-up pitch. Knowing the ins and outs of your business plan is another pre-requisite. Substantiating what you say with data is important as is knowing how you arrived at that data.
As Dave McClure says, for the most effective pitch, focus 80% on the problem, 20% on the solution.