It’s no secret that over 50% of small businesses fail within the first four years. This dismal statistic is down to a number of factors, but one of the most important is funding.
If you can’t secure funding for your startup, you have zero chance of success. Launching a business is a very expensive endeavor — one you can’t hope to succeed in without outsider funding.
Of course, the key to securing that funding, be it from angel investors or venture capital firms, is knowing how to write a pitch.
Your pitch is your chance to inspire faith in your dream from the people who have the money to make it happen, so you can’t get it wrong. Here’s what you need to know about how to give a business pitch the right way.
1. Your Business Pitch Should Tell a Story
If you’re asking yourself “what is a pitch?”, think of it as an inspirational story used to inspire confidence in you.
The sales projections and growth stats are important, but what really matters is the story you can convey.
Start with your dream and what inspired you to launch your business. Discuss your goals in a linear way, keeping them engaged with good storytelling skills.
2. Your Pitch Should Be Visually Engaging
One mistake that entrepreneurs often make when it comes to pitches is focusing too much on the bare-bones facts and not enough on the visual flair.
A successful pitch is about grabbing and keeping the attention of people who listen to pitches for a living. Therefore, you’ll need a presentation which looks stunning.
Make sure to use a tailor-made business pitch presentation template. You can learn more about the right ones for your business online.
3. Prepare the Numbers and Be Honest About Them
Your investors care first and foremost about the numbers. As well as delivering these numbers in an engaging way, you’ll need to have them all burned into your brain.
What are your first quarter projections? How much in seed funding will you need? How many people will you need to hire?
Have these all written down and be sure not to exaggerate about profits or revenues. They’ll be able to tell if you do.
4. Talk About Yourself
Your business is an extension of yourself. A good pitch is one that wraps up the founder and the business in an inseparable way.
Discuss who you are and your journey so far. If you have a personal story which is related to why you are speaking to investors today, make sure to include it.
The key is to come off as a genuine person who is passionate about what you’re doing.
5. Discuss the Competition
No business is unique. That’s simply a fact. Whatever your niche is, there will doubtless be dozens of other companies competing in the same space.
Don’t shy away from this in your pitch. Explain to your audience why you’re better than the competition and what you do differently.
6. Practice, Practice, Practice
Your pitch will only succeed if you have confidence in yourself. You’ll want to go our your pitch in front of a mirror until you know every word like the back of your hand.
Find some interesting good to great quotes or inspirational quotes to pepper into your pitch. Once you’ve memorized it all and it feels natural, you’re ready to go.
The business pitch is a key stepping stone on the road to successful entrepreneurship.
If you want the roadmap to full success, make sure to follow our entrepreneurship section for all of the expert advice and guides you’ll ever need.