Pitch your business idea successfully with these simple tips
This new year brings new hope to many people around the world. Although there is a concern regarding the new variant of COVID-19, people are more prepared this time. Many employees quit their jobs to start afresh by setting up small businesses.
However, understanding the nuances of running a business is crucial. It is the first plan you’d need to prepare while learning to grab investors’ attention. If you have started a business lately, here are some tips to help you learn to pitch an idea to investors.
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Elevator pitch
You see many reels on Instagram and Tiktok but, have you observed how the content creator shares a message within just 15 to 30 seconds? The half-minute video content speaks a story and gives a message in the end. It is how you need to formulate your business proposal too.
What does your business do? What makes it unique from the rest of the proposals? Why should an investor invest their time in your idea? When you have clarity about these 3 questions, you can easily convince an investor to proceed to the next stage.
Practical and realistic
Let’s be honest for a minute here! Everyone starts a business thinking they will become the next big thing in the town (if not the world). As much as you assume to make profits in the first year, it usually isn’t the case. You need to work harder than you’d expect and give your best for every single sale.
That is how goodwill generates for your company and, eventually, you create a customer base. So keep your ideas realistic and forecast appropriately. Show a reasonable revenue growth that includes worst-case scenarios. When you consider pitfalls and setbacks in the proposal, the investor will learn that you are visionary and serious about the idea.
Keep it low
Seldom do smart owners invest their entire sum in the business. As Warren Buffett once said, “do not put all your eggs in one basket”. Plan your business with low investment. Keep the expenses as minimal as possible and invest in the necessary ones. Discuss the same with the investor while pitching in your idea.
For example, if you start an eCommerce business, you wouldn’t need a huge storage area and stock right away. Instead, plan for drop shipping where the delivery is taken care of by other companies and you get to have your commission! Once everything runs smoothly, you can plan to build your empire without outsourcing.
Final thoughts
You don’t have to put on a show to tell the investor that you’re the best. Follow honest practices and be open & transparent with the communication. Though it might take some time, the business will have longevity instead of short term profits.
