How to Successfully Pitch Your Business Idea in 10 minutes
As a startup, you’re finally presented with the opportunity to pitch your business ideas a group of potential investors or clients. You have documented your ideas and you’re confident your pitch will leave your audience’s mind packed with questions of interest, but you have just ten minutes to wow them. You may be thinking of what tips to take to help you sell your business idea in ten minutes and return home with some good news.
Every innovator or entrepreneur will find themselves in this position at one point in their lives, and it is important that you are prepared for that moment. So, we have laid down the major factors that separate a poor pitch from a successful pitch.
Here’s a few tips to help you when pitching your business:
- Prepare yourself first, before your idea.
Most investors and potential clients will pay more attention to a business plan when the pitcher exudes confidence and a detailed approach. Your idea might be great, but you need to gain the trust of your audience.
Investors want to see how efficient you are, they want to know can you can sustain the business/project through its conception and growth.
- Use a case study with your pitch.
It is no news that stories keep people interested. Your audience is likely getting bored when you expose them to strictly statistics and data, although those are the keynotes in your pitch, endeavour to include case studies where possible.
- Capture only the key points.
Investors are more interested in the presentation than in the business plan. You can always go into more details when they have shown interest. Therefore, beating around the bush is extremely unnecessary when you have just 10 minutes. Focus on explaining the project, your strategies for growth, and your Return on Investment. If you are using slides, keep them short, engaging and straightforward.
- Have a plan for the future
Many investors usually move on to invest in new companies after a couple of years. How do you plan to make them believe investing in your project is a good idea? Do you plan to franchise? Sell the company’s assets? Expand into other business ventures?
- Know your audience
Before going for a pitch, it is important that you do a lot of research to understand your audience.
You will be looking out for questions like
What companies are they currently invested in? What kind of projects are they drawn to?
What business plans did those companies have?
How much time can your potential investor devote to your business?
- Improve your vocabulary.
There are certain phrases you can adopt when pitching your idea, it’s all on the internet. You don’t have to use ambiguous terms, because you will leave everyone confused.
Set a timer and practice. Try delivering your pitch within 10 minutes and see if you were able to capture key points. Practising will not only help you keep to the set time, but also boost your confidence.
Rising Tide Africa offers a ‘Call for Pitches’ event where startups and entrepreneurs are welcome to pitch their ideas. You can leverage that opportunity.
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