Pitching business ideas can sometimes be a pain in a bottom. It may sound scary, nerve-wracking, you name it. Elevator Pitch is the common term for strategically presenting your business ideas in front of potential investors in a relatively limited time. And, that could be nerve-wracking, scary, you name it.
Here are some tips to make you more prepared in killing your Elevator Pitch.
Do not overthink
It is understandable that delivering an elevator pitch is like asking a girl out on a first date; there is no way you can get the result without bravely asking. My suggestion is that you should not overthink the result. Do not let your head wrestle with the thoughts of being rejected prior to pitching to your potential investors.
via Huffington Post
Prepare Your Bullet Points
Turn your business ideas and plan into bullet points. Those are your ammos. Keeping track with those points will prevent you from losing the plot.
Be a Sniper
Always focus on your objectives. Instead of spreading bullets through machine gun by talking about things unrelated to your business ideas, be a sniper and hit the target one by one efficiently, calmly, patiently. The investors will thank you for saving their time by not babbling about your ideas.
Ten minutes max
The investors do not have all the time in the world; they want to quickly and clearly understand your ideas. So help them by delivering an efficient and strategic elevator pitch.
But remember, always deliver your elevator pitch in less than ten minute. Furthermore, if you can always fit your whole elevator pitch within three and a half minutes, that will be great!
Efficient Business Plan
Prominent Turkish angel investor, Baybars Altuntaş, has suggested that a business plan should be condensed into a Power Point presentation of no more than 20 slides. It is also best to have them condensed down to a 2-page brief.
Research Your Potential Investors
Researching your potential investors will likely to affect the nuance of your elevator pitch. Knowing that the potential investors have been looking for your kind of business ideas will make it more sense to reveal some supporting data or technical terms to impress. However, if they have no specific interest in particular business ideas, you may go with a more generic elevator pitch.
Rehearse the Q&A
Question and Answer session is a nerve-wracking session indeed.
The more interested investors in your business ideas, the longer Q&A session you might have to go through. Thus, it is essential to understand your product or idea completely, work on the data that your investors may ask, and constantly rehearse your Q&A session with a critical partner prior to pitching your ideas.
The Financial, Team, and Competition
According to the study conducted by DocSend, 57% investors consider financial, team, and competition as three most important pages of a business proposition. Thus, be very thoughtful in arranging your financial section before incorporating it to the business plan presentation content. Furthermore, your team credentials should look amazing, and don’t forget to make sure that you have distinctively shown your difference with the competitors.
DO NOT Read the Slides
The angel investors are just literate enough to read your slides. Here are things you should avoid while delivering your elevator pitch, and reading straight off your slides will not only make you sound boring, but also will make the investors think you have wasted their time.
Those are 9 useful tips on how to deliver an irresistible elevator pitch. Never give up if you fail the elevator pitch session; bear in mind that there is always stories like that of Ryan Gondokusumo, who had been rejected by 30 investors but eventually managed to get 50 publications with his startup merely in a year. You are never a fiasco, just come back with refined ideas!
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