Numerous startups thrive in Utah. It may be due to the laws that support new businesses, or the plentitude of STEM students fresh out of college. However, we maintain that there’s something in the air that encourages an entrepreneurial spirit.
One essential aspect of starting a new business is finding funding that will help your project grow. Sometimes this comes in the form of a loan from a bank, or owners investing their own capital. However, more often funding is acquired through private investors, and in order to make this happen, you need to be ready to pitch your business well.
Some Tips for Your Next Pitch Meeting
There are many different approaches to a pitch meeting, and of course, yours should reflect both you and the company that you want to launch. People remember things that surprise and delight them, and so that should be your goal. However, you also want to convey a well-thought-out plan and presentation for your business. So here are some things that you should be sure to include:
The Problem, the Solution
A business needs several critical things to thrive. However, most essential of all is simply this: a market. If you’re not fulfilling a need, then there’s really no drive to get started. So, in order to frame your business properly, many people find that the Problem/Solution model is best. After giving a very concise summary of your business, go into the problem that you see. What is the lack that you want to fill? Often, this is best illustrated through effective storytelling. Frame the problem well by making it relatable and comprehensive.
Then follow it up with your solution. How does your business idea solve the problem? Why is this the best option?
Your Business Plan
Many entrepreneurs who are good at framing the problem and solution forget to invest just as much effort and thoroughness into the business plan side of the meeting. However, this is where the real magic happens. Good business ideas are a dime a dozen. Finding someone who can make those ideas a practical reality is a different story. You need to present evidence that you’ve done your due diligence and all the footwork necessary to make the business happen.
This is the part where you’ll present the following:
- Market research (i.e. Who is your target? What evidence do you have that you’ll be able to reach them and answer their needs? What comparable businesses are out there?)
- Business plan (Where will the revenue come from? Who is your competition and how do you compare and contrast with them?)
- Financial prospectus (What sort of projections do you see? How long will it take to make a profit? What initial costs do you anticipate? How well is the market growing?)
Your Team, Yourself
Don’t forget one important part of your pitch: what makes you special? The idea and plan itself is important, but in the end, your investors are investing in YOU. So, why should they trust you (and your team) to spearhead the operation, instead of someone else? What unique gifts and experience do you bring to the table?
Bring Materials that Reflect Quality
Here at Elevate Promo, we help startups get their start by providing presentation materials. It’s important to have materials that reflect your hard work, quality, and professionalism in order to make a better impression.
Some of our most common products used for this purpose are:
- Business cards
- Presentation Folders
- Illustrated reports and graphs