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How often have you been successfully converted from a potential buyer to a buyer actually making purchases because the grocery store salesman sounded very convincing? You actually ended up buying stuff you didn’t even come to purchase! So let’s get to know how to prepare a pitch for a start-up?
Pitching in commerce is a fundamental concept as it is the manifestation of your ability to make the sale possible. It can be selling a product, a collaboration deal or an idea. All it takes is how compelling and unassailable you are.
At times smooth talks work, like for any commodity salesman, but when we talk about how to prepare a pitch for a start-up, you had rather want something more than just smooth talks and flattering with encomium. Your investor unlike small buyers ain’t gonna put in your start-up 500 or even 1000 rupees, we are talking about 6-7 digit investments.
It is a nerve wracking process, being the focus or highlight in the room when all eyes are on you and moreover your start-up is at stake. But it doesn’t need to be terrifying.
All you need to do is hold the attention and interest of your investors in your business idea and keep them wrapped for as long as you want. Easy to say and way too easy to just type but takes a lot actualize.
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Here are some perfect tips upon how you can prepare a pitch for a startup (obviously yours) or business idea and succeed in keeping your potential investors engaged.
Avoid too complex pitch for a start-up
Try to prepare a simple and easy to understand pitch for a start-up yet interesting. Investors are already inundated with proposals meaning they already have a lot to choose from. That means that you need to precisely and quickly provide a contour to your business idea and your plan to offer investors a return on their investment.
Begin with brief explanation about business idea so as to convey your purpose and vision without making them wait for you to come to the point they are interested more in.
Explain the problem your business addresses and provides a solution to. Outline the revenue generation mechanism avoid getting bogged down in details that distract from your message.
Optimally manage your time
It is highly important how you leverage your time slot and how powerfully you have been able to leave an impact on your potential investors.
Divide your time depending upon the importance of each slide. You shouldn’t be sounding as if your are rushing or even speaking about just one slide for so long, allowing boredom to set in. Optimally spent your time.
Never read directly from your slides while presentation and don’t ponder on one slide for more than three minutes. Reading from your presentation gives an impression of your inability to remember or speak about your own project without having to read from a script, henceforth showing a lack of passion.
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Convey the peculiarity about your product
Your product is your key to unlock the door of funding. How you present your product to your future investors is all it depends on.
Try to emphasize and bring to their notice the singularity about your product and why they must consider betting their money on it. Every product has some uniqueness or even if it is something that already exist in market, then how can you make yours distinguish itself from others.
Investors invests on idea and product. Once the thought of product having nothing distinguishable, they won’t pay heed any longer.
Be clear with your business plan
You definitely don’t want to sound like someone still in the middle of figuring out the business plan. Be prepared with a blueprint of how your business will proceed once investors are on board.
Giving them even a minutest hint that still are work-in-progress will give them an opportunity to take a point away. Clearly define who your audience is, how will operations be carried out, production and logistics and everything concerning the management and real execution of your business.
Be all bucked up and prepared beforehand to avoid any form of confusion or hint at being unequipped with a plan.
Ability to outshine your competitor
Be vocal about how you will have an edge over your competitor and your strategy to take over their customer base. Investors are keen on knowing about your scheme to deal with your competitor.
Many people omit this section or don’t provide enough detail about why they’re so different from their competitors. Show comparisons on whatever basis possible of how you can hit the ground harder than your rival firm and the number of check box you tick off but your competitor still linger about it.
It is hard at times to communicate what’s in your mind no matter how amazing that idea be. But then you got to remember that you have got one shot to give a try and see your dream project starting to execute.
Pitching is no piece of cake. Investors make decision to go along just listening to you for five minutes and at times it might take longer.
All you got to do is wrap them around your finger and compel them to invest in your idea.