Pitching a business idea can be nerve-wracking, but it's easier with these rules guiding you.
Whether you're looking for investment capital, a partner, or your first client, pitching your startup idea is a huge step forward for your potential business--and you'll likely be nervous about how it plays out. If you're not used to public speaking, you may be concerned about your performance, and if you haven't tested your idea with others, you may not know what type of reactions to expect.
Fortunately, you can avoid most pitfalls and establish a better foundation for yourself by following these five cardinal rules of startup pitching:
1.Do your research. Don't go in without some kind of factual, empirical basis for your claims. You need to know who your target audience is, what the competitive landscape is like, and how feasible your business really is--and be able to prove it.
2.Know your audience. You wouldn't pitch the same way to a young startup owner and a discerning angel investor. Know what your audience is looking for in your pitch, and tweak your approach to suit their interests.
3.Remain concise. You may be tempted to talk at length about how cool your business idea is, but it's better to remain concise. Focus on the most important points, express them effectively, and leave room for questions afterward.
4.Push the numbers. Numbers make logical sense to people. If you're pitching to investors, explain how they're going to make money from you. If you're pitching to potential clients, explain why you're a good value. Reduce everything down to numbers.
5.Practice. Don't just "wing it." You need to rehearse your pitch several times before you bring it in front of a crowd.
If you follow these rules when pitching your business, you'll instantly seem more attractive to whoever you're pitching it to. With practice and refinement from the lessons you learn while pitching, your presentation will become even more masterful.