A business pitch can make all the difference in receiving the funding you need for your business. Raising funds can be tricky, but a successful pitch takes you one step closer to your dream investors. Investors hear business pitches all the time, so you want to make sure your pitch knocks it out of the park!
Let’s walk through some things you should avoid when creating a business pitch.
1. Thinking You Can Do It All Yourself
Creating a business pitch can feel overwhelming regardless if you’re a young entrepreneur or a veteran business owner. Therefore, don’t be afraid to ask for help – in fact, we encourage it!
For example, working with a pitch deck consultant is beneficial and can lift some weight off your shoulders. They will work with you to design your pitch, so you don’t forget the necessary information. Websites like Wimgo help find the right pitch deck consultants, getting you one step ahead of the game.
2. Not Doing Enough Research
A well-thought-out and researched pitch is vital to deliver a proposal and receive the funds you need. Sell your idea to investors by using accurate data and statements in your presentation. This will help you prepare for unexpected questions asked by investors.
Major components your pitch should include are:
- The problem your product or service solves
- How you’re better than your competitors
- Revenue projections and cost details supported by realistic and detailed predictions
- Description of your core team and what they bring to the table
- The target audience your business will cater to
While conducting your research, spend some time getting to know the team of investors you’ll be presenting to. This will come in handy when creating a pitch they’ll approve of.
3. Creating The Wrong Image
From the moment you walk into the room, investors will be studying you closely. It’s important to be aware of what you’re projecting. First impressions are key, so be sure to dress the par, come prepared, and watch your body language. These three things will give you a confidence boost while avoiding giving off the wrong impression.
4. Delivering a Boring Pitch
When creating a pitch, you want to make sure it doesn’t come off as boring. Try to make it memorable by adding a mix of numbers, data, and creativity to grab and retain your investor’s attention. Not only are investors interested in your story, but they also want to know how much money you can make for your business and for them. With that said, make sure to wow them while providing them with realistic numbers.
5. Failure to Illustrate Profit
Although business pitches are generally about the business idea, investors want to know how investing in your business will benefit them. In explaining how their investment will make them money, you need to focus on:
- Your growth strategy
- Additional capital that you will need
- A well laid out financial plan
- Exit alternatives for investors
6. Failing to Address Concerns
If concerns are addressed by your investors, you need to make sure you are able to provide solutions. Continuing to pitch without addressing issues that have been mentioned more than once will be a waste of time and lower your audience’s patience. Be honest. If you know your idea has deficiencies, address them. Addressing any issues will show that you are not hiding anything and are willing to discuss them.
Final Thoughts
Connect with your audience by avoiding these six mistakes. This will increase the chances of creating a room full of impressed potential investors and getting the funds your business needs.
