Two minutes – You probably wait longer for coffee at your local shop every morning. Two minutes can seem like a very short time, but if you’re pitching your small business for funding and investors – it can seem like a lifetime. How many times have you found yourself in the “hotseat” of pitching and advocating for your business as to why it deserves those funds?
Here’s what you need to know when preparing for your business pitch. Keep reading below!
Here’s What You Need to Know When Preparing for your Business Pitch
1. Don’t talk about solving a problem
Instead of simply talking about solving a problem, use this time and opportunity to identify the market opportunity you intend to take advantage of. Investors already know the importance of what a business needs to do to solve a problem, but if they’re asking about the market opportunity, you’re at an advantage because you’re using their terms and language.
2. Review the key factors for building the business
In your two minute or less pitch, you’re essentially positioning yourself to be a CEO in an investor’s portfolio. Don’t use this time to try and convince the investors that you’ve created the ultimate and most life-changing product or service, but instead use this time to convince them as to why your product or service deserves their funding.
3. Keep the essential elements
Be straightforward and tell the investors “I’m looking for X amount of money, this is what my business does, this is our business strategy, and this is what makes our business different from others.” Make sure you touch on your current success such as the milestones your business has reached and don’t forget the most important thing: how their funding can help you continuously achieve your business goals.
4. Be prepared for further questions
Once you’ve done everything above in a concise two minute manner, be prepared for the panel of investors to ask you questions about your business. This is your moment to shine, but keep in mind: if they’re still having to ask you how your business is going to make money after your two minute pitch is complete, you may need to reevaluate your future pitches.
How do you prepare for a business pitch? Share your tips and tricks with your fellow entrepreneurs in the comments!