Every business, both new and old needs a business pitch to accurately summarize what they do. For new businesses, this pitch may focus on how your new business can solve a problem not currently being solved, or for established business, what makes them special. Either way, every business needs a pitch. How do you make a pitch for your new business? Let's get you started on the right foot Define the Problem When you start your business, one of the most important steps is identifying the problem your business can solve for your potential customers. Is it lack of service in a specific area? Are prices of current offerings too high? Without having an immediate problem that is worth solving, then there likely isn’t any need for you to start that business in the first place. The problem your business plans to solve doesn’t need to be a complicated one, and even the simplest of problems require a solution! By defining the main problem your business will solve, you will have reasoning to back your business venture and a starting point for elevator pitch . By identifying and refining some of your customers main problem, you will be able to clearly express the problem your business plans to solve in a purposeful and acute way. Describe Your Solution After you have identified what problem your business will solve, you must figure out how exactly it will solve it! Often times, entrepreneurs forget about defining the problem and jump directly into building a solution. But how can you build a solution to a problem you don’t know? With a clear picture of the problem your business will be solving, you can craft a confident and viable solution to the problem. After establishing a solution, you can create a solution statement that describes what solution your business will be providing against the problem you have identified. A few sharp sentences is all it takes to capture your listeners attention and draw them further into the rest of your pitch! Identify Your Target Market This often goes hand in hand with defining your problem, as often times, there is a clear market being troubled with the problem you have identified. At this point of your pitch, you should define exactly who your business venture will be targeting. When identifying your target market, it is easy to fall into the trap of choosing one large group that overarches your perfect customer. But by breaking your few ideal customers into different segments, your business pitch will sound more thought out and researched. It is important to have a specific focus and not be to general, as this can come off as lazy and not put together well, but by being too defined may minimize your business’s overall potential. Share the Competition Every business has some sort of competition, and yours will too! Even if there isn’t a company solving your customers problem perfectly, there is likely alternatives that your potential customers are using instead. By understanding your direct competition and indirect competition, you can begin to understand the advantages and disadvantages between your business solution and your competitor’s offerings. By explaining your key differentiators from your competition will help justify to the person your pitching to just why your business idea is viable and the unique solution you will be offering your customers. Who’s on Your Team Your business might be a solo operation, or you may be starting it with others. Either way, there will be a number of skills being brought to the table that the person you are pitching to will be interested in hearing about. It is these skills that build the foundation of your business and the expertise that will shape your business offerings. Understanding your team will also help you in ensuring that you are executing your business vision correctly! While having a team for a new business isn't always required, but there is something to be said about multiple brains working together to build new business strategies and generate exciting ideas!  What’s Your Financial Status Often when pitching to potential investors, they will be interested in hearing a little about your financial status as it will help them understand the stage the business is in and it’s potential. By having a solid understanding of your business model, such as expenses, debts and forecasted revenues, you will be able to swiftly present this information to your audience in a positive manner. Numbers are important, especially to investors and knowing your business model can make or break your pitch! Wrap it Up! Sometimes business pitches are more formal presentations where you can include more in-depth information accompanied by a helpful slide deck. Other times they will be quicker and more informal, you may only have a few seconds to share your pitch. In times like these, it will be important to be prepared with a simplified version of your full pitch to stay on track and ensure you are sharing only the most important information! Book a consultation with our experienced team and we can get your business pitch started on the right track!

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