Got a key idea for a new business? You and a lot of other people. It might surprise you to see who comes storming out of college or business school with a trailblazing new idea. Now the key is to create a winning startup pitch that will get the funding you need.
It’s not going to happen magically. You can’t snap your fingers and all of a sudden have a bank flow to do your bidding. It’s going to take hard work and dedication. More importantly, it’s going to take making a plan to win over those investors.
So what are the five key steps to create a winning startup pitch? Here’s a primer guide to help you. It’s still up to you how you’re going to implement all this, but it’s a great blueprint to work off of.
Have a Good Hook to Start Your Winning Startup Pitch Right
Anyone can start by just jumping into what they want to do with their pitch. Some might like the straightforwardness of this. However, others are looking for something more creative. That’s where you add innovation into the picture.
It doesn’t necessarily mean a song and dance to amaze them. Instead, find something that explains the inspiration of your pitch. Where did you get this great idea? Were you doing an activity in real life and it suddenly came to you?
Not only does some creativity in the pitch put weight behind your idea. But it also shows who is creating a winning startup pitch. You get to show people where you’re coming from, and a little dose of your personality. You don’t have to be overly cheesy about it (in fact, avoid that), but do be realistic and have a little fun with it. You’d be surprised how far that goes.
Give a General Idea of What Your Winning Startup Pitch Is About
You don’t want to give away your winning pitch up front. What you do want to do, however, is have some sort of primer that breaks it down. Tell the investors where you’re going with your pitch, and explain in segments. Where do you want to begin? How do you hope to grow in the years ahead? What steps will you take in-between? It’s important to be as detailed, yet as brief, as possible.
It sounds like those can contradict themselves, but, honestly, the right pitch finds that perfect balance between the two. Avoid prolonged words and get right to the point with each portion of your winning startup pitch.
By getting this out of the way, you don’t waste the investor’s time, and you lay out a helpful game plan for yourself. To create a winning startup idea, this step is crucial.
Don’t Avoid the Problems, Present Them – Then Go for Solutions
While avoiding negativity is key to a winning startup pitch, it also helps to let your investors know you’re ready for problems. So bring up those potential issues that come up with a business. Why do you want to enter the market when these guys do it better? What happens if certain products run low? What should you do if you can’t get the employees you want to go after?
Don’t hold back on this—and don’t make excuses. Remember, you’re trying to win people over for their money. Being dishonest is not only dangerous but may also leave you in a spot where they see right through you. Explain, honestly, how you would get around problems.
This means presenting key solutions. Sometimes they aren’t the most clear-cut answers. But you always want to present something that shows you’re ready to tackle everything in business—good or bad.
How Much Money Will Your Business Make?
Financials are such an extraordinary part of your winning startup pitch. After all, why would investors pour money into something that’s bound to fail? So it’s here, after tackling potential problems in your business, you want to get to profits.
This means product sales, finding the right distribution angles, getting affordable equipment, and so on. Finding that happy factor in employees that keeps them onward with working moving forward in their work.
It can be a tough sell, but if you know your market and your idea has enough merit, it can be made into something convincing. This is where you want your winning startup pitch to shine!
Talk About The Future
Solvable problems and profits are nice in the short term. But what will really hook an investor with a winning startup pitch is the coolest thing of all—long-term investment.
Granted, some may not be on board with this. But for those that want to, you need to convince them your business is around for the long haul. Where will you be in five years? Ten years? Beyond that? Tell them where your startup is pivotal, and why you think it’ll be around longer than the competition. Again, avoid the lies. Just be completely honest in terms of why you believe in it, and where your efforts are headed.
It can be a tough sell. But with the right approach, you can turn a typical startup pitch into a winning startup pitch.