Learn how to give an overview of your business without making people fall asleep.
Entrepreneurs whose businesses are just getting started have different ideas about what they think is the most important thing. However, many professionals agree that making a good business plan should be the first step. A well-written business plan includes all the details and strategies, as well as projections for income and expenses. Bankers and venture capitalists will look at the plan in detail. But the "elevator pitch" is the most important thing that should be written before the business plan.
The truth is that most people won't read a business plan unless they are already interested in it. This is what the elevator pitch is for. It's the hook that makes them come in. People pay attention to the ad because it has a catchy tune. It's the best parts of the business plan, without all the boring details. The elevator pitch is where you want to get people interested, not where you want to talk about all the technology, buzzwords, and details.
The name "elevator pitch" comes from the fact that it's short enough to be told in an elevator. The elevator pitch is a short summary of your business idea that can be told in about a minute or two. It should focus on the most important parts, or "essence," of the business.
The elevator pitch doesn't go into the details of the business's finances. Instead, it goes straight to what really excites you about the business. This pitch is all about that. You don't need proof of concept yet, because you'll get that in the full-length business plan. The elevator pitch is the ad that makes people want to know more.
The elevator pitch should be creative and inspiring. It should hit on the most important parts of your business idea and do the following:
- Explain how the business is going to make money.
- Talk about the most important parts of what you want to do.
- Explain why you or your company are in a good place to reach your goal.
- Give a brief summary of the problem and solution part of your idea.
- Talk about how much money you could make without using charts and graphs.
- Make the reader or listener want to know more.
- Tell people what to do at the end.
The first few sentences are the most important, and they should show what your main idea is. If you can't say what you want to do in less than two sentences, you need to make your idea simpler. Once you have your audience's attention, there will be plenty of time to go into all the details.
