- Show how you'll make money.
- Show how you'll solve problems.
- Show how you, with the involvement of other parties, will be successful in building your business.
Action Steps
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Determine what makes your business idea unique
Every business needs an angle – offering a new solution to a problem, sharing a unique skill set with customers, or providing an innovative product or service to a niche market. What's your angle? What makes your product or service different or better?I recommend: Use brainstorming techniques, such as mind mapping, to spin out your business idea and determine its uniqueness. Software, such as BrainStormer, may be helpful.
Write it
Your elevator pitch is similar to an executive summary of a business plan, but shorter, more concise, and with snappy, engaging sentences and no jargon. The goal of the elevator pitch is to capture the listener's attention. Your primary objective is to move the listener to the next step in the selling process.I recommend: Construct a brief executive summary spotlighting your business. Use a worksheet from American Express, software such as Business Plan Pro or Biz Plan Builder, or Moot Corp (R) Competition business plans to guide you. Read sample pitches at the Your Elevator Pitch site.
Practice it
It's difficult to think on your feet when the elevator is moving. By practicing your pitch, you can deliver your message naturally and passionately when the pressure is on. Strive for consistency. Time yourself. Practice delivering the pitch to various audiences: investors, customers, and partners.I recommend: Practice makes perfect! Use guides, such as public presentation consultant Jill Brenner's "How to Practice a Speech", to perfect your delivery or join an organization, such as Toastmasters International, to learn presentation skills (which will be helpful in all aspects of your business).
Solicit feedback
It's important to hear other people's reactions to your pitch. You are your business. You know your business concept intimately. Allowing others to listen and provide feedback will allow you to hear your words through the ears of others. Listen well and fine-tune your delivery accordingly.I recommend: In addition to asking friends and family members to hear and respond to your short presentation, post your elevator pitch at Web sites, such as Your Elevator Pitch, to gather feedback from your entrepreneurial colleagues.
Be prepared for follow-up questions
One of the goals of your elevator pitch is to open the door for more detailed and engaging conversation between you and your listener. Make a list of ten questions that interested parties may ask you to learn more about your business. Know the answers to these questions as well as you know the pitch itself.I recommend: Use guides, such as "The Top Ten Questions Investors Asked Us" and "Twenty Questions Asked by VCs .... If You Get That Far", to help you formulate your follow-up questions (and answers).
Tips & Tactics
Helpful advice for making the most of this Guide
- Leave the listener with a question to engage him in further conversation.
- Share your passion, not just your knowledge. Passion is contagious.
- Use the elevator pitch to sell yourself as well as your business. Apply the elevator pitch strategy to many aspects of your life.
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