Perfecting your ‘Dragon’s Den’ Style Pitch

We’ve all seen those episodes of Dragon’s Den where the entrepreneurs are being asked what should be a relatively simple question about their business plan or financials but respond with a red-faced ‘ummmm, I’m not sure’. There are certain key facts about your business which you are expected to know and this blog covers how to make sure you’re well-versed in the key areas of your business. 

Why should I have an elevator pitch? 

Not only are elevator pitches useful for presenting to potential investors, but they can be a great way of making sure you are confident in explaining your business to others too. Imagine you’re at a friend’s dinner party and unexpectedly meet someone who could be a really good contact to help you grow your business. When they ask you what the business does, you don’t want to be caught off guard – instead you’ll make a more positive and lasting impression if a short, engaging explanation of your business and its key highlights. According to mindtools.com, you should try and get your message across in 20-30 seconds.

What should be in my elevator pitch? 

Our Credit Manager, Simon, has the task of approving our start-up loan business applications, most of which start with an ‘executive summary’, not to dissimilar to an elevator pitch. Here is some advice from Simon on what topics should be in your overall pitch:

1. Define a clear goal for your pitch 
2. What is the gap in the market 
3. How are you addressing this i.e. what is your USP 
4. Why is there a need for this in the market (supported by market research)  
5. What progress have you made so far?  
6. Summarise your key financials  
7. What do you need to advance especially from them e.g. financial support, supplier relationship, contacts etc.  

Top tips on delivering the perfect overall pitch

       1.Tell them your story 

• • People buy from people and a genuine and relatable story is likely to be more memorable than sounding like you’re reading a business plan. 

       2. Engage your audience  

• • Ask them about their experiences in the market, if they have encountered the same struggles you have, or simply if they have any questions. 

       3. Be concise 

• • Don’t waffle – keep the pitch short and engaging telling them the pertinent points only. There will be plenty of opportunity to expand later but you need to capture their attention first. 

       4. Be passionate 

• • If you don’t sound interested in your own business you cannot expect others to be either – your audience will feed off your energy. 

How can X-Forces Enterprise help with my business?

If you wish to startup a business, or have been trading under 24 months then get in touch and see how X-Forces Enterprise can help you secure low-interest government-backed start-up funding . You will also have access to workshops and networking to help you brush up on the essentials of running a business. We also offer 12-months ongoing mentoring to ensure you have all the support you need to make your start-up a success. Our programmes are fully funded by our partners so we don’t charge you for our support. To find out more contact us today and one of our team will call you back. 

You may also be interested in:

• Our Free “How to start a business” eBook
• Our New Series Of Podcasts
• Our Success Stories
• Our Training Programmes
• Our Start Up Loans Support

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