FROM THE ARCHIVE

We reached back into our blog archives to October 2019 and found this guide to perfecting a Dragons' Den style elevator pitch...

We’ve all seen those episodes of Dragon’s Den where the entrepreneurs are 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 knowread on to ensure you’re sufficiently wellversed.

Not only are elevator pitches useful for presenting to potential investors, but they can also 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 you share 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.

Our Credit Manager, Simon, has the task of approving our start-up loan business applications, most of which start with an ‘executive summary’, not too dissimilar to an elevator pitch.

Define a clear goal for your pitch

What is the gap in the market?

How are you addressing this i.e. what is your USP?

Why is there a need for this in the market (supported by market research)?

What progress have you made so far?

Summarise your key financials

What do you need to advance (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.

Here is some advice from Simon on the topics that should be in your overall pitch:

Learn how X-Forces Enterprise can support your start-up here.