You may be asking yourself if you should go through the process of preparing a pitch, even if you’re not going after an investment, loan, or potential partner. The answer is yes! There are many reasons for preparing and fine tuning your pitch. In fact, you may want to consider having various versions depending on the scenario in which you are using it.
Think about the last time someone asked you about your business. You likely provided an off-the-cuff response, maybe with too much information or perhaps not enough. The reality is that as an entrepreneur, one single conversation has the potential to lead to incredible connections and opportunities. By going through the process of creating a pitch, it forces you to think about the most important parts of what you do and why you do it, so you can share it in a simple and concise way.
For example, the 30 second version of what we do at Mashup Lab goes like this;
By going through the process of creating a pitch, it forces you to think about the most important parts of what you do and why you do it
“We help people in rural places figure out if there’s a great business to be built around a great idea. The way we do that is by running events, running a rural business incubator program called the Dream Business Program and we operate two coworking spaces out of Bridgewater and Liverpool”. That’s it! We don’t try to make people understand every aspect of our business, we just want to inspire them enough to ask follow-up questions about the parts that interest them such as “what is a business incubator?” Or “how does a coworking space work?” Once you capture that person’s attention, the conversation reaches a different level altogether.
We have a celebration night as part of our Dream Business Program and it is such an important part of the participant’s entrepreneurial journey. They each give a 5-minute pitch presentation about who they are, what they do, why they do it and where they are going in the next 90 days.
You pitch is how you tell your unique story. Sure, some people wing it, and that might work for them, but it is much more powerful when done right. Make sure people remember you and your business long after the conversation is over!