Learning how to pitch a business idea is incredibly important for entrepreneurs. There are several elements that should be including in a business pitch, which we will go over! We will also review public speaking tips, since how you pitch your business is as important as what you say. Our focus though will be on something called an elevator pitch, which is a brief 20 to 30 second summary to spark an interest in your business.
I HIGHLY encourage you to read Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal. Oren Klaff, the author, is an absolute genius and he will teach you how to pitch literally anything and everything (these stellar reviews do not lie!) You can even hear the audiobook for free with an Audible trial.
If you have not done the other sections of our “how to start a business” series, I would highly recommend checking out the following lessons first.
- List of business ideas
- How to price your product
- Write a business plan
- Marketing, branding & logo design
Before we get started, budding kid entrepreneurs (or kidpreneurs) should check out The Tuttle Twins and their Spectacular Show Business (the entire Tuttle Twins series gets two huge thumbs up from our kids!) Also, make sure that you join our Facebook Group and follow us on Pinterest, so you that you won’t miss the additional lessons in this entrepreneurship series!
How to Pitch a Business Idea
Now that you have a solid business plan laid out, you need to tell people about your company! Why? You may need to ask people to invest (lend you money), if you do not have enough money to start your business on your own. But even if you do not need to borrow money, you need to sell your products or services! So, you will need to pitch what you are selling to potential customers as well. Here are a few steps to learn how to pitch a business idea.
1. Who are you pitching to?
Write down everyone who you will pitch your business to. Will you be asking people to invest in your company? If so, who will you ask? If not, who are your potential customers that you want to win over?
2. Get into their mindset!
If you have multiple people to pitch your business idea to, pick one to start with. Try to get into their “head” and understand what their perspective will be. What do you want them to “feel?”
3. Layout several pitch structures
You should practice at least three different types of pitches, so that you are always ready to use one at a moments notice. You never know when you might run into a potential investor or customer! For example, you should have a pitch that takes 5 seconds (a 1-2 sentence, quick explanation), 30 seconds (an elevator pitch) and 5 minutes (where you go into more details).
4. Practice your pitch
Keep practicing your business pitch! Practice out loud when you are in the shower! Tell your next door neighbor when she is walking her dog. Pitch to your friends on the phone. The more you practice, the better your pitch will get. You can even ask your friends and family for feedback to help you improve!
Elevator Pitch Example
Now that you understand the basics for how to pitch a business idea, let’s take a look at an elevator pitch example. But first, we should explain what an elevator pitch is!
What is an elevator pitch?
Imagine that you walk into an elevator, press the floor you are going to, step back and see a famous person! You have always dreamt of meeting him because he would be the perfect investor. You have around 20-30 seconds to pitch your business idea to him before the door opens and he gets out. That is the concept behind the elevator pitch. How will you sell someone on your business idea in just 20-30 seconds. Let’s take a look at a few examples
Elevator pitch business examples
People take a variety of different approaches when it comes to how to pitch their business. Here are some of my favorite elevator pitch examples to get you started.
1. StrategyPeak’s best elevator pitch examples, templates and tactics.
Here is a fantastic pdf guide to writing an “unforgettable elevator speech.” They include the following types of elevator pitch examples:
- Generic elevator pitch
- Sales pitch example
- One-word pitch
- Question pitch
- Rhyming pitch
- Subject line pitch
- Twitter pitch
- Pixar pitch
2. Keap’s elevator pitch examples for entreprenurs
Take a look at these well-written elevator pitches, to read actual pitches used by real companies.
3. Watch the best elevator pitches on YouTube
I said at the beginning that it is not just about what you say, but also how you say it that matters! Take a look at the following award-winning elevator pitches (yes, there are even elevator pitch competitions!)
- Coffee cup elevator pitch (Winner of Utah State Business Contest)
- College dorm supplies elevator pitch (Winner of the Flyer Pitch Competition)
- MissApp (phone apps for women) elevator pitch (Winner of the University of Dayton Business Plan Competition Elevator Pitch Stage)
- Momma I Want to Write (writing services) elevator pitch (Winner of the Black Enterprise Entrepreneurs Conference)
Pitch Your Business Idea
Now that you know how to pitch a business idea, and we have looked at some elevator pitch examples… it is your turn! Practice pitching your business idea and take a video! Then, make sure to share it in our Facebook Group and Facebook Page, so that we can give you feedback! You never know what resources, help or ideas you might get by brainstorming!