Never underestimate ideas; they are the crux of all success. They spark curiosity, boost momentum and productivity, and inspire people to achieve their dreams. Ideas, no matter how large or small, can get you farther than ever imagined.
That said, it’s important to remember that in the world of business the way to take an idea to the next level is to pitch it to potential investors. The business pitch is a key component to any start up and can help to scale a business rather quickly. On the other hand, a pitch that isn’t well-planned or complete can potentially hurt your chances of getting your business off the ground.
This article will provide more information on how kids can create and present a business pitch to investors and start their kidpreneurship journey off on the right foot.
What is a Pitch?
A pitch is a concise presentation of a plan to launch or grow a business. It is usually presented verbally in a meeting but can also be done through email. In order to best convey the message, a pitch is generally accompanied by visual elements such as Powerpoint or Google slides, charts, graphs, or videos.
The goal is to present the business opportunity to investors in a way that convinces them to invest in your venture. It should provide enough information to allow investors to make an informed decision but not too much detail that they become overwhelmed or confused.
Think of a pitch like a mini-summary of a business and its goals, market, and plans to expand.
What are the Reasons that Kidpreneurs Need a Pitch?
There are a number of reasons why business owners choose to create a solid pitch, or business plan. They may be seeking the initial funding that is crucial for for a start up.
Sometimes, businesses that are already established are at a stage where they require additional resources, supplies, equipment, or hiring of employees in order to level up their business.
Finally, there are times that a business may create a pitch in order to sell their products or services.
Whatever the specific reasons for a pitch, the key is to be able to summarize the business, its needs, and request for funds in a positive and compelling manner. Your goal should be to make it almost impossible for your investors to pass up the chance to be a part of an amazing business.
What Should Be Included in a Pitch?
A pitch is usually between 10-20 minutes in length and so a pitch’s presentation and handouts are tailored to fit that timeframe. Pitch decks, which are the graphic piece of the presentation, are usually between 8-24 pages or slides long.
There are numerous free pitch deck templates online that you can use to help your kidpreneur create their own.
Included in the pitch deck should be:
- Business Goals: A short introduction into the business, the vision or mission, and the overall financial and sales goals.
- Timeline: Providing a timeline for different milestones in the business can be a helpful visual element for investors. This can include launch dates, marketing timelines, a hiring plan, and any other pertinent information to the business growth.
- Audience: This is information on the demographics of your target audience, or who you intend to sell your products or services to.
- Marketing Strategy: It is important for your investors to know how you plan to advertise and market your brand and products. This can be a simple plan, but should be practical and achievable and may include a variety of channels and platforms in which you will advertise.
- Financials: While the business goals section should provide an overview of financials, this section should go into more details on areas such as assets and liabilities, projections on average revenue per customer, monthly customer growth, and monthly/quarterly revenue.
- Problem/Solution: Also called your “unique selling proposition” (USP), this section should provide realistic details on what problems your products or services address. This is essentially what makes your business stand out from the rest, or a way in which your business improves on an previously-established idea, product, or service.
What Can Be the Result of a Pitch?
Depending on how successful your pitch is and the current market need, the quality of your pitch could mean cash for your child’s business! This is usually the main goal of a pitch and can be a big break for many kidpreneurs. If nothing else, a pitch can spread the word about your business and help your kidpreneur make important connections in the business world.
If the pitch isn’t well organized, or the presentation lacks enthusiasm or solid strategy, it has the potential to negatively impact your child’s business reputation and brand. Keep this in mind as you help your child create a pitch. Practicing the pitch is the best tool they have!
While not every pitch is going to be successfully funded, it is important to ensure your child establishes effective communication skills to avoid not being taken seriously. Of course, many investors understand that kids aren’t going to be as polished as seasoned entrepreneurs, and so even the experience of presenting a pitch is a great lesson for kids.
Pitches Help Kids Grow and Develop into Confident Entrepreneurs
Knowing how to put together an informative pitch, and delivering it in front of potential investors, is one of the fundamental principles of entrepreneurship. Additionally, fine tuning a pitch teaches children important skills such as critical-thinking, creativity, decision making, and goal setting.
Kidpreneurs should learn to create a pitch so that they can become confident in delivering a presentation to family, friends, investors, or their local community. You never know who may be willing to fund their brilliant idea!