Are you ready? After all your research and hard work it is time to pitch your idea to some dragons. You will need:
Things to think about
Think about all the information that you have gathered. You will also need to know how you expect your business to grow every week, month and year. Display this information in a graph showing potential growth. Watch the episodes of dragons den to see how others have dealt with this. Listen to the questions that the dragons ask the people wanting money – are you prepared to answer all these questions?
The most important thing to think about is how you can earn money from your business.
Things to do
Preparing the pitch
What is the pitch trying to achieve? The main purpose is to persuade the Dragons that your idea will be worth investing in, to explain the gap that your business will fill, and to explain who will use your business.
When pitching think about…
How can you use the style of your presentation to connect with the audience. Should you go for a straightforward explanation about the business, what it would sell and why you need the money or do you jazz it up a bit? Which approach is likely to be most successful?
Do a rehearsal
Gather all the information that you have, your SWOT analysis, profit predictions, graphs of growth and possible expanding. Think about where you will stand and what you will display, or hold up to show the dragons. If you have access to a camera record your ‘pitch’. Or you could ask an adult or a friend to watch you and give you feedback on your performance.
Introduce the name of your business and display a slogan for the business that summarises the idea.
Be very clear about your USP (Unique Selling Point). Why does the local area need your business?
Include basic marketing materials or other information, such as a list of testimonials, customer statements, or quotes from people you have worked for.
Produce either a drawing or plan of the idea. This can be done on the Ipad or on paper.
Describe your short-term, medium and long-term plans.
Say what you need from the Dragons.
Thank the Dragons and ask for questions.
Sharing your idea
Ask four people to be your dragons.
Ask someone else to film your performance on a phone.
Set the scene and deliver your pitch.
Remember to be prepared for questions and have your idea clearly thought through.
Ask the dragons if they will fund you.