A bit of biz: the elevator pitch.

Ok. So, I am a new fan of elevator pitches.

Elevator what?

Ya. I thought that too.

With this event in Salt Lake City, I knew there was going to be an elevator pitch competion with prizes $2000 in products and services, so I decided to figure out what was so great about it.

Google is my friend, and I learned very quickly that:

An elevator pitch (or elevator speech) is an overview of an idea for a product, service, or project. The name reflects the fact that an elevator pitch can be delivered in the time span of an elevator ride (for example, thirty seconds or 100-150 words). (from Wikipedia).

Why was this appealing to me? Because I had no idea how to sum up my product (without any visuals) in such a short amount of time, and I knew that if I knew how to, I would be a lot more successful at getting other people to believe in or be interested in supporting my business.

An elevator pitch is typically presented to a panel of investors who would be lending you money to start or further your business. So numbers and stats are a big part of the presentation as well. All of which I needed to know for myself anyways.

So, I wrote. I revised. I sent it to my Dad. I wrote some more. And then I hacked chopped cut and erased.

And, well....I won.

You can read about here. Not the best photo of me, but well, I was rather unaware that someone was taking picture because I was in complete shock that I won! It was a HUGE leap out of my comfort zone to present in front of a panel of judges as well as a large audience of business owners. But, getting out of your comfort zone is just what you need to build strength and confidence, and that was my main motivation. It wasn't fun, but it was worth it!

But even if you aren't going to pitch to investors, you NEED to know what you are about clearly and concisely. I didn't realize how hard that was till I got started on this.

Here is what you need to answer:

  1. What is your product or service?
  2. Who is your market?
  3. What is your revenue model? (how do you plan on making a profit)
  4. Who is behind the company?
  5. Who is your competition?
  6. What is your competitive advantage?

Asking yourself these questions and writing them down will reveal so much to you. Especially when you put it in the context of someone challenging you. What DO you sell? Does it have a CLEAR branding? Who is your competition? How are you different? What is your plan to succeed in a competitive market?

All these questions I really wasn't that excited to answer. I mean, "I am an artist, right? I just really like to draw!" Well, if you plan on making any profit from your hobby, you REALLY need to answer these questions. And believe me. It is harder than it looks. But, when you do, you will have a clearer vision of how to succeed with what you really love to create. Have fun!