This is How Several Startups Turned into Million-Dollar Businesses in Less than a Year (You Can Do it Too)
- May 29, 2018
“If you can’t explain it simply, you don’t understand it well enough” - This quote by Albert Einstein often fascinates me. Not because I am a big fan of him (actually I am) but, because how substantially relevant it is to modern times. The line is so powerful that everyone, regardless of their ambitions, financial constraints, and demographic differences, can learn from it and make progress from wherever they are standing.
Being a serial entrepreneur & CEO of a renowned mobile app development company, I discerned the power of simplicity often times. I figured out that unless you turn your loquacious & convoluted business plan into a simple one-liner, you will only get better at scaring your prospects away. You should be comfy to articulate your business idea in a “Pitch” if you yourself understand it fairly well.
According to a recent study, over 100 million startups are raised every year and barely 1% of them taste the escalator of success. It’s not that the all of the rest 99% have poor ideas, weak management, insufficient funds, or incompetent team. But, the one thing where they commonly get beaten off-ground is lack of a clear, precise Pitch.
So, What is a Pitch?
A Pitch is a simple, delicious recipe, that is perfected with three ‘secret’ ingredients: what you can do right now, what problems you can solve in the market, and why you are the best option the market has. In simple words, a Pitch is your business idea with its benefits to the market in 25 words or less.
When does Your Startup Need a Pitch?
Remember those 99% startups I stated about earlier? If you don’t want to get in the trouble of slipping in their common pool, define your pitch before you even start your business. Your pitch should be like a short commercial that conveys the unique value and pleasure received in doing business with you to your potential customers, investors, and even future employees.
Why Should I Invest my Valuable Time in Mastering My Pitch?
If you think your business idea is complicated enough to be articulated in two lines for you, guess how tangled it will be for your prospective customers. I hope you have realized till now that we are living in an era where even a ‘six-second-YouTube-ad’ appears sorely frustrating to viewers. So, how can you expect them to read out the entire case study of your business?
Elaboration is easier than precision. But, unless the precision itself is elaborative, even the extended elaboration will send a negative single to your projected market. Business ideas that lack simplicity and clarity, fail to add value. A complication is sometimes a sign that your primary objective is making money rather than solving the problems of your customers.
100 million. Yes, that’s the number of your competitors that double folds every year. With the numbers, comes the noise. And most of the new businesses usually lack the perfect Pitching sword to cut through all that noise.
How Should a Perfect Pitch Sound Like?
“Our solutions will increase your sales by 20-25%, and that, in just 30 days” - this is one of my pitches when I approach new clients. That doesn’t mean that every pitch must sound like this one. The formation of your pitch should revolve around your goal plus how you are going to solve your customer’s problem. Do you want more leads? More email subscribers? Or Improved sales?
Once clarifying your goal, attach the ‘problem solving’ proficiency of your business. Doesn’t seem like a big deal right? The actual art of crafting pitches is not in finalizing an attractive pitch, but, in drafting one that stands apart and converts. It takes time and several pitfalls before you will grip the perfect one.
The Path to a Million Dollar Business
It’s not impossible to turn the tides in one year even if you started with almost no additional funds. There are several examples of businesses that effectively introduced themselves to market with perfect pitches and ended up being million-dollar ones.
Before kicking off my mobile application development services, I made myself clear that how I am going to help my clients. The ‘what’ part came later. Sometimes, you just have to ponder on how to stand out and how to move forward instead of how to beat your competition. Because, if your idea is perfect and your solutions are solving problems, then your customer base grow automatically.