For small businesses, funding can be a great limiting factor for the growth of your business.
Let’s say you stumble into a potential investor, and he/she has given you a minute of their busy schedule on a one-on-one conversation, to hear your business, with possibilities of partnership/funding if interested. This is called an Elevator Speech
As the name implies, an Elevator Speech can be delivered in the time span of an elevator ride. It is a short highly focused 30-60 seconds way of sharing your message and answers the question “So, what do you do?” (a quick summary of your business and value proposition)
This means that an elevator speech is a clear, brief message about you. It communicates who you are, what you’re looking for, and how you can benefit a company.
Typically, an elevator speech is
+ Absolutely no longer than 25 to 30 seconds
+ Approximately 80-90 words
+ 8-10 sentences
Contents of an Elevator Speech
A good speech can lead to a deeper conversation, which in turn may lead to investment. This can be tricky as there is so much to say, under very little time. Here is a quick overview of what your speech should cover.
+ The problem your company solves
+ Your target market
+ Your solution
+ The value you offer
+ Your traction and progress so far
+ Your experience
Elevator Speech Tips
+ Keep it short and precise
+ Know the goal (which is to spark interest)
+ Practice, don’t memories
+ Know your audience
+ Be persuasive
+ Have a takeaway (business cards, and memos)
As an entrepreneur, you need to be always prepared and on the lookout for opportunities. Practice these tips for better readiness.