The last portion of your pitch will cover the feasibility of your business idea. In other words, you are answering the question of can you actually build or make your idea. Your last three slides will outline whether or not your business idea is possible.
Here are the main topics and questions you will be answering for this portion:
8. Now/ Next/ Later Plan: What is your rollout strategy?
The now/ next/ later plan is all about how you are going to rollout out your business plan. This illustrates how you plan to move your business idea forward and what your main focus is for specific timeframes of your business. This is a more microscopic look at your milestones and how you plan to get there. This is called the Now/ Next/ Later Plan because you should highlight three milestone plans that align with your traction roadmap or financial analysis. In other words, you want to share what you will be doing to move your business forward in the next three weeks (now), three months (next), and three years (later).
In our example, the witch knows she has a lot of work to about validating her idea. She decides that in the next three weeks, she is going to organize a booth at Flourish & Blotts when students are busy with back-to-school shopping. She will need to get a few prototypes designed and built for the booth, as well as determine her business name and logo. Our witch looks at her traction roadmap and sees her second milestone, problem/solution fit, should be achieved in 3 months. For her next plan, she wants to have her product prototypes refined and she is going to host workshops on safety for free, while promoting her product. She wants to have a few segments on the Wireless network because she knows moms typically listen to the Wireless for their news. She also wants to have a few ads in the Daily Prophet. She thinks she might need to have a referral program or loyalty program started to encourage people to share her product. When she looks at her later plan, which is 3 years from now, she notices that she should have a total customer base of 10,571. She thinks that Voldemort is going to be around for 7 years, so she assumes she is going to be keeping customers for 7 years, but she isn’t sure if her product will last for 7 years without needing an upgrade or maintenance. She knows that to get to this target, she will need to come up with a way to keep her customers for a long time and how she can make sure they have the latest, most advanced solution. Even though she doesn’t know how she will do this yet, she puts down that she will have a solution to solve this problem by 2024. She also thinks there will be some new challenges faced by the community if Voldemort keeps growing followers, so she notes that her customer segments may change and require new features. She wonders to herself, what happens if Hogwarts closes and other schools around the world don’t have a similar threat? She puts that down as something she will need to address in her later plan.
Make sure that you are succinct and can demonstrate you have thought about your riskiest assumptions and obstacles for each step of your rollout strategy. You want to demonstrate you have thought about how you will grow your business and you aren’t just running on hope. What do you need to do to make sure your idea will work?
9. Team: Can you pull this off?
You want to leave your team introduction until nearly the very end of your presentation because you want people to remember who you are (as a team) and why you are the right person(s) to start this business. If you open your presentation with your team introduction, people will forget and might not tie in your specific knowledge-base or personality traits that make you the best team to solve this problem. This is a key component of feasibility for starting a business. Without the right team, your idea won’t be able to grow.
Our witch has the insider connection and the expertise in wand work for her idea, but she doesn’t have good marketing skills and she is completely rubbish with building trinkets. As it turns out, when she was interviewing Mrs. Weasley, Mr. Weasley came home and had a model car he was tinkering with in tow. Our witch and Mr. Weasley got to talking, and he expressed interest in helping our witch design and build her trinkets. Our witch found a great team member to help her build and design her products! When she went into the Daily Prophet to inquire about ads, she bumped into Zamira Gulch, a contributor to the Daily Prophet’s advice column. They went to Florean Fortescue’s Ice Cream Parlour to chat about her idea. Within 20 minutes, Zamira had joined her team. Our witch also wants to share that she has a muggle advisor helping her with her business plans.
Make sure you illustrate who is on your team, what level of commitment they have (i.e., advisor, team, co-founder), and what each of you bring to the table. You might need to include who is missing and how you plan to fill that gap. What skills and knowledge does your team have to bring your idea to life?
10. The Ask: Call-to-action
You are building this pitch deck for a purpose: a pitch competition. More specifically, for the express purpose to win money to build your business. You may have some other goals in your pitch, like recruiting a good advisor or getting some advice on something with which you need help. Your call-to-action is a simple ask of your audience.
In our example, the witch is looking for a mentor to help her continue growing her entrepreneurial spirit. She knows that this idea is only going to be feasible for a short period of time, but she hates the idea of working for someone else. So, her ask is this: “I’m looking for a mentor who will help me become a serial entrepreneur”. She includes her contact information so that anyone who might be interested can get a hold of her.
Make sure your audience knows why you are pitching your idea to them and they have a clear line of action to help you. What do you need and how will people be able to contact you?