Nolan Morse ’18 LABB 2016-During the second week of the LABB Internship we worked on refining a mock business pitch for a restaurant. I’d like to take a bit of time explaining some of the intricacies and work that goes into creating a professional and polished business pitch.
The most striking thing is that a business pitch is going to be a lot more fleshed out and detailed than you might think. It’s not just a quick idea that you take to investors and offer up without any sort of guidance or direction for how you want to move forward. The idea is that you want to create an experience to share with investors, one that shows them exactly how your business will be run and in the case of a restaurant, how it will feel for a customer who goes there to eat.
For our restaurant business pitch my team of coworkers and I were assigned to create the business pitch for a Pub. We decided to go with an Irish style Pub, where customers come and sit down for hours at a time, making small talk, drinking, eating, and having a good time. We also decided to give the style a twist by replacing the typical European styled foods with Asian cuisines. The idea we had meant that we would be the only Pub in the area with our specific theme. People could come to our pub with friends or family and experience high quality asian foods in a warm, interesting, environment. They could drink Sake, craft brews, and wines, or even bring their families to hang out for the afternoon, since the dining section is open to people of all age groups.
But a business pitch isn’t just themes and generalized strategies. It’s also about projecting your own potential for profitability. No investor is going to invest in a venture with no possible chance for profit. This is where financial skills become a necessity. We were able to combine industry standards for start-up costs, with local income, dining habits, and a few other factors, to create an in-depth narrative of how our business is likely to perform, including a projected balance sheet and cashflow statement.
All in all, even though the Lilly LABB program is far from over, I’m already seeing a lot of personal growth in my skills relating to the business world. This mock business pitch has helped me understand what really goes into opening your own business, as well as how expensive it is to open one. The program has really emphasized the importance of investments for small businesses. I would like to thank the Lilly Endowment for their continued support for this program, which allows Wabash students to enhance their skills and knowledge of business.