In the past few days, people seem to contact me through my personal site or KalaaLog.com with either some 'kudos' mails or asking some questions. Then there are some, who are starting out on some venture and want my assistance.

There is nothing wrong in reaching out and taking assistance of others on your venture. It is a choice to either do it on your own, or join forces with others. But when it comes to pitching, there are something that you can keep in mind that will save a lot of your time and also the one to whom you are pitching the idea.

Before I get into that, here is a summary of the chat I had with the person (who I will not name), where he wanted my assistance in a venture of his.

Him: Hi!
Me: Hello!
Him: I am planning on creating a website that does 'XYZ'. I intend to get revenue from that.
Me: Do you have a business model/business plan?
Him: Hmmm ... no.
Me: How are you going to generate revenue?

He explains for around more than hour, with some clarifying questions in between. By the end of it, he had a lot of 'ifs' in his explanation.

Me: So, in my opinion, this is not a feasible business approach.
Him: Should I try it?
Me: Sure you can.
Him: Ok I will. I need the website created. Will you do it for me?
Me: Will you pay me for my effort?
Him: Ha ha! No. But if I get revenue from the website, I will give you 50%.
Me: But you were not able to give explanation on the business plan. So, no - I will not work for free.

And the chat ended with usual nicety.

By the end of it, we both had wasted more than an hour and it felt fruitless to me. It would all have been avoided if he had just sent me the business plan/model with all the analysis. The chat window does not allow for transfer of such information.

So, if you are going to pitch an idea, please do so with a proper business plan documentation. It should have these details:

1. Summary - A birds eye view of the plan. Some may not be interested in some areas. Save them time, by giving a brief overview that lets them decide if they need to put an effort or not.
2. Business Plan - The actual plan, which describes in detail all the stakeholders.
3. Revenue Potential - This is part of the business plan, but needs to be given emphasis. Basically, there should be a ROI (Return On Investment) with all the risks stated, and also the assumptions made.
4. Partnership Plan - This basically describes who does what, and what is the revenue split.

Having a business plan/model handy while pictching for an idea increases the potential for further work, partneship and/or investment. With out it, not all may have the patience, or time, to hear you out fully.