Well, it's definitely an important thing to have prepared and if you've completed your business plan already, then the material for the pitch will be pulled directly from the plan. It should be a 30 to 60 second summary of venture. It should provide a clear vision of the business and state the opportunity for investors. Use this checklist to help guide through the pitch prep:
Identify your target market
Define the business concept clearly and concisely
Why will this business work and how is it different from others like it
What is the investment opportunity and what does the return on investment (ROI) look like
Practice your pitch over and over again, test it out on friends and family. Keep your business card on you at all times and never shy away from an opportunity to present your pitch!