Business Plans; Contruction
Business plans are like a good speech. They make a captivating opening statement, supports that statement, and then make a strong closing. Here is a summary of what that entails.
Before you read how to build the plan, make sure to read Part 1, What To Know about business plans.
As indicated in the opening, a business plan is like a speech, delivered on paper instead of orally.
It contains:
1. a short, concise opening statement that is easy to comprehend. Try to capture it in eight words or less.
2. the body of the document then presents the all the information to support the opening statement; how, where, who and why.
3. lastly, it provides a strong conclusion for success based on all the components of the document AND ASKS FOR THE SALE!
As any good salesman knows, you can’t rely on the customer coming to you after the pitch is made, you have to present a potential client with a decision to make: yes or no. For example, a salesmen might say ”Being that you’ve acknowledged that our product would serve you, and that the price is within your range, what name should I draft the agreement in?
In a business plan you wouldn’t use that language, but the concept is the same. An investor is your potential client. You want to sell him something, and he/she, wants to put up as many possible obstacles as possible. Not because they don’t like the plan, but rather to make you circumvent the obstacles, to show WHY the obstacles have no merit in this instance, and thereby proving the plans worth. If you do so successfully, and get to the finish line — that place where the investor is out of obstacles — it’s time to close the deal.
You might close with something like “Through this business plan we have demonstrated that XXX Company has the right product because …, and the timing is the market is right because … and We have a knowledgeable management team with the right vision and ability to execute the mission identified in this business plan. It is based on these factors that we request your participation in funding this venture.”
SUMMARY
1. Identify what knowledge you have about your industry, demographic target, geographical area or a void in the marketplace that provides your business idea a competitive edge,
2. Write (or have someone write) a concise, well thought-out business plan; (see resources below)
3. Insert disclosures, balancing statements, potential risk factors – to the investor and the business itself — and contingency plans.
4. Close with a strong conclusion and request their participation.
Resources for writing a business plan:
Small Business Association Business Planner Tools
New York Business Plan Writers:
Originally published in Examiner.com NY Startup (Click to “Follow” my start-up business articles), and Businesspipeline.com (for business info, services, and resources).
Tags: businessbusiness plansfundinginvestorsstartup business
About Brie Austin
Co-author of I'd Do It Again, he is a columnist/reporter for a variety of magazines in the areas of music, lifestyle, nightlife, travel and business. He also writes business documents and creates copy for websites.Leave a comment
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