101: Business PLans
For entrepreneurs with high aspirations, the journey toward success requires many steps. The first — creating a business plan — is vitally important and should not be taken lightly.
The following advice, provided by two contributors to Inc.com, will help you get your business off the ground.
Simple explanations. You might be savvy when it comes to the complexities of your business or industry, but that doesn’t mean those reading your business plan will be.
“Investors are looking for a clear, solid business model that makes a profit or will make one soon,” says Emily Barker. “So among other things, you need to describe the business in an understandable fashion.”
Back to the basics. In challenging economies, it’s important to remember that the plans with the most stability and fewest risks will be the most attractive.
“Today’s investors are looking for experience and profitability, with an emphasis on profitability,” Barker says.
Everything covered. There’s no harm in focusing on the meat of the business plan; just don’t ignore the necessary information up front.
“On the cover page goes the name of your company, its address and phone number, and the chief executive’s name. That may seem obvious, but it’s amazing how many business plans don’t have a cover page or have an incomplete one,” says David E. Gumpert. “Nothing will turn off a banker or investor faster than having to look up your telephone number.”
Stay open-minded. Above all else, it’s important to remember the ultimate goal of a business plan.
“There’s more than one way to write a business plan,” Gumpert says. “Indeed, there are infinite variations on the theme. The only thing that really counts is if the plan does what it’s supposed to do: sell you and others whose support you need.”
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