Home: Message List - Does a business plan have to be written?

Re: Does a business plan have to be written?

designer — Fri, 20 Jun 2008 20:01:05 GMT

I think everything has its pro's and con's. If you choose to do a DVD and are not upbeat, good with editing, photogenic, etc. Those can be negative things vs. a crisp, well-written professional document.

Re: Does a business plan have to be written?

Iwrite — Fri, 20 Jun 2008 19:25:29 GMT

You can't edit. They are working on it.

Re: Does a business plan have to be written?

Uncle Leon — Fri, 20 Jun 2008 19:16:59 GMT

How does one edit these posts once they are posted?

Re: Does a business plan have to be written?

Uncle Leon — Fri, 20 Jun 2008 19:15:58 GMT

I meant as the only way it can be presented, does a business plan have to be presented in paper form?

The only way? No. IMHO, it would depend upon the purpose and the "audience".

I believe that before a business is ever pursued...still in the early planning stages, a biz plan should be written. As the plans progress, it should be continually upgraded. Before a biz plan is ever prepared for the use as a tool for obtaining financing, it should be used as a tool for clarifying all the details of the planed operations. THEN, it can be modified (in written form) for the purpose of obtaining financing. Only after that is accomplished, should a high-impact method of presentation be considered.

A high-impact presentation can get attention, arouse interest, and build enthusiasm. But "when the rubber hits the road" if it doesn't make sense on paper, it won't make sense any other way. The numbers have to work.

Of course...that's only my opinion.

Re: Does a business plan have to be written? Not always...

Iwrite — Fri, 20 Jun 2008 14:12:51 GMT

Cool!

This is what I am talking about! Standout, get notice - give them a reason to be interested! I like this. A little effort goes a long way.

Re: Does a business plan have to be written?

Iwrite — Fri, 20 Jun 2008 14:09:30 GMT

Uncle Leon,

My apologies. I did misinterpret your post but I think we both did. When I say "written," I meant as the only way it can be presented, does a business plan have to be presented in paper form?

I am wondering if there is a better way to present the information in the business plan that ensures that it is reviewed?

Re: Does a business plan have to be written?

Uncle Leon — Fri, 20 Jun 2008 00:47:09 GMT

Iwrite, you've grossly misinterpreted my post. A Biz plan must be written. Anything else is "gravy". Writing the plan must be preliminary to any video or internet applications.

So, to clarify; if either video or internet usage is to be utilized, it must FIRST be written.

The "seat-of-the-pants" phrase was referring to having no written plan, but rather "having in mind" a plan for the business.

Re: Does a business plan have to be written? Not always...

PeoplePawn — Thu, 19 Jun 2008 19:26:33 GMT

I believe that all entrepreneurs should use every tool available to be able to communicate their respective business plans and investment opportunities. Here in Seattle, there exists an incredible number of start-up companies. Being in start-up mode myself, I quickly realized that I needed to differentiate myself as much as possible from the heard in how I presented my business plan.

Of course having the traditional plan in printed format is important as a basic foundation. My experience shows me that sophisticated angel investors want to hear several key data points with regards to a plan so that they can make a quick decision. Many angel investors do not have the time to read multiple printed plans, and many want to see/hear the entrepreneur in action......they bet on the jockey more than the horse at times.

Here are a few examples of how I have taken the fundamental information from my business plan and created more flexible communication tools that can be accessed by or presented to investors remotely:

1. www.PlanHeaven.com - I created a 9 minute video presentation for my current startup www.PeoplePawn.com. It costs me $500 to create and I'm able to offer remote viewing to investors both at this site as well on the investor area of the www.PeoplePawn.com .

2. www.Yodio.com - I created "free of charge" an Investor PowerPoint Presentation with voiceover for my current startup www.PeoplePawn.com. I can email this "podcast" to potential investors so that they have a quick format for reviewing my deal.

So....having a printed plan is fundamental once you have interest.....but using video and audio as an introduction to your deal is also an effective strategy...

Best of luck.

Patrick Kane - Patrick@PeoplePawn.com

Re: Does a business plan have to be written?

Iwrite — Thu, 19 Jun 2008 16:31:30 GMT

Lighthouse,

Thank you.

I was curious about the process.

I am not looking for funding, but I always wondered how the whole process worked. I am always interested in how people go about making decisions.

Thanks to both you and Uncle Leon for some really good information.

Re: Does a business plan have to be written?

Lighthouse24 — Thu, 19 Jun 2008 16:09:57 GMT

Lighthouse, how long do you think it takes on an average to have someone read and respond to a business plan?

If you're asking in the context of seeking funding, I'd say that in 80 percent of the cases, it takes between 3 and 10 days to learn that an investment or lending proposal is under consideration (at which point, additional info is usually requested). From there, a final decision to fund (or not to fund) may be only minutes away or months away -- depends on dozens of factors (the type of business, the type of opportunity, the type of lender/investor, size of the deal, terms involved . . .).