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    5 Replies Latest reply on Oct 14, 2007 9:06 PM by score81

    Need help revising business plan

    ParadiseOasis Newbie

      I just finished my business plan and want to know what the community reccommends before I submit it to investors. I still need help with some details and live in Arizona.
        • Re: Need help revising business plan
          DomainDiva Ranger
          First NEVER give anyone your business plan without first submitting an executive summary! Be sure to number and register each ES and bizplan you give out.

          Do you have a 'Cash Extraction Officer' (CEO) that has investors lined up for you? Has anyone cleared a path to an investors door?

          Your question does not have a lot of context....what details are you still struggling with...hmm I bet financial projections. Thats where I broke down as well.

          Put a bit more in an answer...sounds like you may need to first identify your pricing structure. Once I did that my accountant put it all together for me...

          Post some more details....I bet we can come up with some answers!
          • Re: Need help revising business plan
            profitguy Newbie

            Getting an investor's attention is not an easy thing to do. Depending on the audience (friends & family, angel, private equity, venture capital, etc.) your approach will need to be different. Each of these groups has different requirements and will be looking for different aspects of an opportunity. Most investors will see numerous plans (in some cases 100s) during a year and unless you can grab their attention in a matter of a minute or two you will have little or no chance of getting funding from that source. This is why you need a powerful executive summary. Be sure you have a compelling story with a clear path to profitability resulting in a return that will be attractive to the investor. Some of the critical questions that should be answered are

             


            What is the business model and what are the market differentiators - is it unique?

             

            What is the market potential for the business model?

             

            What is the operating history of the company and how does it support the expected growth?

             

            What is the expected growth?

             

            What is the expected profitability and how does it translate into a return for the investor?

             

            Who is the team and how does their background support the success of the business model?

             


            Your financial forecasts must be in line with the text and should be supported by reasonable and logical assumptions.

             

            Not all accountants or business people have experience writing plans or developing financial forecasts so be selective about your advisors.
            • Re: Need help revising business plan
              WEBillions Adventurer
              I agree with the responses so far. Make sure you've really thought out your business plan and have different approaches depending on who you are pitching to. Then start trying it out on some trusted family members who will be likely to give you constructive advice. I say constructive because someone who says "looks good" is about as useful as someone who thinks your who idea is crap and what makes you think you can pull this off anyhow. You want someone who will be able to see what is good and what still needs work and maybe has some ideas about how to fix it.
              • Re: Need help revising business plan
                DomainDiva Ranger
                You can also contact your local SCORE office and get some input as well. If you have any friends that are in business you can get feed back from them as well.
                • Re: Need help revising business plan
                  score81 Adventurer

                  Hello:

                  I will suggest go to score web site http://www.score.org and put your zip code and find score office near you. Call the score office and get free one hour counseling session with one of the counselor. Show him your business plan and ask for the input. Most SCORE counselor are well aware of the requirement of Business plan. They will provide you excellent input. Which will help you to decide how to proceed further.
                  Most of my client with business plan I suggest following three thing to be kept in mind for better success in start up by owner.

                  1. Idea ( product / Service) must be verified by owner
                  2. Clients where, how many and at what price they will buy your product owner serious home work
                  3. What is in it for you. [ owner must be honest with himslf what he wants(money how much) to get out of it 2, 3, 5 years)