Starting a business requires that you wear many hats. Scheduling, product design, and crafting a business plan are just a few things that must be done to see consistent success.
What About Funding?
Unless you have ready access to lines of credit and independent investors, you’ll inevitably find yourself needing to raise funding to open those business doors. How do you go about asking banks, creditors, and potential investors for money to help turn your dreams into reality?
The Business Plan
A solid business plan is required to raise the capital needed for your business and attract potential investors who will buy into your dream. Many business plans center around the need to create this “buy-in” to inspire others to stand behind you and lend financial support. If you’ve never crafted a business plan before, you’ll need to know a few things about writing one that will get attention, create a vision, and stir up excitement around your products and services. Read on to see how to craft the perfect business plan that yields financial support.
Key Elements Of An Investor-Ready Plan
A well-organized business plan includes certain key elements that will give a detailed account of your intentions as well as how you intend to carry out key actions that will yield consistent growth and success. Include these in your plan, and you’ll be on the way to finding those sources of funding that you need to get you up and running.
1. Executive summary–An executive summary is a hook, a brief summary of your business concept that inspires someone to learn more. Keep it simple, brief, and get right to the point concerning your products and how you intend to develop your business in ways that distinguish you from other products and services on the market.
2. Company analysis–Educate your potential investor about company history and vision for your business. This will let your investor know why they should take a chance on you and your idea. Providing key details such as:
History of your company
Potential location
Stages of development
Track record, prior accomplishments
Funding history
Milestones and successes reached
will let your investors know that you’ve carefully considered the exploration and expansion of your idea. The more detail you'll provide, the more likely it is that seasoned business investors will desire to put up their hard-earned money to fund your business.
3. Industry analysis–The goal of this section of your business plan is to prove that there is a legit need for your product or service. Demonstrate your potential for growth, citing sources and research that you have found to indicate that a viable customer base is out there. Don’t ignore negative trends as you paint a realistic picture of what your ebbs and flows may be as you start up. Communicate that you are committed to doing your due diligence, continuing to analyze market trends, and adjusting business strategies that will lead to consistent, long-term success.
4. Customer analysis–The customer analysis overview demonstrates an understanding of your potential customers, whether or not you’ve met them. Who is your future audience? Why do they need your products? These and so many other questions must be answered in order for you to convey that you know your clients and their needs, and that you’re ready to form beneficial relationships with them going forward.
5. Marketing plan–The real meat and potatoes of your business plan is your marketing strategy. This section describes how your company will permeate the market, deliver products, and retain valued customers. Focusing on
Products
Promotions
Place
Price
will give potential investors an overview of how you intend to carry out day-to-day operations and facilitate growth. Including detailed plans for maintaining accounting practices, managing finances, and promoting growth as you start up will communicate to your investors that you mean business and intend to get the job done.
Need some help getting the plan on paper?
MaxGroup Business Solutions has caring, committed business professionals who are experts in all facets of business. Technology tools, innovative marketing plans, and SEO strategies are just a few of the many things we can offer you and your business as you build your dream company. We are as excited to see your success as you are, and our cutting-edge, customized marketing plans will get you there! Contact us today to see how we'll leverage your efforts and catapult you toward success. Visit www.maxgroupbusiness.com for more information.
Comments