The quickest path to failure is to be undercapitalized - do
not begin a project if you are not financially secure enough to
get the product or service to market and in a position to sell
same.
Do you need a financial "angel"? If so you need a
business plan to attract financing?
Tips on
preparing a business plan:
- Create
excitement from cover to cover. Remember potential investors
have seen many "great ideas" and "can't
miss" plans and they will tell you that money is no
object. The object is to get them to part with it! Excitement
when coupled with a sound financial plan is a winning
combination.
- Locate the
"excitement" in your product and/or service and play
on it.
- Be very clear
as to what you are selling - concepts are difficult to
explain, so stick to concrete and visual presentations.
- Detail
potential competitors and the similarities and differences.
Why is your product or service needed in the market place?
- Detail your
potential customer, geographically and demographically.
- Describe your
marketing plan- explain why it will work.
- Prepare a
separate and detailed financial section - an accountant should
be consulted and retained.
- When working
with projections be conservative - Marketing and production
costs must be realistic and projected income should be
"worst case" to "best case".
- Request
funding that will assure your best chance of success - don't
cut rate your goals!
- Answer every
question that could be asked - leave no cracks in the
presentation.
Remember the
business plan says as much about you as it does your product
and/or service. If it is sloppy and not complete it will be a
reflection of you as well as your product. The business plan
should be thorough, detailed, positive, clear, honest, objective
and exciting!
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