Business Plan Part 2

In the last post I placed on this blog I went in to some detail about how to best complete a business plan according to some business experts. If you have read my about me page you would know that I am currently studying at Full Sail University and that I am completing my Masters program. We are required to complete a business plan by the final month of the program and I have actually implemented some of the tips from my last entry.

When I first started the business plan, I could think of nothing else except that it was a lot of work and what was the point in doing it all. After reading Paul Heyworth’s article “Do I Need a Business Plan?” one line really stuck out to me, “it is very useful to write one even if for nobody else’s benefit but your own”. It got me thinking, if I really am serious about opening this business, I am going to need to know who my competitors are and who’s going to work for me, I am going to need to know my location, or even if the business is worth it with the financials section. I is important for me to start of the business on the right foot and the business plan is going to help me do that.

I have also made a few slight changes in my business plan due to Tim Berry’s outline of a business plan. The order of a business plan does not matter but the way Mr. Berry suggested, reads better and makes more sense.

I have also learned that out of the entire business plan there are two sections that matter the most and should be planned and researched. The Executive summary is the first thing the investor will see and read. It must be straight forward and to the point while still capturing the investor’s attention. I know that it sounds hard to do, but just keep the fluff out and come up with a unique business. The second section is the financials section. The investor will be putting money, and sometimes a lot of it, n to your business. They want to know how and when they will be able to get their return on investment and when they can start making a profit. So when doing this section, be meticulous and think logically, no brand-new business is going to make $1,000,000 the first month. You want the investor to take you seriously.