How to Create a Dynamite Plan for Your Startup
Some people say that too much business planning will kill innovation, but you still need a road map to get to your desired destination = reach your goals. Creating a business plan and doing it well can help your new venture raise money, recruit good people, and sharpen your own thinking. Before you begin, talk with experienced entrepreneurs and investors. Even those who would not back you financially could have valuable ideas. Definitely talk with prospective customers to see if your idea needs fine tuning.
A few ideas:
* Present your plan to a carefully selected audience. Focus on one industry or one problem.
* Keep it interesting. Don’t let your listeners (and yourself) get bored.
* Be realistic. Oversized income projections will make you less believable. Don’t make promises you can’t keep.
* Recognize your competition. Take into account all forces that may compete with your product or service.
* Avoid repeating the same idea or fact in different forms. Use colorful language and imagery to describe your venture.
* Discuss your ideas and goals in simple, specific terms that almost anyone would understand
* Make certain that every fact about your industry, the market and competitors is accurate. Be sure any chart in your plan is consistent with other material.
* Before presenting the business plan, have an experienced person check it for any mistake or inconsistency.
* Create a plan that expresses your idea and your personality. It should be one that states your case, that you are comfortable with, and that you can discuss.
Useful resources:
The Plan As You Go Business Plan by Tim Berry
The e-Business Primer by J.A. Hoffman