The Sunday Young Entrepreneur News
It’s the holidays and the news is slow. This week, I read through one news item titled a business plan that will get you a loan that was really worth my time.
This article covers similar material to what I was writing during part 1 of my business plan series. The idea is to lay everything out for your investors and address every finite detail about your business plan. If you don’t have time to read the article but want to take something out of it, read this:
The best way to construct your business plan is to start with a detailed five-to-eight-page summary, according to Joyce Durst, co-founder of Growth Acceleration Partners in Austin.
“It is important that you explain up front ‘here is the problem that we are solving and here is what people need to know about the company,’” Durst says.
The next 30 to 50 pages should detail your plans for execution of the business, including an analysis of the strengths and weaknesses of your company, both internally and in the marketplace. Point out what your company offers that is worth the consumer’s investment. Durst and Goldstein both said that the most common pitfall in business plans is the exclusion of competitors. And yes, even if your company is unique, you will have competitors!
Surprisingly, that article is all I dug up for this week - I must admit that my searches haven’t been as thorough as usual due to work and the holiday mess! Look for an exciting conclusion to the Identifying Your Audience series in the coming days.
Tags: audience, business_plan, business_plans, holidays, investors, marketplace, news_item, sunday_entrepreneur_news, sunday_news, young_entrepreneur_newsRelated Stories
POSTED IN: Business Plan, Sunday News
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