4 Basics of a Successful Business Plan
Posted by: Brookside Admin
If you're interested in opening a new business, one of your initial steps will be formulating a business plan. Not only will an effective business plan help you communicate with potential investors, but it will also help you accurately gauge your progress and growth. Without a proper business plan, it's hard for others to take you seriously and put their trust in you. At Forbes, contributer Patrick Hull suggests a few basics that any business plan should include. For help with yours and other aspects of starting your own business, contact us at Brown Kinion and Company.
- Get to the point
A business plan doesn't have to be short to be successful, but most investors won't want to wade through page and page. A business plan also doesn't have to be simple. Some in-depth knowledge can increase your credibility if you're explaining it well enough. Your business plan has to be too the point, however. If you try to fluff it up with extraneous details, you'll lose investors' interest. Chances are, yours won't be the only plan they read today. Once you veer away from your point, they'll likely move on to the next one. The faster you can make a compelling point about why your business will be successful, the better your chances of gaining backers.
- Be honest
Starting a business doesn't come without obstacles. Anyone interested in investing in a new business knows this. Leaving these challenges out of your business plan doesn't convince others that this is a good investment. Instead, it makes you look unprepared. If your idea is good enough, it'll be worth the risk to you and others. Be honest about the challenges you expect to face and start preparing for them.
- Use visuals
If your plan is page after page of text, it's going to be difficult for anyone to wade through it. Even if they do, your points are likely to lose some of their power. Take the additional time to generate some graphs, charts or other visuals that help make your points. This way, even if someone is scanning through your business plan, they'll be able to see these graphics and get an idea of why you're a good investment.
- Get creative
As mentioned, yours isn't likely to be the only business plan on an investor's desk. Yours needs to stand out from the rest. Don't be afraid to inject some of your personality into your plan. While your ideas have to be sound, an investor is really putting their trust in you rather than your business. Show them who you are and make your business plan unique. It will help to grab their attention and make you more memorable.
New business formation can be daunting, but Brown Kinion and Company is here to help you every step of the way. Contact us at our Tulsa / Bixby office or our Broken Arrow office for assistance.