The Components of a Successful Business Plan

It is the era of the entrepreneur. Never before have more people taken on new business ventures, or have been so supported and encouraged to do so.

This morning I attended a live webinar called, “How to Really Start Your Own Business”, hosted by SCORE, “a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship”.

The session was presented by 3 business professionals: John Meyer, Julie Brander, and Steve Bloom; all of whom are SCORE mentors.

· Mr. Meyer works for The Company Corporation, and is a small business expert. The Company Corporation counsels small business owners, and helps them file all of their legal paperwork when starting a business.

· Mrs. Brander has over 20 years of experience as a small business owner, and has started numerous small businesses in an array of industries.

· Finally, Mr. Bloom is an entrepreneur who teaches classes on small business startup and how to formulate a successful business plan.

In much of today’s webinar, the presenters discussed the importance of creating a successful business plan, and the most significant aspects of it. Because business plans are such detailed documents, we only scratched the surface today. However, the mentors agreed on several key components:

· Make sure it’s clear. If an investor doesn’t understand your concept, why would he or she invest in it?

· You must prove your business is unique, and that there is a need for it. Include extensive data on your competitors, noting their strengths and weaknesses, and how and what you plan to learn from them.

· No mistakes! If potential investors see typos, your plan will go to the bottom of the pile… or in the trash can.

· Make sure it’s personalized. Make your business plan stand out from the rest. Demonstrate your fire and passion!

· Pay attention to the Executive Summary section. This section is the most important, because you need to give an investor a clear understanding and picture of what you are trying to accomplish. If you are able to captivate an investor by reading the Executive Summary, you’ll entice them to read more.

· Make sure you surround yourself with good people. Investors want to know that the business is in the hands of professionals with proven experience.

· Make your plan a living, breathing document. Steve Bloom completed 5 business plans in 2 years for the same company!

· Show you are an expert. Read everything you can and learn everything there is to know about your industry and convey that knowledge in your business plan.

· Prove that your company is a good investment. Investors want to know they are going to make money, so discuss industry trends and include detailed financials about the company and how it is projected to grow over time. Also discuss how you plan to utilize their money.

· Do the research. Know the facts inside and out, and include as much pertinent information as possible. Include an appendix that contains all supporting documents.

· Follow advice! If investors have suggestions or recommendations, listen to them!

I found today’s webinar to be extremely informative. Most importantly, I learned that there are plenty of resources to help you turn your dream into a reality, so don’t let insecurity or lack of knowledge hold you back. There are people to help.

In addition to free mentor advice from SCORE, The Company Corporation also provides guidance. Finally, please visit: www.bplans.com to view sample business plans.

Here is a short video about the benefits and services of using SCORE: