Business Plan Example – How to structure your business plan – Ask Evan

hi I’m Evan Carmichael welcome to
another edition of ask Evan in today’s
episode I’m going to answer question
from one of my newsletter readers Chris
who wants to create a five-year business
plan and one of my advice on how to do
it so Chris I think the first thing you
need to figure out is who is your reader
so are you doing this to try to raise
money for your business or is it just
for you to be able to plan your company
so if you’re doing it to raise money for
going after you know an angel investor
or venture capital or banks when I was
in the VC business the first thing we
looked at was the executive summary so
quick summary of what your business did
then we look at the management team and
saw you know who’s behind this operation
do we think that they can they can do it
they can excel and then we poured over
the financials and see what kind of
projections they had going forward and
then everything else so those would be
the first three things that I would
really make sure our super solid is your
executive summary your management team
bios and your financials and be able to
explain every number on there every word
that comes out of there because you’re
going to get grilled on those sections
more than any other section in your
business plan it was just for you if
it’s for you to plan your own business
and the in the next five years and where
you want to grow I would start around
know what is the vision for your company
so where do you see yourself going what
what’s the main private service you want
to launch and how do you see it helping
people and how can you help the most
number of people in the most meaningful
way and start with that kind of bigger
vision for your business and then you
can start get into the execution so you
in five years where do you see yourself
where do you want your business to be
and then what do you need to do to be
able to get your business there so
you’re going to be doing a lot do you
need to bring on team members to help
you how you going to actually execute it
so the execution is your marketing your
production you know all the costs that
come along with it people you might need
to hire to be able to get you you know
where you need to go but you start
around the big goal that you have so
your company in five years and you start
working towards that goal if you’re a
brand new startup then it can be really
hard to do a five-year plan it’s still
great to do it’s an awesome exercise to
go through it teaches you a lot about
the market and how to
your business the reality is your
business mind is going to change you
know almost from day one as you start
your business if it’s a brand new
business and you have to be flexible
with it so you’ll make multiple updates
to your business plan as you continue to
grow you want to build around your
customers figure out what the challenges
are you get as close as you can to them
as possible get feedback from them and
incorporate that into your future
business Pine Grove so it’s good to have
the five year plan it’s good to have a
big goal for yourself a vision is shoot
for just be flexible because what you
think you’re going to be what processor
is you think you’re going to come up
with are going to change the further out
the future you go the more things are
going to change so keep coming back to
your business plan you can look at it
every quarter to see how you’re doing
and potentially make changes based on
new information you’ve learned by
talking to customers actually going out
there and making sales so I hope that
helps if you guys like the video please
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love to hear you have to think if you
want to leave a comment or if you have a
question put that below in the comments
and we’ll see you on the next episode
you