hi I’m Evan Carmichael welcome to
another edition of ask Evan in today’s
episode I’m going to answer question
from Freddie cow who’s one of my
newsletter readers who wrote in asking
by the business plan so she wrote saying
I have business plan prepare and I’d
like some tips from you to help me
prepare so thanks for the question
pretty car exciting times finding a new
business that’s really it’s really good
I’m happy for you in terms of the
business plan I think about are you
creating the business plan for yourself
or you created it for an investor or
banker to give you money from an
investor point of view when I was in the
venture capital field what we looked at
when a new business plan came in and we
rejected 99% of business ones that came
in but what we look for first was the
executive summary so you know quickly in
two pages explain why this is a good
opportunity if you can’t sell them on
those two pages then they’re not going
to read the rest of the business plan so
that’s got to be really sold at the
start we always start there then we look
at the team and look at who is this
behind the company so have they had
experience have they done it before do
we think they have a good chance of
being successful you know if it’s just
you you might want to consider getting
some advisors on the company as well to
add a little more credibility who may be
gone through it have a little more
experience in you and then we don’t is
an opportunity to make money do we think
they’re going to be able to you know
give us a return on the investment that
we’re putting in so that’s how we would
start executive summary management then
financials and then we look at the rest
of the business plan and most of the
time the entrepreneur’s would fail on
one of those three and it would end up
you know getting deleted or rejected so
that’s what’s happening if you’re gonna
go for investors or bankers if it’s for
your own self it’s going to be to help
you guide and plan your business I would
start with what is it that really
excites you about your your business
what’s the vision that you have your
company you know what’s what gets your
blood pumping when you wake up in the
morning to pursue this this business
opportunity so create that vision
statement you know what what you’re here
to do made your goal for the company
this is almost going to get you excited
every day and then from there start
working out how you’re going to make it
happen so you know
what kind of marketing do you need to do
who are the people that you need to
bring on what kind of you know finances
do you need to have in place to make it
work and how you’re going to phase that
out over a period of years if you’re
doing a three-year plan or a five-year
plan just make sure it makes common
sense you have to come back to your
business plan on a regular basis to
update it to you know reflect the market
changes that you’re seeing the business
plan never goes according to plan but
it’s still like a process to go through
and to keep monitoring and updating so I
hope that helps two different bits of
advice depending on if you’re going to
use it yourself or if you’re going to
use it to go out and get funding but if
you have extra questions feel free to
leave it below for those watching if you
liked the video please give it a thumbs
up makes you want to create more of
these videos for you guys and if you
have a question of a business plan or if
you have some advice or for dicas well
feel free to leave it in the comments
underneath I always love seeing those
two and we’ll see you on the next
episode
you
another edition of ask Evan in today’s
episode I’m going to answer question
from Freddie cow who’s one of my
newsletter readers who wrote in asking
by the business plan so she wrote saying
I have business plan prepare and I’d
like some tips from you to help me
prepare so thanks for the question
pretty car exciting times finding a new
business that’s really it’s really good
I’m happy for you in terms of the
business plan I think about are you
creating the business plan for yourself
or you created it for an investor or
banker to give you money from an
investor point of view when I was in the
venture capital field what we looked at
when a new business plan came in and we
rejected 99% of business ones that came
in but what we look for first was the
executive summary so you know quickly in
two pages explain why this is a good
opportunity if you can’t sell them on
those two pages then they’re not going
to read the rest of the business plan so
that’s got to be really sold at the
start we always start there then we look
at the team and look at who is this
behind the company so have they had
experience have they done it before do
we think they have a good chance of
being successful you know if it’s just
you you might want to consider getting
some advisors on the company as well to
add a little more credibility who may be
gone through it have a little more
experience in you and then we don’t is
an opportunity to make money do we think
they’re going to be able to you know
give us a return on the investment that
we’re putting in so that’s how we would
start executive summary management then
financials and then we look at the rest
of the business plan and most of the
time the entrepreneur’s would fail on
one of those three and it would end up
you know getting deleted or rejected so
that’s what’s happening if you’re gonna
go for investors or bankers if it’s for
your own self it’s going to be to help
you guide and plan your business I would
start with what is it that really
excites you about your your business
what’s the vision that you have your
company you know what’s what gets your
blood pumping when you wake up in the
morning to pursue this this business
opportunity so create that vision
statement you know what what you’re here
to do made your goal for the company
this is almost going to get you excited
every day and then from there start
working out how you’re going to make it
happen so you know
what kind of marketing do you need to do
who are the people that you need to
bring on what kind of you know finances
do you need to have in place to make it
work and how you’re going to phase that
out over a period of years if you’re
doing a three-year plan or a five-year
plan just make sure it makes common
sense you have to come back to your
business plan on a regular basis to
update it to you know reflect the market
changes that you’re seeing the business
plan never goes according to plan but
it’s still like a process to go through
and to keep monitoring and updating so I
hope that helps two different bits of
advice depending on if you’re going to
use it yourself or if you’re going to
use it to go out and get funding but if
you have extra questions feel free to
leave it below for those watching if you
liked the video please give it a thumbs
up makes you want to create more of
these videos for you guys and if you
have a question of a business plan or if
you have some advice or for dicas well
feel free to leave it in the comments
underneath I always love seeing those
two and we’ll see you on the next
episode
you
Please follow and like us: