should you update your business plan for
investors so I got a question for my
youtube viewers love you guys Jason who
wrote in to say Evan I did just about
everything you said on the video when
we’re looking for seed money except for
the Board of Advisors now that we have
our proven prototypes and proved that we
can make money in the right market
should I change my business plan to
reflect that as you look for our second
round or should we stick with the
original plan even though some things
have changed jason is a great question
and you’ve done the hardest part okay
getting the seed money is the hardest
part for new businesses because that’s
the riskiest time for investors to come
in because you’re just selling an idea
right when I was in a venture capital
business over ninety-nine percent of the
plans just got rejected just just as it
came in an email rejection back because
it was too risky to get into so you’ve
done the hardest part you need to
absolutely update your business plan to
reflect the changes to show that people
will buy your stuff that’s the biggest
fear for investors right everything
looks good on paper okay you can put
whatever numbers you want on there to
make it look good but at the end of a is
just a dream right it is just a dream
what investors want to see is that you
have momentum with your business you
have people who are willing to buy
whatever it is that you’re selling right
in if one person will buy it then 100
people will buy it and a thousand people
apart and the million people will buy it
but you have to show me that people will
buy your stuff so you’ve already gotten
seed funding and you’ve already started
building stuff and people are interested
in and are buying it that’s the most
important thing to put in your business
plan because right now you’ve already
separated yourself from 99 percent of
the other companies who have no sales
who just have an idea the easiest kind
of money to raise for business is
expansion capital it’s the easiest kind
of money to raise what that means is
you’ve proven that you’ve built
something that can work okay so you’re
coming to me as an investor in saying I
don’t need money
for our d I don’t need money to go and
test this thing out this works I just
need money to expand that’s why it’s
called expansion capital I need money to
grow it works in my market now I need to
expand it national I need to explain the
global or I’ve proven it you know one
section online now we need to build it
up marketing dollars is the easiest
money to raise marketing expansion
dollars so you have that you definitely
need to update that in your business
plan because investors seen that will
say hey this is a company that I want to
get behind it reduces the risk they can
always see the opportunity but you want
to reduce their risk it’s both sides of
the equation to get the deal done so
congratulations on getting this far good
luck with the next business plan and
belief those are watching like the video
thumbs up below let me know what you
think leave a comment underneath you
have a question about your business plan
leave it below make a video response and
click on my face to subscribe to the
channel thank you so much I’ll see you
soon
investors so I got a question for my
youtube viewers love you guys Jason who
wrote in to say Evan I did just about
everything you said on the video when
we’re looking for seed money except for
the Board of Advisors now that we have
our proven prototypes and proved that we
can make money in the right market
should I change my business plan to
reflect that as you look for our second
round or should we stick with the
original plan even though some things
have changed jason is a great question
and you’ve done the hardest part okay
getting the seed money is the hardest
part for new businesses because that’s
the riskiest time for investors to come
in because you’re just selling an idea
right when I was in a venture capital
business over ninety-nine percent of the
plans just got rejected just just as it
came in an email rejection back because
it was too risky to get into so you’ve
done the hardest part you need to
absolutely update your business plan to
reflect the changes to show that people
will buy your stuff that’s the biggest
fear for investors right everything
looks good on paper okay you can put
whatever numbers you want on there to
make it look good but at the end of a is
just a dream right it is just a dream
what investors want to see is that you
have momentum with your business you
have people who are willing to buy
whatever it is that you’re selling right
in if one person will buy it then 100
people will buy it and a thousand people
apart and the million people will buy it
but you have to show me that people will
buy your stuff so you’ve already gotten
seed funding and you’ve already started
building stuff and people are interested
in and are buying it that’s the most
important thing to put in your business
plan because right now you’ve already
separated yourself from 99 percent of
the other companies who have no sales
who just have an idea the easiest kind
of money to raise for business is
expansion capital it’s the easiest kind
of money to raise what that means is
you’ve proven that you’ve built
something that can work okay so you’re
coming to me as an investor in saying I
don’t need money
for our d I don’t need money to go and
test this thing out this works I just
need money to expand that’s why it’s
called expansion capital I need money to
grow it works in my market now I need to
expand it national I need to explain the
global or I’ve proven it you know one
section online now we need to build it
up marketing dollars is the easiest
money to raise marketing expansion
dollars so you have that you definitely
need to update that in your business
plan because investors seen that will
say hey this is a company that I want to
get behind it reduces the risk they can
always see the opportunity but you want
to reduce their risk it’s both sides of
the equation to get the deal done so
congratulations on getting this far good
luck with the next business plan and
belief those are watching like the video
thumbs up below let me know what you
think leave a comment underneath you
have a question about your business plan
leave it below make a video response and
click on my face to subscribe to the
channel thank you so much I’ll see you
soon
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