As a consultant in the ice cream and non-dairy industry, I regularly meet with individuals that have an idea, but little understanding of the money investment required to start and more importantly to sustain their business. In today’s world people hear about startups that received funding from a investor or crowd funding forum.
What they do not hear is what the individual needed to prepare for prior to making a funding request. One key tool that most funding entities require is a business plan. Maybe you’ve seen a plan or heard the topic in conversation, but do you really understand all that is required to make a good, sound business plan?
Do I write business plans – no. Can I provide a fair amount of content to help make a solid plan – yes. Why don’t I write for clients, because I believe to do it effectively requires a fair amount of time and interaction between author and writer. Remember you can be both. If writing your own, there are many resources available to make the process doable. Consulting company specializing in writing, software, SBA online, book for dummies, 3rd year college student studying business and finance or online publications such as Entrepreneur.com www.entrepreneur.com/businessplan/index.html . A step by step guide allows you to enter content in the order it will be presented and pitched.
When pitching your business to an investor, the first document they ask for is the business plan. Why, because it provides a non emotional overview of you, your background, product or service, strategy and overall goal you are striving to achieve. Your plan will detail capital expenses, necessary equipment, demographic audience, staff, food cost, infrastructure, business model and most importantly a projection on turning a profit. These are just a few areas of the plan, keep in mind a knowledgeable person reading a plan will know by page 2 if the information is realistic or slapped together. Remember you have one chance to make an impression. You may have the best most unique idea on the planet however, without the ability to clearly articulate the purpose and vision of the business, provide realistic numbers and a 1-3 year strategy with end goal, then you’ve wasted a tree and everyones time.
Additionally, what I find is valuable in writing a good plan is that during the process, you may find that the business may not be as lucrative and feasible as initially anticipated. Sometime it takes a tweak or second approach to make it work, but many times not. So suggest it is a great exercise to conduct for you and the business, even if you are not planning on pitching for money. A well written and thought out plan provides the opportunity to see through the emotion of the concept and prove if it is actually sustainable.
Your business plan does not have to be lengthy or difficult to comprehend, it simply needs to be accurate and honest information and in my opinion, the best way to start your business.
Contact Darryl to help you structure your business plan, investors and business will count on it.
- Ethics In Using Madagascar Vanilla - November 21, 2023
- Money To Start Your Business - July 9, 2023
- Top 25 Common Myths About Ice Cream Co-Pack Manufacturers - April 22, 2023