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 A 2-5 year projection for the business Whoever you are pitching to for funding, you should be able to demonstrate a complete knowledge of the industry you are looking at entering, including competition, target market, challenges etc. Knowledge is power and if you can competently and confidently talk about your business with real passion and enthusiasm, you’ll win the investors over every time. If you panic, flounder and are unable to answer numerous (all brought on by lack of insight and preparation) questions pitched to you, well I’m sure you can deduce the outcome. The real purpose of a business plan is to demonstrate to investors that you’ve actually thought about your business, you have a clear vision and you know the challenges and possibilities.A formal business plan should include the following:-An Executive Summary This is a summary of your business plan, highlighting the key points of interest and value. It should be concise but not superficial. It needs to grab the readers attention, so needs to be interesting – think in marketing terms ‘AIDA’, Attention, Interest, Desire, Action. The aim is to get the investor to go through all of these states, resulting in the desire to invest in you.Company Overview and Strategy This should include the objectives, mission and feasibility of your company The Price - detail what you plan to sell your product/service for and why you have decided on the price point outlined.The Product - define your product and why you think there will be demand for it; include how you are going to develop it. What are the USPs? (Unique Selling Points)Place – state your distribution plans; how are you going to sell your product?Promotion – how are you going to promote your business? Think about your communications plan in terms of advertising, direct mail, merchandising, brand awarenessCompetition This should be as detailed and up-to-date as possible – their products, customers, distribution, service, known strategies.The Market What is the size of the market you are looking at entering, trends, influences, threats? Customers What is the target audience? Where do they live? What do they do? How old are they? Male/Female bias?Managerial Include yourself in this part. Detail other members of your team, their skill set and the value they bring to the business (experience is of great value)Training required?Financial Projections Include forecasts, cash flow and funding.Remember nothing is set in stone; there is no perfect template. But, if you know your market, product, finances and competition and have oodles of passion and enthusiasm, you’ll stand out as a professional rather than an amateur.About the Author:About the Author Emma Mitchell is the marketing director of http://www.cyberneur.com a social networking site for budding entrepreneurs to build, promote, network and grow their business. |
 
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