Starting a new business is exciting as much as it is intimidating. There are many things to consider before taking on such a huge financial and time-consuming commitment. The first thing to consider is getting those revenue generating thoughts to paper. Here are the first steps to creating a winning business plan to start you on your successful business journey.
Formulate the Business Plan
Your business plan is your key to success. Taking your ideas and organizing them in detail will help to increase your chances of successes. If you are attempting to procure any financial backing, you will need a business plan to present to your investors. Your business plan will also serve as your beacon when times are tough and you need to regroup and reformulate your business model.
As every business is unique, it may be a good idea to use a generic business plan template to get the ideas rolling, but don’t count on this to clearly speak about your business ideas. Every successful business plan should include the idea that some things need become part of your persona as well as part of the formal plan.
The Elevator Pitch-Every soon to be new business owner should have an elevator pitch committed to memory and practiced so often it rolls off the tongue naturally and allows for improvisation. The concept of an elevator pitch is that you can get a potential investor interested in your business endeavor in the time during that time in which your audience has no escape. An elevator pitch will summarize the endeavor, and arouse interest in potential investors or associates.
An Oral Performance-In addition to what is being presented in your business plan, be prepared to improvise- perhaps a projection, a captivating narrative, or any other attractive method of garnering interest where the page has failed.
Commit to Being Fluid
After devising your detailed plan, pay close attention as you present it to potential interested parties, and alter it based on reactions and questions. These presentations are invaluable for feedback value and will help you to hone your subsequent presentations to perfection. It often becomes very clear where you have not been transparent when your audience does not understand something or asks questions that could have been answered by the presentation, not as an aside.
All beginning businesses are under immense pressure to succeed because individual place so much time and energy into its success. If you commit to thoughtfully persuasive planning and adhere to quality presentations, you are already ahead of most of your fellow would be business owners.
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“Small Business Administration – .” <em>Small Business Administration</em>. N.p., n.d. Web. 18 Feb. 2010. <http://www.sba.gov/smallbusinessplanner/start/index.html>.
Tozzi, John. “Huntington Bank to Ease Credit to Small Businesses.” <em>Business Week.</em> N.p., n.d. Web. 18 Feb. 2010. <www.businessweek.com/smallbiz/running_small_business/ >.