Okay, if you have followed this line of blogs and you’re taking notes, the next three pieces of a successful Business Plan are Product, Defensiblity and Competition. With these three things in place, you’re solidly on your way to gaining the financing you need and creating your 7 Figure Success Story.
6) Product. A short paragraph explaining the status of your product: complete and in production, in early trials, etc. It’s okay if you’re in early trials, or even if you only have a killer demo. The Mistake: Not helping the reader understand how you’re going to get to a full-fledged product and when.
7) Defensibility. Explain how your intellectual property or market position will be protected from competitors and how you’ll mitigate risk for financiers. You also need to address patents in process, the key risks with your company, and how you’ll help to mitigate them. The Mistake: Not demonstrating that you’ve considered these topics, and not having thoughtful answers.
8) Competition. Name your competitors, both now and in the future. The Mistake: Saying you have no competitors. Even inertia is a competitor, and a formidable one at that. A security company I recently met with listed all of their competitors to me, and one by one explained how their solution was better. I love honest acknowledgement coupled with doing your homework. It’s rare and compelling.
To your amazing and IMMEDIATE success,
Christine Comaford, 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
PS: Do not miss my FREE CD on building a 7 Figure Business, there are only a couple hundred left of these, and they’re VITAL to building your 7 Figure Success Story. http://www.bit.ly/iBmuI