With the new year, let’s talk about refreshing your Business Model and Business Plan. It’s a crime to work so hard on writing a business plan, only to sabotage your chances of getting funded by omitting or shortchanging the key components. When a financier, board member, or key executive assesses your plan, they need to see the 10 topics I’ll be covering this week. The problem is, many businesses plans I’ve read make the same mistakes. Getting it right conveys that you know where your business is going, and you know how to get there.
Here’s the first three areas you’ll need to nail to prove you’re building a success story.
1) Company Overview: A few concise and compelling sentences describing your company’s purpose/goal. The Mistake: More often than not, the company’s purpose/objective is vague, common, not compelling.
2) Pain. Identify the specific market pain you will reduce or remove. At the same time, explain why your product or service is crucial. The Mistake: Some entrepreneurs don’t properly address pain. For example, a social media company recently said it didn’t address pain. I disagree. One of the draws to social media is to feel you are expressing yourself and part of something larger than yourself. Feeling invisible or isolated is one of the key human pains. Voila.
3) Solution. Explain in detail what your solution is to the market pain and exactly how it works. The Mistake: Missing the mark on this is a fast ZERO on results.
To your amazing and IMMEDIATE success,
Christine Comaford, 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author
PS: In the spirit of great free gifts, if you have not gotten my FREE CD on building a 7 Figure Business, you’re missing a vital key to your 7 Figure Success Story. http://www.bit.ly/iBmuI