Okay gang, we’re fully into 2010 now, and if you have not taken the time to closely look at your business model and business plan, you’re risking your 7 Figure Success Story – so get on it! Here’s steps 4 (Company Info) and 5 (Financial Info) to creating a successful Business Plan.
4) Company Info: List your location, when you founded your company, the number of employees, and provide short bios of key team members (both on staff and board of directors/advisory board if applicable). No one expects you to have a fully fleshed-out team in the early days, but a skeletal team supplemented with advisors is vital. The Mistake: One and two person teams simply don’t demonstrate your ability to enroll others in your vision. As a general rule of thumb, try to have at least five people in this section
5) Financial Info: Describe your funding history, the total amount of money sought, the source of dollars sought (venture capital, angel investors, loans, grants, etc.), the anticipated use of funds, last year’s revenue, a five-year revenue forecast, monthly burn rate, projected cash flow positive date. Entrepreneurs always ask me why five years of fictitious revenue estimates matter. The answer is because financiers want to know how ambitious you are. The Mistake: Pie-in-the-sky financials. Be sure to back up your projections with how you expect to achieve them.
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