Posts Tagged ‘Business Plan’
Opening Your Own Restaurant? 4 Tips to Get Started
Restaurant businesses are attractive for the plain fact that people will always need food. It’s one of humanity’s basic necessities and so demand rarely dials down throughout the year. Yet while the customer base for restaurants is stable for decades to come, there is a lot of competition in the food business and that can…
Read More10 Myths vs. Reality on Business Plans and Startup Investment
I gather from a stream of emails I’ve received that there are a lot of misconceptions on the relationship between a business plan and getting seed money and/or angel investment. So here’s a list of reality checks to apply to all those lists. Business plans are necessary but not sufficient. Even a great business plan…
Read MoreElevator Speech Part 2: Why You?
In my post Elevator Speech Part 1: the Market Story I suggested that all business owners should be able to describe their businesses well in a single measured minute. The formal elevator speech is a reference to grad-level business plan contests, but I say it’s a good exercise for all business owners. What do you say when…
Read MoreHow to Write a Growth-Centric Business Plan for Your Small Business
With the growing acceptance of “lean startups,” the “done is better than perfect” mentality, and accelerated launch approaches like those proposed by Startup Weekend, it’s safe to say that the traditional business plan has become something of an historical artifact. Rather than creating generic business plans that paint pretty pictures of where they want to be,…
Read MoreAvoid These 3 Risks When Seeking Investors
Becoming a small business owner is a stressful prospect. Even the most experienced in their field struggle when they go from being under the safe gaze of a corporation to being completely on their own. Double that stress when it comes to financing their venture. Even bootstrap startups are going to struggle with funding after…
Read MoreLean Business Plan: Form Follows Function
Your lean business plan is no more than what you need to run your business. In the beginning, it might be as simple as an elevator speech. Be able to talk through those key points: the customer story, what makes you unique, how you’re focusing and on what you’re focusing, and, if it comes to that,…
Read MoreWhich Comes First: Plan or Pitch?
It’s not exactly the same as the chicken or the egg, but it has some similarities. I get this question a lot lately, so I decided to take it here to my blog. Don’t pitch a business without planning it first. That’s a lot like trying to film a movie without having a screenplay. You have…
Read MoreI Have a Business Plan: Now What?
Whether you’re a brand new startup, or have been trading for a while now, it’s important to have a business plan. Many businesses seem to put this off, or completely avoid writing one altogether. However, the phrase “Fail to plan, plan to fail” really does apply here. A business plan gives your business direction, ensures…
Read MoreTips for Writing Your Franchise Business Plan
While your franchisor will provide some guidance with regards to your new franchise, it’s up to you as the business owner to develop a comprehensive business plan. If you’ve never written one before, let this post be your guide. The Purpose of Your Franchise Business Plan A business plan, whether for a franchise or any…
Read MoreRevising the Root Canal Theory of Business Planning
For years I’ve lived with my own “root canal theory of business planning.” Do the Google search for that phrase and you’ll see that my previous writing about this comes up first. Like root canals, business plans were something people dreaded, but needed. Happily, things have changed. For today: lean business planning Unlike a root canal, modern-day business…
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