Time is steadily winding down for my business plan. As you all should know by now, I've been critiquing and editing my business plan for quite some time now. For the past 11 months, I have constantly learned skills and techniques that are required to composed a stellar business plan. I've learned everything from how to come up with logos, trademarks, copyrights, negotiations, mission statements and many other aspects that comprise a business plan. I am happy (extremely happy) that my business plan is just about complete. Now that that is out of the way, the objective now is to shop it to investors.
So what do investors look for? What is it about certain business plans that attracts investors? How do you spark their interest? How do you keep their interest after you've attained it?
In my last post, I highlighted to investors that know a good business plan when they see one. The first person I selected to highlight was Mark Cuban, owner of Dallas Mavericks, Landmark Theatre and many other businesses. As a key investor in the entertainment business, he knows what to look for in a business plan. According to him, the key aspect of a business plan is the financials. He also looks at the person who is opening the business. This gives me incentive to be presentable, and well mannered when presenting a business plan to an investor.
The second investor I highlighted was Chuck Blakeman, head of Crankset Group. According to him, time shouldn't be wasted on planning and planning, but rather execution is the key. He feels that when you have an idea, jump to it! Any mistakes or kinks will be worked out when they arise. I cant say I truly agree with this philosophy. I am one to plan first, then execute later.
To me, the most important part of a business plan is the elevator pitch and the executive summary. I think this way because the executive summary tells all the aspects of your business all on one page. I think this is important because investors are usually short on time and can only read so much. Therefore, by giving them a nice, exciting elevator pitch, you grab their attention, and your executive summary (if you write it right) should offer insight into how your business operates and generates revenue, therefore keeping their attention. All of this however, is pointless if your business plan is poorly written. That being said, I have some proofreading to do!
