Learning From The Experts

One of the best ways of learning is by learn from your mistakes as well as from those within the industry and field you wish to be in. This is very essential when you are in the initial stage of creating a business plan and trying to secure funding from different types of investors. Doing research and getting key points from the experts will surely make creating a business plan much easier.

When doing my own research on business plan experts, I found a few key points that will not only assist with writing a business plan but will help become a successful business owner. One piece of advice that I have learned and every business owner that is starting out should know, you should never give away ownership when you are starting out. According to Tim Berry, Don’t save starting costs by giving the business away. A lot of time people give away percentages and when the business starts to do well they have forgotten that their business partners own a percent of the business and has not done any work to deserve the pay. Don’t Give Away Ownership As If It Were Just Credit. Please, is an blog post that is a must read.

From this blog I have made sure that if I have a business partner within my owner business the only way they would be able to get a percentage of the business is if they were going to put in the same amount of blood, sweat and tears as I would.

What I believe to be the most important section in a business plan to investors would be the marketing plan and sales strategy. An investor needs to know how people will know about your company and product(s), by having a solid marketing plan will show them just how you plan on doing so. The sales strategy will let investors know what a companies long-term goals are and what competitive advantage it will have over the existing companies in their industry.