Road Test Your Business Plan with an Expert
An inexperienced, first-time driver lets his anxiety and nerves get the best of him. His lack of experience becomes clearly visible when he decides to take the driving test. Consequently, the officer conducting the test notes the driver’s mistakes and failures. The realization that this is an unsafe driver leads the officer to believe that this driver is not ready to take the wheel in real traffic.
In a similar fashion, investors can easily identify the mistakes a new entrepreneur makes just by looking at the business plan. When founding a business it is in your best interest to road test your new business plan with an expert to expand and develop it to the fullest potential.
A startup expert can help with almost every facet of the process — from analysis of the initial idea and developing the strategy to researching, writing and editing. A professional can answer specific questions and identify areas of weakness a potential investor is sure to notice.
The following are a few of the reasons why you want a coach to help you through the business plan writing process.
What Investors Want
As an entrepreneur you may know a lot about running your business, but you may not know what investors are looking for. An experienced business plan expert knows exactly what investors are looking for in your plan, and they can guide you towards formulating it correctly. A professional can also help you decide on the type of investor you should look for (depending on your business).
As a general guideline, most investors not only look at the plan in general, but they also want more specific information on other factors such as the management team, the business model and even on the risk associated with the business. Outlining these details in your business plan can certainly go a long way towards attracting the eyes of a viable investor.
You Need Well Documented Research
Business plan consultants do this on a daily basis. They know how to do marketing analysis and they conduct research constantly. They work in areas you could certainly be unfamiliar with. A research expert such as this can find the data you need in about as long as it takes you to describe what you are looking for.
While you may know what your general strategy is for the business. You can’t necessarily write what you’re thinking down on paper. You can’t say, “I’m going to go door to door and sell my heart out.” Unfortunately, business investors don’t see this as a business-like proposal. It offers no proof of low risk, or of potential profitability. By hiring an expert, you offer the data and information to back up your own personal strategy. Besides, a business proposal expert can also guide you away from a purpose that may be too difficult for you to undertake. The business strategist will ask you the type of questions an investor or lender may ask when reading your plan – and this is the type of feedback you need early on in the business strategy. This consultations offers you a better operations guide, but also improves your chances of getting funded, because it offers the data, statistics, research and analysis your proposal needs to prove its viability.
In some ways, planning out a business is like planning a trip. You have a great idea of where you want to go, but when it comes to a business (like many destinations), getting there is like navigating through a field of land mines. The good news is that many people have gone down this path before. These people are now experts, and they are willing to help share their experience with others. This expert road testing of your business gives you guidance and helps you avoid the pitfalls of other startups. More importantly, getting an expert to help you write out a business plan can double your chance of getting a loan or getting the investment you want to help grow your business.