Example Business Plan Consulting Advice
A good business plan consultant can write or rewrite your business plan, but can also undertake research, create financial statements, and help you hone the basic ideas for the business you are launching. These are examples of the advice business plan consultants would give:
Establish the Market Opportunity First
While you may be most excited about your idea for a product, service, or operational methods, an investor will only be on board if you first show that the market exists. Market research should be used to establish the size of the market, the nature of customer needs, what competitors and substitutes exist for the product or service, and projections of future trends.
Market to Your Customer Segments
Your marketing plan should be more than a general list of promotional methods, focusing instead on marketing methods that will reach the specific customer segments you selected in your customer analysis. Different groups may require different types of marketing and different marketing messages. For example, the marketing channels and messages to reach college students may be very different from the methods to reach young couples in a given locale.
Learn Your Funders' Required Rate of Return
Certain types of investors will look only at investments which project a rate of return that meets or exceeds their required rate. Angel investors, private equity companies, and venture capitalists attempt to create a portfolio of investments in startups and private companies. They expect that some of these investments will fail, some will do reasonably well, and others will succeed brilliantly. They tend to look for investments with the potential to succeed brilliantly so that the possibility exists within each company.
Use Your Management Expertise to the Fullest
Ideally, the management expertise of your team should be explained in the plan as it pertains to the roles each person will fulfill in the company. If you will be the sales and marketing manager, it is your experience with similar products or with sales and marketing in general which should should be the focus. If one of the partners has management experience which will not be put to work in the company, there is a wasted opportunity. Furthermore, if the plan shows an individual stretching to manage an area they know nothing about, there may need to be some explanation of how he or she will move up the learning curve quickly to avoid mistakes during the critical launch phase.
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