6/16/2021 Tip: Don’t Answer All the Questions | Growthink

6/16/2021 Tip: Don’t Answer All the Questions

Today’s Quote

“Our business in life is not to get ahead of others, but to get ahead of ourselves.”
~ E. Joseph Cossman

 

Today’s Tip

The purpose of your business plan is not to answer every conceivable question that an investor or lender might pose. 

Rather, you need to answer the key questions that will get them excited about your venture, and influence them to invest more time meeting with you to discuss investment possibilities.

The key questions to answer relate to key sections of your business plan, such as:

  • Who are your target customers, what are their needs, and how does your product or service meet those needs?
  • How big is your market? What trends are affecting your market size, and how will that influence the success of your venture?
  • What marketing tactics will use you to attract new customers?
  • How much money do you need for your venture and why?

All of these answers should help support the main premise of your business plan, which is to prove to investors and lenders that your venture will ultimately be successful.

 

Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

Get the template here <—

 

Trivia

Today’s Question: What were Kleenex tissues marketed as when they were first introduced in 1924?

Previous Question: What product used Bobby Darin’s 1958 hit song “Splish Splash” in its commercials?

Answer: Drano used Bobby Darin’s hit song “Splish Splash”.

The song went well with the commercial, while helping people remember the product and what it could do. 

You may or may not need a song to help get the idea across, but consider how music and images in your advertising can form certain associations in customers’ minds. 

You can often see this in commercials aimed at baby boomers—making sure to play the same 60’s and 70’s classic rock songs they grew up with. 

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