What's In a Pitch?

Imagine you have this great idea to create a product or service to meet a need for a particular group or network. You write out the ideas, and after much research, those ideas are now a well-drafted final business plan. For months, and possibly longer, this plan has be re-written, edited, changed, and drafted several times before becoming the final product in your hands to date. The joy and excitement of knowing you have created something of need and value overtakes you every time you look at that plan. Now, you are ready to put the plan to action and get it to the market, however there is one issue standing in your way, finances.

In business, many entrepreneurs are faced with the impeding thought as to how h/she will financially be able to bring their vision to life. As an entrepreneur myself, and looking to start a dance company, the thought of how to get the funding and backing needed has stayed at the forefront of my mind. And though A. Quinn Performing Arts is a nonprofit, funds are still a needed component in order to help launch our vision.

Most companies use bank loans and investors to help finance their business and provide the working capital needed to operate during the first few years. For A. Quinn Performing Arts, our goal is to focus on obtaining grants and donations to aid in our startup cost, however, we are also seeking investors to make a donated ‘mission-related investment’ into the company. Regardless of what type of investor you are seeking to invest into your idea, you have to get the investor interested enough to buy in. So, how do you get an investor to invest in you and your idea? Through what’s known as the ‘elevator pitch’.

The ‘elevator pitch’ is used to grab the attention of investors and tell them why they should invest in you and your idea. In an elevator pitch, there are some key components one should incorporate in order to pitch their idea in 60 seconds or less.

An elevator pitch should have the following basic components:

• ·      State the problem – what is the opportunity
• ·      State your solution and how the solution will work in the market
• ·      Create a good closing statement to get investors excited

In an article titled, ‘6 Tips for Perfecting Your Elevator Pitch’, the author speaks on how to incorporate each tip into the three components listed above in order to create an effective pitch. For a full list of these tips and more details visit Entrepreneur.com.

As I close the final chapter of the preparation done over the last 12 months through my masters program, I believe I am now fully equipped with all I need to go out and start making my dream of a performing arts center a reality. I am greatful to have the opportunity to share the insightful topics I have learned here on this blog, and hope someone was helped by it. Now, as we shift, this blog will focus on keeping you updated on our next steps until we have our grand opening. I hope you continue on this journey with me.

Thanks for reading,

LaKesha, xo

Reference:

Entrepreneur.com

Final Business Plan Thoughts

As one journey comes to an end, a new journey begins. Over the past year it has been a ride of ups and downs, yet persistence is what has endured. And it will be persistence that will help me forge ahead in the new journey that lies before me. However, the end is not yet done on this current journey.

The final chapter will close with thoughtful insight and the understanding of how to successfully write and execute a business plan, in order to run and operate a successful business. I’ve shared the advice of experts on how to achieve this, and the key factors a business plan should include to be successful. Whether seeking investor funds, or just looking for a roadmap on how to get started, these key components and more are needed to reach any company’s goal. 

Here is a list of the key components a business plan should have:

• ·      Company Description
• ·      Industry Analysis and Trends
• ·      Target Market
• ·      Competition Overview
• ·      Marketing Plan
• ·      Operations and Management
• ·      Financials Overview

There are numerous resources available for business owners to aid in building out the plan. For example Bplans is great online resource filled with tools and tips on successful business writing plans. In finalizing my business plan, Bplans was a great tool to get guidance and examples on how to put the final draft document together. For more information, please visit http://www.bplans.com . Another great online resource is http://www.entrepreneur.com/businessplan/index.html.  This website tool provides articles and links to business plan software for purchase or download.

The past few weeks have been arduous in preparing and finalizing my business plan. The enormity of information needed to properly create a business plan takes time, diligent research, and a clear understanding of your product or service being offered. The biggest factor is knowing your business. If you do not have a clear understanding of your business, it will prove difficult to get investors or others involved with the business. Know your business, and others will know it to.

Thanks for reading and following this journey. Hope you come along on the new one that lies ahead!

With appreciation,

LaKesha

Resource:

http://www.bplans.com

http://www.entrepreneur.com/businessplan/index.html

Building A Plan To Success

In my previous post, I did a review on two business plan experts and shared some of the highlights from each expert on how to create a successful business plan. As I come to the end of my current class, business plan development, I am amazed at how much I didn’t know and how much I’ve learned in the past four weeks. In preparing to launch a new business, I have been able to incorporate some key factors to better develop my business plan.

The first key factor incorporated into my business plan was a conscious, clear, and detailed company description. After reading the ‘Successful Business Plan’ section on the company description, I realized the importance of having a detail understanding of your business, and know how to convey the description to potential investors and customers. To quote Rhonda Abrams, ‘the reason most businesses fail is that they don’t understand the business they are in’. One of the key components Rhonda points out, is even if your business is a start-up company, and you don’t know all the details, state what you intend to do and where you intend to go. The best way for you and others to know where your business is going is to have a mission statement.

The second key factor incorporated into my business plan was a detailed operations breakdown. Business plan expert, Tim Berry, teaches the importance of knowing how to insert projections in the business plan, even if the projections could be wrong. The most recent update to my business plan was to detail the operations for my business. Although my business is not yet up and running, I used projections based on research to get a gage on how much the cost to operate would be. An old biblical proverb, states ‘what man builds a house, without counting the cost’. I’ve learned not counting the cost of what it takes to operate your business could be unwise and prove detrimental to the success of your business. Understanding what it takes to operate and how much it will cost to do so will save time and future headache.

As I come to the end of my program and look to the immediate future, I am confident I will be able to go out and see my dream of entrepreneurship come to pass, as I carry with me the blueprint for success.

Resources:

Abrams, R. Successful Business Plan: Secrets & Strategies, 5^th edition. 2010. Chapter 5.

http://www.inc.com/author/rhonda-abrams

http://blog.timberry.com/

Thanks for reading,

LaKesha, xo

Business Plan Experts Review

          For any person wanting to start his or her own business, the first place any entrepreneur will tell you to start is with a business plan. Yes, there is much controversy on whether a business plan is truly needed to start a business, but the consensus surrounding this matter is a successful business is built on a plan. The following is a review of two entrepreneurial experts revered in the industry for their knowledge on writing a successful business plan.

            Rhonda Abrams is a renowned best-selling author, syndicated columnist, popular public speaker, who has over 15years experience in advising, mentoring, and consulting small business owners and entrepreneurs. Rhonda Abrams has written three books, with her first book ‘The Successful Business Plan: Secrets & Strategies’ recognized and acclaimed by Forbes magazine as one of two best books for small businesses. As well, Abrams is a well-known columnist reaching over 20 million readers in 130 newspapers through her weekly newspaper “Small Business Strategies” (RhondaOnline, 2009).

The key concepts Rhonda focuses on for finding an “angel investor” are:

• Developing a winning pitch
• Create a key presentation
• Develop the best valuation of your company
• Understanding negotiation techniques
• How to locate the “right” angel investor

            Rhonda helps small business and entrepreneurs develop and execute the right business plan to fit their company needs, and find investors by following the above concepts (ThePlanningShop.com, 2013).

            Tim Berry is founder and chairman of Palo Alto Software, and co-founder of Borland International, an entrepreneur, and a published author. Tim Berry has solidified himself, as an expert in the business planning industry, having developed relationships with companies such as Williamette Angel Conference and Apple Computer (Timberry.com, 2013). Berry has been a frequent judge for several business plan competitions, worked as a teacher at University of Oregon for over 10years, and presented seminars on business planning in 13 countries (entrepreneur.com, 2014).

            Tim Berry’s main focus of the business plan is forecasting and projections. Although, Berry believes its important to realize projections will be wrong, as in business planning its not about guessing right, but having dots connected to make reasonable assumptions (blog.timberry.com, 2013).

            In starting a business, it all can be a guessing game, as no one knows for sure whether their business will or will not be succeed. However, taking the time to put together a comprehensive business plan can help take some of the guessing out of the equation, and be the blueprint to building a successful business.

Resources

http://blog.timberry.com

http://timberry.com

http://www.entrepreneur.com/author/tim-berry

http://www.planningshop.com/products/angel.asp

http://rhondaonline.com/content/aboutRhonda/aboutRhonda.asp

http://www.inc.com/author/rhonda-abrams

Thanks for reading,

LaKesha, xo