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The Power of Networking for Entrepreneurs

Networking

Networking is often touted as a crucial element in the arsenal of any successful entrepreneur. Yet, amidst the hustle and bustle of managing businesses, building products, and chasing market trends, networking might sometimes take a back seat. However, underestimating the power of networking could mean missing out on invaluable opportunities for growth and success. Here are four compelling reasons why networking is an absolute necessity for every aspiring and established entrepreneur:

1. Access to Opportunities

Networking opens doors to a myriad of opportunities that might otherwise remain hidden. Whether it’s potential partnerships, investment opportunities, or new clients, the connections made through networking can be a goldmine for entrepreneurs. Attending industry events, conferences, and meetups provides a platform to interact with like-minded individuals, industry leaders, and potential collaborators. These interactions can lead to valuable insights, referrals, and even strategic alliances that propel your business forward. Remember, in the world of entrepreneurship, opportunities often arise from the relationships you cultivate.

2. Knowledge Expansion

Successful entrepreneurs understand the importance of continuous learning and staying updated with industry trends. Networking provides a wealth of knowledge and expertise that can’t be found in textbooks or online resources. Engaging in conversations with other entrepreneurs exposes you to diverse perspectives, innovative ideas, and best practices. Whether it’s discussing market shifts, emerging technologies, or growth strategies, networking facilitates the exchange of valuable insights that can help you navigate challenges and seize opportunities. Additionally, mentors and seasoned professionals within your network can offer guidance based on their own experiences, saving you from costly mistakes along the way.

3. Building a Strong Support System

Entrepreneurship can be a lonely journey, filled with uncertainties and setbacks. Having a strong support system can make all the difference between persevering through tough times and succumbing to defeat. Networking allows you to connect with fellow entrepreneurs who understand the challenges you face and can provide support, encouragement, and motivation when you need it most. Whether it’s sharing success stories to celebrate milestones or seeking advice during moments of doubt, a supportive network can be a source of strength and resilience. Moreover, surrounding yourself with ambitious and driven individuals can inspire you to aim higher and strive for greater success.

4. Amplifying Your Personal Brand

In today’s digital age, building a strong personal brand is essential for standing out in a crowded marketplace. Networking provides opportunities to showcase your expertise, establish credibility, and enhance your visibility within your industry. By actively participating in networking events, speaking engagements, and online communities, you can position yourself as a thought leader and go-to expert in your field. As you cultivate relationships and make meaningful connections, your reputation will precede you, opening doors to new business opportunities and professional collaborations. Remember, your personal brand is not just about what you know but also who you know and how you leverage those relationships to create value.

In conclusion, networking is not just a nicety but a necessity for every entrepreneur striving for success. From accessing new opportunities and expanding your knowledge to building a strong support system and amplifying your personal brand, the benefits of networking are far-reaching and indispensable. So, invest time and effort into nurturing your network, for it may very well be the key to unlocking doors that lead to your entrepreneurial dreams.

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10 Innovative Passive Income Ideas for 2024

Income

In an era where financial freedom and flexibility are prized, the concept of passive income has become a beacon for those seeking to bolster their earnings and secure their financial future. While traditional employment remains essential, the allure of generating income passively has captivated the attention of many looking to diversify their revenue streams. In 2024, the landscape for passive income has evolved, presenting a plethora of innovative opportunities. Here are ten lucrative ideas to consider for generating passive income and accelerating wealth-building this year:

1. Cryptocurrency Staking:

With the evolution of blockchain technology, cryptocurrency staking has emerged as a viable avenue for passive income. By holding digital assets in a wallet, individuals can validate transactions and earn rewards in the form of additional tokens.

2. NFT Royalties:

Non-Fungible Tokens (NFTs) have surged in popularity, and creators can earn ongoing royalties whenever their digital art, music, or other content is resold in the NFT marketplace.

3. Real Estate Crowdfunding:

Participating in real estate crowdfunding platforms allows investors to pool funds with others to invest in properties. Passive income is generated through rental income and potential property appreciation.

4. Peer-to-Peer Lending:

Platforms facilitating peer-to-peer lending enable individuals to lend money to others in exchange for interest payments, providing a steady passive income stream.

5. Dividend-Paying Stocks:

Investing in dividend-paying stocks from reputable companies offers the potential for regular dividend payments, allowing investors to benefit from both stock value appreciation and recurring income.

6. Automated Dropshipping:

Leveraging e-commerce platforms and automation tools to run a dropshipping business can yield passive income by selling products without the need for inventory management.

7. Create an Online Course:

Sharing expertise through an online course on platforms like Udemy or Teachable can result in ongoing passive income as learners enroll and access the course content.

8. Affiliate Marketing:

Building a niche website or social media presence to promote products or services as an affiliate can generate commissions on sales made through personalized affiliate links.

9. High-Yield Savings Accounts and CDs:

Although not as high-risk, high-yield savings accounts and certificates of deposit (CDs) provide a steady, albeit smaller, passive income through interest accumulation.

10. Content Monetization:

Whether it’s through a YouTube channel, podcast, or blog, monetizing content via ads, sponsorships, or subscriptions can lead to a consistent stream of passive income as the audience grows.

While the allure of passive income is enticing, it’s essential to approach these avenues with realistic expectations and due diligence. Diversification, research, and continuous learning are crucial components in any passive income strategy. Moreover, some ventures may require initial active effort before transitioning into a more passive income-generating stream.

In conclusion, the landscape for passive income opportunities in 2024 is diverse and promising. Exploring these innovative avenues can provide individuals with the means to augment their earnings, build wealth, and attain greater financial stability. By embracing the evolving financial landscape and adopting a proactive approach to generating passive income, individuals can pave the way for a more secure and prosperous future.

Who we are: Funded.com is a platform that is A+ BBB accredited over 10+ years. Access our network of Angel Investors, Venture Capital or Lenders. Let us professionally write your Business Plan.

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Your Guide to Captivating Investors and Securing Funding

Securing Funding

In the fast-paced world of startups and innovative ventures, securing funding can make or break your entrepreneurial dreams. Behind every successful business lies a compelling pitch that not only showcases your passion and vision but also instills confidence in potential investors. Mastering the art of pitching is a crucial skill that can propel your venture from the drawing board to market domination. In this article, we’ll explore the key elements that make a winning pitch and provide you with insights on how to secure that coveted funding.

1. Crafting Your Compelling Narrative

At the heart of every successful pitch lies a captivating story. Your narrative should convey not only the problem your product or service aims to solve but also why you’re the best person to solve it. Begin with a relatable hook, illustrating a common pain point that your target audience faces. Introduce your solution as the hero that swoops in to save the day. By painting a vivid picture of the journey from problem to solution, you’ll engage investors on both an emotional and intellectual level.

2. Define Your Unique Value Proposition (UVP)

Investors hear countless pitches, so it’s imperative to set your venture apart. Clearly define your Unique Value Proposition (UVP) – what makes your offering different, better, and more innovative than existing solutions? Highlight the key differentiators that position your business as a game-changer in the industry. Whether it’s cutting-edge technology, a disruptive business model, or an untapped market opportunity, your UVP should leave investors nodding in agreement.

3. Know Your Numbers Inside Out

Investors want to know that you’ve done your homework. This means having a solid grasp of your financial projections, market potential, and growth strategy. Break down your revenue model, outlining how you plan to generate income. Detail your expected expenses and how you’ll allocate funds. Your pitch should also address the total addressable market (TAM) and your projected market share. Demonstrating a deep understanding of your financials not only instills confidence but also reflects your dedication to the success of your venture.

4. Showcase Traction and Milestones

Investors are more likely to fund a venture that has already gained some traction. Highlight any significant milestones you’ve achieved, such as user adoption, partnerships, or revenue growth. Real-world validation serves as proof that your concept is viable and has the potential to thrive. Traction showcases your ability to execute and adapt, key factors that investors consider when making funding decisions.

5. Strong Team, Strong Future

Investors invest in people as much as they invest in ideas. Present your team’s expertise, experience, and passion. Highlight their relevant backgrounds and achievements that lend credibility to your venture. A well-rounded team demonstrates the capacity to navigate challenges and drive the company forward. Additionally, outlining the roles and responsibilities of each team member can reassure investors that your venture is equipped for success.

6. Address Potential Concerns

No business is without its challenges. Anticipate and address potential concerns before investors bring them up. Whether it’s a competitive landscape, regulatory hurdles, or scalability issues, showing that you’ve thought through these challenges and have strategies in place can build investor trust. Transparency about potential risks also showcases your realistic approach to entrepreneurship.

7. Nail the Delivery

A winning pitch isn’t just about the content – delivery matters too. Practice your pitch until it flows naturally and confidently. Maintain eye contact, use gestures purposefully, and speak with conviction. Keep your presentation concise and focused, respecting investors’ time. Engage your audience with enthusiasm and passion for your vision. Remember, a confident delivery can underscore your commitment to your venture’s success.

Conclusion

Pitching to investors is a high-stakes game, where a well-crafted pitch can unlock the doors to funding and exponential growth. By weaving a compelling narrative, defining your UVP, showcasing traction, and addressing concerns, you create a pitch that resonates with investors on multiple levels. Remember, securing funding isn’t just about your business concept – it’s about your ability to communicate its potential and your commitment to turning that potential into reality. Mastering the art of pitching is a journey, but with dedication and practice, you can transform your pitch into a powerful tool for securing the financial backing that fuels your entrepreneurial journey.

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Strategic Pathways: Unleashing Business Planning for Success

Planning

In the dynamic and ever-changing business landscape, having a solid plan and a well-defined strategy is crucial for long-term success. Effective business planning and strategy development help organizations navigate uncertainties, seize opportunities, and achieve their objectives. In this blog article, we will explore the key elements of business planning and strategy development, along with practical tips to help you master this essential aspect of running a successful business.

Understanding Business Planning:

Business planning involves setting objectives, identifying strategies, and outlining the actions necessary to achieve those objectives. It provides a roadmap for success and serves as a guide for decision-making and resource allocation. A comprehensive business plan typically includes elements such as an executive summary, market analysis, competitive assessment, financial projections, and implementation strategies.

The Importance of Strategy Development:

While business planning focuses on the overall direction and objectives, strategy development delves deeper into the specific approaches and tactics needed to achieve those objectives. Developing a robust strategy involves analyzing the competitive landscape, identifying market opportunities, assessing internal capabilities, and aligning resources to maximize competitive advantage. A well-crafted strategy provides clarity, sets priorities, and ensures efficient resource allocation.

Key Steps in Business Planning and Strategy Development:

A. Conduct a Situation Analysis: Begin by evaluating your internal and external environment. Assess your strengths, weaknesses, opportunities, and threats (SWOT analysis) to gain a comprehensive understanding of your business’s current state and competitive landscape.

B. Define Clear Objectives: Establish specific, measurable, attainable, relevant, and time-bound (SMART) objectives. Clear objectives provide a sense of purpose and direction for your business and serve as a yardstick for evaluating success.

C. Identify Target Market and Customers: Determine your target market segment and identify your ideal customers. Understand their needs, preferences, and buying behavior to tailor your strategies accordingly.

D. Develop Competitive Strategies: Analyze your competition and devise strategies to differentiate your business. Identify unique value propositions and develop competitive advantages that set you apart from others in the market.

E. Create an Action Plan: Outline the specific actions and initiatives required to achieve your objectives. Break down your plan into manageable tasks, set timelines, and assign responsibilities to ensure accountability and smooth execution.

F. Monitor and Evaluate: Regularly review your progress against the set objectives and make adjustments as needed. Monitor market trends, consumer behavior, and industry developments to remain agile and responsive to changes.

Tips for Effective Business Planning and Strategy Development:

A. Foster a Culture of Innovation: Encourage creativity and foster an environment where new ideas can thrive. Embrace innovation as a key driver of growth and adaptability.

B. Involve Key Stakeholders: Engage key stakeholders, including employees, customers, and partners, in the planning and strategy development process. Their input and perspectives can provide valuable insights and enhance the effectiveness of your plans.

C. Embrace Flexibility: Recognize that business environments are constantly evolving. Build flexibility into your plans and strategies to accommodate unforeseen changes and seize emerging opportunities.

D. Leverage Technology: Utilize technology tools and platforms to streamline planning processes, gather data-driven insights, and enhance collaboration within your organization.

E. Continuously Learn and Improve: Regularly assess the outcomes of your planning and strategy efforts. Learn from successes and failures, incorporate feedback, and adapt your approach to improve future outcomes.

Conclusion:

Business planning and strategy development are critical components of achieving long-term success in today’s competitive marketplace. By understanding the key elements and following the steps outlined in this article, you can develop a robust plan and strategy that align with your business objectives, adapt to changing circumstances, and drive sustainable growth. Remember to embrace innovation, involve stakeholders, and remain agile as you navigate the ever-evolving business landscape.

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Unleashing Innovation: From Idea to Startup Success

Startup Success

Starting a new business is an exhilarating journey that requires passion, perseverance, and much innovation. Entrepreneurs embark on this path, hoping to turn their groundbreaking ideas into successful ventures. However, the way to entrepreneurship is paved with challenges, from refining and nurturing innovative ideas to securing funding and navigating the ever-changing landscape of startups. This article will explore the critical aspects of entrepreneurship and startup success, providing valuable insights and practical tips for aspiring business owners.

Nurturing Innovative Ideas

Innovation is the lifeblood of entrepreneurship. Nurturing and refining innovative ideas is crucial to launching a successful startup. Here are some strategies to help you promote and develop your ideas:

A. Problem Identification: Start by identifying a problem or pain point in the market you are passionate about solving. Conduct thorough market research, engage with potential customers, and analyze existing solutions to gain a deep understanding of the problem.

B. Ideation and Validation: Generate a range of potential solutions and test their viability. Utilize brainstorming techniques, build prototypes, and seek feedback from trusted advisors, mentors, and potential customers. This iterative process will help you validate and refine your ideas.

C Market Fit: Assess the market demand and ensure your idea aligns with market needs. Identify your target audience, their preferences, and their willingness to pay for your solution. This step will help you gauge your idea’s viability and potential success.

Launching New Ventures

Once you have a solid idea, it’s time to transform it into a tangible business. Here are the key steps to successfully launch your startup:

A. Business Plan: Develop a comprehensive business plan that outlines your vision, target market, marketing strategies, financial projections, and growth plans. A well-structured business plan will help you clarify your goals and attract potential investors.

B. Building a Team: Surround yourself with talented individuals who share your vision and complement your skills. Recruit team members who are passionate, dedicated, and possess the expertise required to drive your startup forward.

C. Minimum Viable Product (MVP): Develop a minimum viable product or prototype demonstrating your solution’s core features and value proposition. This will allow you to gather early feedback, validate your concept, and make necessary improvements before investing significant resources.

Securing Funding

Funding is often a critical aspect of turning your startup dreams into reality. Here are some avenues to explore when seeking funding for your business:

A. Bootstrapping: Start with self-funding or funding from friends and family. Bootstrapping gives you greater control over your business and demonstrates your commitment and dedication to potential investors.

B. Angel Investors and Venture Capitalists: Research and reach out to angel investors and venture capitalists specializing in your industry. Prepare a compelling pitch deck and business plan to showcase your idea’s potential and secure investment.

C. Crowdfunding and Grants: Consider crowdfunding platforms or apply for government grants and startup competitions. These avenues provide access to capital while creating awareness and building a customer base.

Navigating Startup Challenges

Starting a new business is always challenging. Here are some common hurdles you may encounter and strategies to overcome them:

A. Adaptability and Agility: Stay agile and be open to change. The startup landscape constantly evolves, and adaptability will help you pivot when necessary and seize new opportunities.

B. Networking and Mentorship: Build a strong network of mentors, industry experts, and fellow entrepreneurs. Their guidance and support can help you navigate challenges, offer valuable insights, and provide access to resources.

C. Resilience and Perseverance: Starting a business is a rollercoaster with ups and downs. Cultivate resilience, stay motivated, and learn from failures. It’s essential to keep pushing forward despite setbacks and believe in your vision.

Conclusion

Nurturing innovative ideas, launching new ventures, securing funding, and navigating the challenges of starting a new business are all part of the exhilarating journey of entrepreneurship. By following the strategies outlined in this article, aspiring entrepreneurs can enhance their chances of success and overcome the hurdles that come their way. Remember, entrepreneurship requires creativity, resilience, and a relentless pursuit to make your ideas real. So, take that leap of faith, be prepared for the challenges, and embark on an exciting adventure toward building your startup.

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Unveiling Profitable Business Ideas: Methods, Research, Opportunities

Business Ideas

The journey of entrepreneurship begins with a compelling business ideas. However, not all ideas possess the potential to become profitable ventures. Identifying a viable business opportunity requires careful evaluation, thorough market research, and an understanding of the current landscape. In this article, we will explore effective methods to generate and evaluate business ideas, delve into market research techniques, and discuss ways to identify viable opportunities that can lead to business success.

Generating Business Ideas

A. Problem-Solving Approach: Start by identifying problems or pain points in society or specific industries. By offering a solution, you can create a business that fills a gap in the market.

B. Personal Passions and Interests: Consider your own passions, hobbies, and expertise. Building a business around something you genuinely enjoy can provide motivation and a higher chance of success.

C. Observing Trends: Stay up-to-date with current trends and emerging technologies. Look for innovative ways to apply these trends to existing industries or create entirely new markets.

D. Brainstorming and Ideation Sessions: Collaborate with others, engage in brainstorming sessions, and bounce ideas off each other. Sometimes, a fresh perspective can spark a breakthrough idea.

Evaluating Business Ideas

A. Market Demand: Assess the demand for your product or service by conducting market research. Look for target audience size, competitors, and any existing solutions. This analysis will help determine if there is room for your business and if customers are willing to pay for your offering.

B. Unique Value Proposition (UVP): Identify your business’s unique selling point. What sets your product or service apart from competitors? A strong UVP differentiates your business and attracts customers.

C. Feasibility Analysis: Evaluate the feasibility of your business idea by considering factors such as cost, resources, scalability, and legal requirements. Assess if you have the necessary skills or if you need to partner with others.

D. Profitability and Revenue Streams: Determine how your business will generate revenue. Explore various revenue models, such as product sales, subscription-based services, advertising, or licensing. Calculate potential profit margins and consider long-term sustainability.

Market Research Techniques

A. Surveys and Questionnaires: Create surveys to gather data from your target audience. Understand their needs, preferences, and pain points. Tools like SurveyMonkey or Google Forms can help you collect and analyze responses.

B. Interviews and Focus Groups: Conduct one-on-one interviews or group discussions to gain deeper insights into customer behavior and opinions. This qualitative research can provide valuable feedback and uncover unmet needs.

C. Competitive Analysis: Study your competitors to identify their strengths, weaknesses, and market positioning. Analyze their pricing, marketing strategies, and customer reviews. This knowledge will help you differentiate your business and refine your value proposition.

D. Industry Reports and Secondary Research: Explore industry reports, market trends, and statistics provided by organizations, research firms, and government agencies. This information can offer valuable insights into market size, growth potential, and emerging opportunities.

Identifying Viable Opportunities

A. Target Market Analysis: Identify your ideal customer segment and define their demographics, interests, and behaviors. Understanding your target market will guide your marketing efforts and help you tailor your offering to their needs.

B. SWOT Analysis: Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to evaluate your business idea’s viability. Identify your strengths and weaknesses, assess potential opportunities, and analyze potential threats to your business’s success.

C. Test Minimum Viable Product (MVP): Create a prototype or minimum viable product (MVP) to validate your business idea. Gather feedback from early adopters or beta testers to refine your offering and understand market response.

D. Seek Expert Advice: Consult with industry experts, mentors, or business consultants who can provide valuable guidance. Their experience and insights can help you assess the viability of your business idea and overcome potential challenges.

Conclusion

Identifying a profitable business idea requires a blend of creativity, research, and strategic analysis. By employing the methods discussed in this article, you can generate innovative ideas, evaluate their feasibility, conduct comprehensive market research, and identify viable opportunities. Remember, the key is to continuously adapt and refine your business idea as you gather feedback and insights from potential customers and industry experts. With persistence and a well-researched approach, you’ll be on your way to finding a profitable business idea that can pave the path to entrepreneurial success.

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Ready to Compete Globally? Time to Find Investors!

Globally

More and more businesses are looking for investors to fund a global expansion. More and more investors are looking for businesses ready to go globally. The business landscape is changing rapidly, and small businesses are expanding internationally right along with the big corporations. The internet can probably be named as the primary motivator for this trend because it made it so easy to communicate with people around the world. Orders can be placed with a click of the mouse. Governments recognized the opportunities this created and have created laws and regulations that promote global business.

Naturally, investors want a piece of the action. They are looking for companies that can successfully expand through globalization because the opportunities are unlimited. Of course, participating in international trade can be expensive so it’s not a decision made lightly. Yet there are so many advantages to expanding internationally that it makes sense.

What are those advantages? For one thing, a business can increase sales and thus profits which makes the company more attractive to investors. Other reasons include gaining greater market share, spreading risk by expanding market access, stabilizing seasonal sales cycles and establishing a foundation for unlimited growth. All of these reasons are exactly what can make a business attractive to investors.

Of course, expanding globally takes money. There are import and export fees, expanded production costs, higher shipping costs and the expenses associated with new promotions like marketing and travel. Investors will balance the higher costs to the expected increase in revenues and profits before making a decision. Investors will also weigh the risks associated with the global expansion. This balancing act though is one that the business should have already mastered in the business plan.

 

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Business Plan Mistakes to Avoid

Plan

Writing your business plan is probably one of the most important business duties you will assume. If you follow a quality business plans template you will cover the basics of the plans, but there are still common mistakes made by entrepreneurs that hurt their cause. It is reminiscent of the teacher in school who gave you the parts of the essay for easy outlining and then marks points off because the essay is too long or too boring.

Following are some of the most common errors made in business plans. Some of them are simple errors, but that doesn’t minimize their importance. Other are mistakes usually made due to lack of experience. Either way, these mistakes can hurt the effectiveness of the overall business plan.

  • Including more than one business model in the false belief that more information and more strategies are always better (not true!)
  • Lacking cohesiveness throughout the business plans
  • Difficult to read due to illogical or poor layout (another reason to use a business plan template)
  • Including unsupported projections or estimates
  • Not fully analyzing the competition
  • Failing to prepare all required sections of a business plans (making your plan look amateurish or as if you are hiding something)
  • No value proposition separating your business from the competition
  • Not letting anyone else read your business plan and provide feedback before submission
  • Making the business plan difficult to read because it is written using mostly hard-to-understand industry or discipline terms (i.e. your funder may not know much about technology so using technical jargon will make the plan too difficult to understand)
  • Showing lack of understanding of the niche market to be served

These are certainly not the only mistakes, but they are some of the most common. You want to avoid writing a business plan that is too long and tedious, is not well written, and is boring. Though funders are often professionals looking for the next great business investment opportunity, they are also human. Grammatical errors and boring prose can quickly discourage anyone reading the business plan. It seems your essay teacher was right all along.

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Does the Business Plan State Your Value Proposition?

Proposition

The ideal business plan is composed of more than just history, marketing and financial sections. It should also convey the value proposition to the angel investors you approach about business funding. Typically, angel investors are sought after a business has been established so it’s possible to show real products, actual customers and a working business model. However, the angel investors will want to know how you define the company’s value proposition.

The business value proposition is developed with the marketplace in mind. The value proposition defines why people in the target market should buy your products or services. It defines what benefits purchase of the goods or services will provide or what problem will be solved by product or service use. It sounds like the statement would be long, but it should be kept short which forces the business owner to concisely explain the value the company is bringing to the marketplace and the relevance of the product to the customer. If it takes a long winded explanation then there’s  good chance the business owner has not fully developed the business concept.

The value proposition is important to the angel investor because it concisely differentiates the business among its competitors and reflects an alignment of business operations with the market. The value proposition must also reflect specific results or performance and is not a generalized statement that any business could use. For example, a consulting business could say that it can help customers get a high return on investment , but that would be a weak value proposition. A strong value proposition would say that the business can demonstrate customers will experience an improvement of 15% Return on Investment (ROI) by using the company’s state-of-the-art proprietary software.

Angel investors expect a business plan to have a value proposition that quantifies market results and also states the source of its competitive advantage. That should never be a problem if a company is serious about success.

 

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Having Trouble Writing Business Plan Goals and Objectives?

Objectives

One of the important components of a business plan is clearly defining objectives. Stephen Harper in Starting Your Own Business (McGraw Hill) writes, “Objectives can be viewed as dreams with a deadline.” The point he is making is that objectives should be specific in terms of projected amounts and timeframe.

For example, you would not write an objective like this: The business will grow over the next 5 years. You would write it like this: Sales are expected to be $2 million in 5 years and the business will be one of the top 5 niche market leaders. The dreams you have for the business should look ahead and establish where you want the business to be positioned or how much growth is expected within a set period of time. The dreams should also be reasonable, based in facts and business reality, and achievable.

For example, if you plan on opening 5 franchise businesses within 10 years (1 every 5 years) the objective should be stated as such. However, you should also be able to support plans for opening these franchises in the competitive analysis section of the business plan. If the market is already close to being saturated, those 5 new franchises may be difficult to open. When objectives are focused and sensible, the business plan will become a living breathing document that supports your dream.

If you are having trouble setting objectives for the business plan, there are some questions you can ask yourself to develop focus. Ask yourself what your ultimate goal is 5 years from now. Picture yourself as an entrepreneur 5 years from today and imagine the level of business success you want to succeed. Ask yourself questions like how many sales people you hope to have working and how much market share you want to gain. Picture yourself as successful and put your definition of success in writing.

Objectives will become clear when you take the time to look into the future. Though a business plan is not a crystal ball, it is a driving force with strategies for achieving success. Set clear objectives first and the rest of the business plan will be a lot easier to develop.

 

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