Step #2 toward funding your wildly successful business
Step 1. Why Should Someone Invest in You?
Step 2. Define Your Market and Business Model
Step 3. Know Your Customers and How To Reach Them
Step 4. Raising Money from Banks, Investors, and Sales
- You will be guided with an email course and videos to take you through the entire process.
Goal
Describe your Business Concept, the Business Opportunity – what product and/or services you offer – in the current market including your competition, and the Business Revenue Model.
Objective
Begin describing your business as quickly and easily as possible. This may take rewriting and is essential to being understood. Be sure to read these sections out loud to a friend and listen to where they get lost, because like investors and others, your business is a new concept that they must understand quickly and easily.
Watch these brief videos to help you through the many details of this Step. Hang in there, this is initially the toughest step and will be a powerful tool when completed. Remember, the better job you do on your business plan the better deals you’ll make.
Video 1. Presenting Your Business Concept
Video 2. Your Business Opportunity
Video 3. Your Revenue Model
Within the week, add to your one-page executive summary business plan a draft of your Market Opportunity, Products and Services, and your Competition.
Then create initial Financial Projections (this will take time, but be sure to try to get this done and update it).
Answers
See the one-page executive summary business plan template for examples of what to say and how to say it.
- How big is the market?
- What will you sell?
- How will you make money?
- Who else is doing something similar?
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- How do you compare?