hi I’m Evan Carmichael welcome to another edition of ask Evan in today’s
another edition of ask Evan in today’s
another edition of ask Evan in today’s episode I’m going to answer question
episode I’m going to answer question
episode I’m going to answer question from one of my newsletter readers Chris
from one of my newsletter readers Chris
from one of my newsletter readers Chris who wants to create a five-year business
who wants to create a five-year business
who wants to create a five-year business plan and one of my advice on how to do
plan and one of my advice on how to do
plan and one of my advice on how to do it so Chris I think the first thing you
it so Chris I think the first thing you
it so Chris I think the first thing you need to figure out is who is your reader
need to figure out is who is your reader
need to figure out is who is your reader so are you doing this to try to raise
so are you doing this to try to raise
so are you doing this to try to raise money for your business or is it just
money for your business or is it just
money for your business or is it just for you to be able to plan your company
for you to be able to plan your company
for you to be able to plan your company so if you’re doing it to raise money for
so if you’re doing it to raise money for
so if you’re doing it to raise money for going after you know an angel investor
going after you know an angel investor
going after you know an angel investor or venture capital or banks when I was
or venture capital or banks when I was
or venture capital or banks when I was in the VC business the first thing we
in the VC business the first thing we
in the VC business the first thing we looked at was the executive summary so
looked at was the executive summary so
looked at was the executive summary so quick summary of what your business did
quick summary of what your business did
quick summary of what your business did then we look at the management team and
then we look at the management team and
then we look at the management team and saw you know who’s behind this operation
saw you know who’s behind this operation
saw you know who’s behind this operation do we think that they can they can do it
do we think that they can they can do it
do we think that they can they can do it they can excel and then we poured over
they can excel and then we poured over
they can excel and then we poured over the financials and see what kind of
the financials and see what kind of
the financials and see what kind of projections they had going forward and
projections they had going forward and
projections they had going forward and then everything else so those would be
then everything else so those would be
then everything else so those would be the first three things that I would
the first three things that I would
the first three things that I would really make sure our super solid is your
really make sure our super solid is your
really make sure our super solid is your executive summary your management team
executive summary your management team
executive summary your management team bios and your financials and be able to
bios and your financials and be able to
bios and your financials and be able to explain every number on there every word
explain every number on there every word
explain every number on there every word that comes out of there because you’re
that comes out of there because you’re
that comes out of there because you’re going to get grilled on those sections
going to get grilled on those sections
going to get grilled on those sections more than any other section in your
more than any other section in your
more than any other section in your business plan it was just for you if
business plan it was just for you if
business plan it was just for you if it’s for you to plan your own business
it’s for you to plan your own business
it’s for you to plan your own business and the in the next five years and where
and the in the next five years and where
and the in the next five years and where you want to grow I would start around
you want to grow I would start around
you want to grow I would start around know what is the vision for your company
know what is the vision for your company
know what is the vision for your company so where do you see yourself going what
so where do you see yourself going what
so where do you see yourself going what what’s the main private service you want
what’s the main private service you want
what’s the main private service you want to launch and how do you see it helping
to launch and how do you see it helping
to launch and how do you see it helping people and how can you help the most
people and how can you help the most
people and how can you help the most number of people in the most meaningful
number of people in the most meaningful
number of people in the most meaningful way and start with that kind of bigger
way and start with that kind of bigger
way and start with that kind of bigger vision for your business and then you
vision for your business and then you
vision for your business and then you can start get into the execution so you
can start get into the execution so you
can start get into the execution so you in five years where do you see yourself
in five years where do you see yourself
in five years where do you see yourself where do you want your business to be
where do you want your business to be
where do you want your business to be and then what do you need to do to be
and then what do you need to do to be
and then what do you need to do to be able to get your business there so
able to get your business there so
able to get your business there so you’re going to be doing a lot do you
you’re going to be doing a lot do you
you’re going to be doing a lot do you need to bring on team members to help
need to bring on team members to help
need to bring on team members to help you how you going to actually execute it
you how you going to actually execute it
you how you going to actually execute it so the execution is your marketing your
so the execution is your marketing your
so the execution is your marketing your production you know all the costs that
production you know all the costs that
production you know all the costs that come along with it people you might need
come along with it people you might need
come along with it people you might need to hire to be able to get you you know
to hire to be able to get you you know
to hire to be able to get you you know where you need to go but you start
where you need to go but you start
where you need to go but you start around the big goal that you have so
around the big goal that you have so
around the big goal that you have so your company in five years and you start
your company in five years and you start
your company in five years and you start working towards that goal if you’re a
working towards that goal if you’re a
working towards that goal if you’re a brand new startup then it can be really
brand new startup then it can be really
brand new startup then it can be really hard to do a five-year plan it’s still
hard to do a five-year plan it’s still
hard to do a five-year plan it’s still great to do it’s an awesome exercise to
great to do it’s an awesome exercise to
great to do it’s an awesome exercise to go through it teaches you a lot about
go through it teaches you a lot about
go through it teaches you a lot about the market and how to
the market and how to
the market and how to your business the reality is your
your business the reality is your
your business the reality is your business mind is going to change you
business mind is going to change you
business mind is going to change you know almost from day one as you start
know almost from day one as you start
know almost from day one as you start your business if it’s a brand new
your business if it’s a brand new
your business if it’s a brand new business and you have to be flexible
business and you have to be flexible
business and you have to be flexible with it so you’ll make multiple updates
with it so you’ll make multiple updates
with it so you’ll make multiple updates to your business plan as you continue to
to your business plan as you continue to
to your business plan as you continue to grow you want to build around your
grow you want to build around your
grow you want to build around your customers figure out what the challenges
customers figure out what the challenges
customers figure out what the challenges are you get as close as you can to them
are you get as close as you can to them
are you get as close as you can to them as possible get feedback from them and
as possible get feedback from them and
as possible get feedback from them and incorporate that into your future
incorporate that into your future
incorporate that into your future business Pine Grove so it’s good to have
business Pine Grove so it’s good to have
business Pine Grove so it’s good to have the five year plan it’s good to have a
the five year plan it’s good to have a
the five year plan it’s good to have a big goal for yourself a vision is shoot
big goal for yourself a vision is shoot
big goal for yourself a vision is shoot for just be flexible because what you
for just be flexible because what you
for just be flexible because what you think you’re going to be what processor
think you’re going to be what processor
think you’re going to be what processor is you think you’re going to come up
is you think you’re going to come up
is you think you’re going to come up with are going to change the further out
with are going to change the further out
with are going to change the further out the future you go the more things are
the future you go the more things are
the future you go the more things are going to change so keep coming back to
going to change so keep coming back to
going to change so keep coming back to your business plan you can look at it
your business plan you can look at it
your business plan you can look at it every quarter to see how you’re doing
every quarter to see how you’re doing
every quarter to see how you’re doing and potentially make changes based on
and potentially make changes based on
and potentially make changes based on new information you’ve learned by
new information you’ve learned by
new information you’ve learned by talking to customers actually going out
talking to customers actually going out
talking to customers actually going out there and making sales so I hope that
there and making sales so I hope that
there and making sales so I hope that helps if you guys like the video please
helps if you guys like the video please
helps if you guys like the video please give it a thumbs up below and it also
give it a thumbs up below and it also
give it a thumbs up below and it also love to hear you have to think if you
love to hear you have to think if you
love to hear you have to think if you want to leave a comment or if you have a
want to leave a comment or if you have a
want to leave a comment or if you have a question put that below in the comments
question put that below in the comments
question put that below in the comments and we’ll see you on the next episode
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