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 Freddie cow who’s one of my
from Freddie cow who’s one of my
from Freddie cow who’s one of my newsletter readers who wrote in asking
newsletter readers who wrote in asking
newsletter readers who wrote in asking by the business plan so she wrote saying
by the business plan so she wrote saying
by the business plan so she wrote saying I have business plan prepare and I’d
I have business plan prepare and I’d
I have business plan prepare and I’d like some tips from you to help me
like some tips from you to help me
like some tips from you to help me prepare so thanks for the question
prepare so thanks for the question
prepare so thanks for the question pretty car exciting times finding a new
pretty car exciting times finding a new
pretty car exciting times finding a new business that’s really it’s really good
business that’s really it’s really good
business that’s really it’s really good I’m happy for you in terms of the
I’m happy for you in terms of the
I’m happy for you in terms of the business plan I think about are you
business plan I think about are you
business plan I think about are you creating the business plan for yourself
creating the business plan for yourself
creating the business plan for yourself or you created it for an investor or
or you created it for an investor or
or you created it for an investor or banker to give you money from an
banker to give you money from an
banker to give you money from an investor point of view when I was in the
investor point of view when I was in the
investor point of view when I was in the venture capital field what we looked at
venture capital field what we looked at
venture capital field what we looked at when a new business plan came in and we
when a new business plan came in and we
when a new business plan came in and we rejected 99% of business ones that came
rejected 99% of business ones that came
rejected 99% of business ones that came in but what we look for first was the
in but what we look for first was the
in but what we look for first was the executive summary so you know quickly in
executive summary so you know quickly in
executive summary so you know quickly in two pages explain why this is a good
two pages explain why this is a good
two pages explain why this is a good opportunity if you can’t sell them on
opportunity if you can’t sell them on
opportunity if you can’t sell them on those two pages then they’re not going
those two pages then they’re not going
those two pages then they’re not going to read the rest of the business plan so
to read the rest of the business plan so
to read the rest of the business plan so that’s got to be really sold at the
that’s got to be really sold at the
that’s got to be really sold at the start we always start there then we look
start we always start there then we look
start we always start there then we look at the team and look at who is this
at the team and look at who is this
at the team and look at who is this behind the company so have they had
behind the company so have they had
behind the company so have they had experience have they done it before do
experience have they done it before do
experience have they done it before do we think they have a good chance of
we think they have a good chance of
we think they have a good chance of being successful you know if it’s just
being successful you know if it’s just
being successful you know if it’s just you you might want to consider getting
you you might want to consider getting
you you might want to consider getting some advisors on the company as well to
some advisors on the company as well to
some advisors on the company as well to add a little more credibility who may be
add a little more credibility who may be
add a little more credibility who may be gone through it have a little more
gone through it have a little more
gone through it have a little more experience in you and then we don’t is
experience in you and then we don’t is
experience in you and then we don’t is an opportunity to make money do we think
an opportunity to make money do we think
an opportunity to make money do we think they’re going to be able to you know
they’re going to be able to you know
they’re going to be able to you know give us a return on the investment that
give us a return on the investment that
give us a return on the investment that we’re putting in so that’s how we would
we’re putting in so that’s how we would
we’re putting in so that’s how we would start executive summary management then
start executive summary management then
start executive summary management then financials and then we look at the rest
financials and then we look at the rest
financials and then we look at the rest of the business plan and most of the
of the business plan and most of the
of the business plan and most of the time the entrepreneur’s would fail on
time the entrepreneur’s would fail on
time the entrepreneur’s would fail on one of those three and it would end up
one of those three and it would end up
one of those three and it would end up you know getting deleted or rejected so
you know getting deleted or rejected so
you know getting deleted or rejected so that’s what’s happening if you’re gonna
that’s what’s happening if you’re gonna
that’s what’s happening if you’re gonna go for investors or bankers if it’s for
go for investors or bankers if it’s for
go for investors or bankers if it’s for your own self it’s going to be to help
your own self it’s going to be to help
your own self it’s going to be to help you guide and plan your business I would
you guide and plan your business I would
you guide and plan your business I would start with what is it that really
start with what is it that really
start with what is it that really excites you about your your business
excites you about your your business
excites you about your your business what’s the vision that you have your
what’s the vision that you have your
what’s the vision that you have your company you know what’s what gets your
company you know what’s what gets your
company you know what’s what gets your blood pumping when you wake up in the
blood pumping when you wake up in the
blood pumping when you wake up in the morning to pursue this this business
morning to pursue this this business
morning to pursue this this business opportunity so create that vision
opportunity so create that vision
opportunity so create that vision statement you know what what you’re here
statement you know what what you’re here
statement you know what what you’re here to do made your goal for the company
to do made your goal for the company
to do made your goal for the company this is almost going to get you excited
this is almost going to get you excited
this is almost going to get you excited every day and then from there start
every day and then from there start
every day and then from there start working out how you’re going to make it
working out how you’re going to make it
working out how you’re going to make it happen so you know
happen so you know
happen so you know what kind of marketing do you need to do
what kind of marketing do you need to do
what kind of marketing do you need to do who are the people that you need to
who are the people that you need to
who are the people that you need to bring on what kind of you know finances
bring on what kind of you know finances
bring on what kind of you know finances do you need to have in place to make it
do you need to have in place to make it
do you need to have in place to make it work and how you’re going to phase that
work and how you’re going to phase that
work and how you’re going to phase that out over a period of years if you’re
out over a period of years if you’re
out over a period of years if you’re doing a three-year plan or a five-year
doing a three-year plan or a five-year
doing a three-year plan or a five-year plan just make sure it makes common
plan just make sure it makes common
plan just make sure it makes common sense you have to come back to your
sense you have to come back to your
sense you have to come back to your business plan on a regular basis to
business plan on a regular basis to
business plan on a regular basis to update it to you know reflect the market
update it to you know reflect the market
update it to you know reflect the market changes that you’re seeing the business
changes that you’re seeing the business
changes that you’re seeing the business plan never goes according to plan but
plan never goes according to plan but
plan never goes according to plan but it’s still like a process to go through
it’s still like a process to go through
it’s still like a process to go through and to keep monitoring and updating so I
and to keep monitoring and updating so I
and to keep monitoring and updating so I hope that helps two different bits of
hope that helps two different bits of
hope that helps two different bits of advice depending on if you’re going to
advice depending on if you’re going to
advice depending on if you’re going to use it yourself or if you’re going to
use it yourself or if you’re going to
use it yourself or if you’re going to use it to go out and get funding but if
use it to go out and get funding but if
use it to go out and get funding but if you have extra questions feel free to
you have extra questions feel free to
you have extra questions feel free to leave it below for those watching if you
leave it below for those watching if you
leave it below for those watching if you liked the video please give it a thumbs
liked the video please give it a thumbs
liked the video please give it a thumbs up makes you want to create more of
up makes you want to create more of
up makes you want to create more of these videos for you guys and if you
these videos for you guys and if you
these videos for you guys and if you have a question of a business plan or if
have a question of a business plan or if
have a question of a business plan or if you have some advice or for dicas well
you have some advice or for dicas well
you have some advice or for dicas well feel free to leave it in the comments
feel free to leave it in the comments
feel free to leave it in the comments underneath I always love seeing those
underneath I always love seeing those
underneath I always love seeing those two and we’ll see you on the next
two and we’ll see you on the next
two and we’ll see you on the next episode
”
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