In my previous post I researched individuals who are considered experts in the field of Business Plans. In this weeks post I will explain how I will use their advice in my own business plan.
Dr. Gartner gave some valuable advice. He said that if you physically write out the business plan, you are more likely to succeed and follow through with it. I took this to heart, I feel that planning is the most important part of starting a business. Unless you have all of your projected financials and plans laid out ahead of time, your setting yourself up for failure.
Dr. Gartner also stressed that a 20-40 page business plan is no longer necessary in the current business market. Investors are looking for concise, clear, and streamlined information. I am going to make sure I don't put any "fluff" into my business plan. I want to be straightforward and display the facts and information necessary for an investor to make a critical financial decision.
Daymond John expressed the importance of developing your company into a brand. Your persona and image will play an important part in consumer decisions. I plan on branding Digital Triggers as a youthful, high-tech, and fun brand. We want our customers to understand that we are the young up and coming experts in the internet marking industry.
Mr. John also warned me about over-estimating my company's worth. He stressed that when seeking funding it is important to be honest and practical with potential investors. If you overvalue your company, an investor will see that you don't have a clear understanding of your business plan. I plan on contacting a financial adviser to help me with my numbers before I go before investors. I want my numbers to be practical and realistic so that I won't scare off any potential business partners.
Overall, researching these business plan experts has provided me with important information and advice for my own personal start-up Digital Triggers.
For More Information, Check out the following articles:
http://www.jiu.edu/people/william-gartner
http://www.activefilings.com/startups/planning-ahead-for-a-successful-new-business-launch/
http://www.portfolio.com/industry-news/advertising-marketing/2010/04/15/daymond-john-on-the-power-of-branding/
http://www.daymondjohn.com/power_journal/carving-out-a-niche/
