196 – A Business Plan
About a year ago, I came up with an idea that I thought would revolutionize the way people sell their goods on the Internet. After a lot of planning, I decided to try to attract investors by developing a business plan. I got some advice from my friend Steve who is a very successful entrepreneur.
First, he told me I needed to figure out my business model. How would my investors make money? How long would it take for the company to be in the black? Steve said that the proposal would need to show revenue projections for the first five years, and that I should give an estimate of gross sales for that same period.
Steve also said that I should include what I thought was the target market for the new service and my plan for convincing potential buyers that the new service would give them a competitive advantage.
After working on the plan for a few months, I thought it was ready to show to some prospective investors. All I need is just one big investor to take a chance on it. Hopefully, this time next year, I’ll be well on my way to building a new business empire.