Secret
#6: Take full advantage of research goldmines
Here are a few of the best:
- All SBA facilities;
- The Alameda County Business Library (some say it's the best
business library in the world) and other public libraries;
- Successful entrepreneurs in your field who enjoy helping others
to succeed, including SCORE counselors and entrepreneurs who
work in an area what doesn't compete with you;
- Successful entrepreneurs in allied fields who might benefit
from a business relationship with you (e.g., if you're the photographer,
build an alliance with a meeting or wedding planner);
- The Encyclopedia of Associations, which is found in
most libraries;
- Research librarians at the business or public library;
- City, state and federal government offices;
- Find It Fast: How to Uncover Expert Information on Any
Subject -- In Print or Online by Robert I. Berkman (Harper);
- Internet data banks.
Why is the internet listed last? (1) Unless you know and can vouch
for the source of the data, it's difficult or impossible to discern
whether or not the data is reliable. (2) Personal contact allows
you to ask questions about the information and see how it's most
relevant to you. It also offers you the opportunity to get information
that's not yet readily available, plus the chance to create alliances
with people who can help you succeed.
New sources are available every day; great sources also disappear
daily. Fortunately, it's easy to become a good researcher, and to
paraphrase Judge Judy, sources may fade, but the ability to conduct
research is forever.
Secret #7: Build credibility
Build credibility by demonstrating:
- clarity about your vision, your goals, your plan;
- craftsmanship in your field; alliances with others who have
skills or availability you lack;
- knowledge of your industry and its trends;
- knowledge of your target market, its trends, how to reach
buyers, and why they are likely to buy your product or service;
- a track record of turning ideas into reality, or partnership
with people who can do this with you;
- the regard others have for you, e.g., articles by or about
you, speaking engagements, your track record of success, awards,
degrees, training;
- creditworthiness.
Secret #8: Understand why lenders want a business plan and how
they use them, then write accordingly
Your business plan is the major source of information about whether
or not you will succeed in business and thus be able to repay your
loan.
Here are some writing tips from professional writers:
· Imagine the lender working at his or her desk. What do
you imagine makes a lender excited about a plan? What makes the
lender reject a plan?
· Ask the lender if there are any guidelines for business
plans (including no. of copies and type of preferred binding) that
are unique to that lender. If so, write accordingly.
Secret #9: Keep your format and style simple and consistent
Design it for easy skimming with in-depth information where needed.
Place complex or supplemental information (such as your brochure
or price list) in an appendix.
Secret #10: Develop a total package that presents an image of
you at your best
Basically, follow the KISS method: keep it simple and straight-forward.
Don't over-use graphics, but do use a clean font on very good paper.
Unless the lender wants it, don't send a video or CD-rom. It will
just get in the way and chances are highly unlikely your information
will actually be seen.
When you think your document is done, read it aloud to yourself
or others, so you'll catch mistakes that are missed when reading.
Get another entrepreneur (preferably someone who knows your business)
to review the plan and make sure it works. Also have a good editor/writer
review it to ensure your document best says what you want it to
say.
Before you go into final print, spell-check your document once
more and skim for headline consistency. Adjust format as necessary
to get rid of "widows and orphans," or single lines that
end or begin a page.
If you use photos, send copies that you don't want returned, and
make sure they fit the page. Make sure all photocopies are beautifully
produced.
Pat McHenry Sullivan (visionpat@aol.com)
is president of Visionary Resources (www.visionary-resources.com),
a firm that provides tips, tools and resources for meaningful and
satisfying work and life. Her first business plan in 1990 helped
a photographer quit her day job and open a successful studio. The
plan was selected by an Idaho bank as a model for how to write business
plans. Pat has taught classes on how to write business plans for
the SBA since 1997. She is the author of many articles on business
and work, including "Vision and Values" columns for the San Francisco
Chronicle. Call Pat at 510-530-0284.
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