A Solid Business Plan
Venture capitalists want more than anything to see a solid business plan. Make sure you take the time needed to create a solid plan. This plan should include your company’s mission statement, business purpose, start-up expenses and operating expenses, market analysis, marketing plan as well as your projected potential for profit or loss.

Excellent Management Team
The management team is a very important part of your business. Venture capitalists will look at their backgrounds, education as well as their past successes or failures. They want to know what their strengths, as well as their weaknesses are. They are looking for experienced individuals who know how to run a business and have had success in the past doing so. They are also looking for people with a passion for what they are doing. They need to know that you have the determination to do what is necessary to be successful in the venture.

A Need for the Product or Service
Before anyone will make an investment in a company, they will make sure that the product or service is needed. There is no reason to invest in a product or service that there isn’t a market for. You need to be ready to show why your product or service is desired and what your target market will be. It is also helpful to show your competition and what makes you stand out from them. They will also want to see how you plan on marketing the product.

Potential for growth
Venture capitalists want to see that there is a good potential for growth with the company. Have a detailed plan of what you expect your growth to be and how you will meet that growth. Detail a plan for the next several years showing your potential for growth. Investors are looking for long term growth with their investment.

A Potential for a High Return
Of course they will be looking for a big potential for a high return on their investment. Your profit/loss statements will be a very important piece of the pie. Be prepared to show the amount of time before a return can be expected, and be prepared to show what that expected return should be. Your financial reports and statements need to be accurate and precise.

By taking the time to thoroughly prepare yourself before presenting your business idea to venture capitalists, you stand a much greater chance at success. Do your research, and if necessary hire professionals to assist you. And be prepared to provide what venture capitalists look for.

Pros

Of course the first thing is you’re your own boss! You get to make all the decisions. You create your own work schedule, if you need the day off, take it. No more graveling to get the time off you need. You get to decide how much you make, or don’t make. You can even decide where you are going to work from. Whether you get an office or work out of your home, it’s all up to you. You’re the boss!
As a freelancer, you and you alone get to decide on the policies and goals of your business. You get to make the rules, and set the standards for which you do business. You create your own mission statement. You don’t have to follow somebody else’s.

No more playing office politics. No more worrying about dress codes, you can work in your pajamas if you want. No more listening to office gossip or wondering if your company downsizing is the end of your job. Freedom, you can now have it.
Cons

Of course the first thing is you’re your own boss! There isn’t anyone to blame now but yourself. The buck stops with you. If there is work to be done, you are the one who has to do it. There isn’t anybody for you to push the work off to if you are heading for vacation, or sick in bed with the flu.

Probably one of the biggest reasons more people don’t leave their jobs and start a solo career is the loss of benefits. Health insurance can be very expensive to purchase on your own. Without employer contributions, you may not be able to afford the insurance. Other benefits you stand to lose are employer contribution to a 401K, life insurance, paid holidays and paid vacation days.

With a solo career, all the decisions are up to you. You need to be the one to worry if the client is happy. You are now the one worrying if you are bringing in enough money to pay the bills. Every decision is yours to make, and then worry if it’s the right one or not.

Deciding on a solo career can be one of the most important decisions you will make. Make sure you weigh the pros and cons before you make that decision. You will need to list the pros and cons of the specific solo career you are planning to embark on. So before you make that final decision, grab a sheet of paper and start listing the pros and cons of a solo career.

Mission Statement/Purpose of Business
This is a short statement of the purpose of your business and what your business will provide. An example if you are a printing company could be; our mission is to provide complete quality printing services at affordable prices. Be short, but specific at what you plan to do for your target market.

Business Summary
This is a description of what exactly you will provide. Using the printing example, you can list the different types of printing services that you will be offering. Describe these services in detail. Include who will be providing these services and exactly how they will do it.

Define Your Market
A market analysis will show who you will be providing these services for and explain the need for the services you plan to offer. You should also include any competition you may have and why you will be the better choice for your market. Include what you offer that your competition does not.

Marketing Strategies
Outline how you will market your business. What types of advertising you will use, and how you will attract clients or customers to your business. Be specific, detailing your plan, and who will carry out the plan, if you will use an outside agency, then include which agency you will use and their past accomplishments.

Projected Profit/Loss
This is the projection of how much you expect your expenses are going to be for the time period of your business plan and what your income is expected to be. If you are already in business, you will use your past figures. You will need to do a lot of research for this part, and will probably have a lot of adjustments to make as you go. Once the figures are complete, you will be able to figure out when you can expect to see a profit.

Start-Up Expenses
Indicate the exact amount you will need to open your doors. Include the cost of equipment, building expenses, utilities, salaries, marketing, product inventory, and any professional services such as tax experts or legal professionals.

Operating Expenses
Indicate the costs of operating your business. This figure should include payroll, building expenses, utilities, supplies, etc. If you are already in business, then you will use your past operating expenses.

Management
List the names, job titles and the responsibilities of yourself and your management team. It is helpful if you outline their past experiences and what particular skills each of them will bring to the team. Include education, and business and personal references.

Future Growth Outlook
This is where you will indicate where and how you plan to grow your business. If you plan to open up other locations, indicate the location and time frame you hope to accomplish this. Your plan should include several years’ worth of growth you plan to achieve. Break the plan down year by year.

Once you have successfully written your business plan, you can now set your plan in motion.

A typical business plan can consist of many parts, they can include your title page, mission statement, business summary, financial statements, market analysis and marketing plans just to name a few. But you and your business are unique, so you want your business plan to be just as unique. You may be starting a home based business, so your plan will be different from someone opening up a franchise.

Your business plan should reflect your personality and character. Let your enthusiasm and passion show through your plan. Your mission statement is a great place to start tailoring your plan. If you are opening a home daycare, your mission statement can be “It is my mission to care for children with as much tender loving care as a teddy bear”. Of course, if you are opening a marketing consultant firm, your mission statement will be much more professional, especially if you are looking for funding from investors. The point is to tailor your statement to fit your business.

Financial statements and profit/loss projections are necessary in a business plan if you are seeking investors. You need to research your potential for profit or loss and be able to show potential investors the projected rate of return on their investment. Your financial reports will play a big part in seeking funding, so a lot will depend on these numbers being accurate and you may need to seek professional help. If you are not seeking funding from investors, then there isn’t as much riding on these numbers. Yes, you will still want to add these reports to a business plan, but tailor it to fit your needs. You only need to show yourself your potential for profit.

Whatever your target market, you will need to create a market analysis tailored to your needs. If you are looking at opening a home daycare, then you will need to research other home daycares and public daycare facilities to see what your competition is and what they are charging. It is also a good idea to see how business is going for them. Now, if you are planning on opening a fast food franchise, then you may want to research how successful others have been, as well as look at the local market and survey whether there is enough interest to support opening one.

The business plan for a pet walking service will look completely different from the business plan of an accounting firm. The point is to be sure that your business plan is tailored to your specific needs. Make it unique to your business and be true to yourself.

One of the main purposes of a business plan relates to when a starting or even an established business requires financial help from banks, venture capitalists or any additional investor. Your business plan will ultimately show how your business is worthy of their financial support through thorough detailing of the ins and outs of the business. In order to be effective, your business plan must be focused, clear and most importantly, feasible. It should be successful in showing any potential investor how you will make your business work through experience, planning, research and additional help, e.g. staff.

Not every business will be launched via the utilization of a business plan, but there will come a time that every business will need to have a plan in place. Whether it is used to help launch a business or plan how a business will expand, your business plan could be the one deciding factor that determines if you gain financial aid or not. However, it is important to be aware that your business plan is not a document that you will need purely for meeting with your bank manager. Your business plan will clearly identify goals for your business, how you will achieve these and within what time frame. As a result, your business plan is something that should be reviewed and revised as your goals are achieved and your business develops. So, what exactly should be included within a business plan?

The primary goal of a business plan is to effectively show potential investors how your business will generate profit in order to survive, grow and make a return for their investment. In order to do this effectively, it will need to include the following points:

- Executive Summary: What your initial plan is. In other words, what your business idea is and why it will work. This should be completed in no more than 2 pages

- Company Summary: This is predominately required for established businesses that will need to identify the history of their company, the function of the business and any previous achievements.

- Produce: This will identify the products or services that your company will provide to the consumer. If similar to any other established business, how do you differ from these companies and how will you aim to win custom?

- Market Analysis: A breakdown of your target market. What is the size of the market and how do you expect to expand on this as the company succeeds?

- Strategy: What promotional means will you use to sell your product/service? Will this be completed in an online means (online business)? How will you execute your plan and within what timelines do you want to achieve each goal?

- Summary of Management: Where applicable, identify any other members of staff within your company who will help make your goals achievable. What is their experience within your target market and what can they contribute in order to make these goals possible?

- Finances: How much money is the business starting with and what additional funds will you require in order to fully launch the business? What is the level of profit expected within the first 12 months and how will this increase as the business continues?

A business plan is much more than an addition to your business loan application; it is a document which will ultimately help guide your business to success. Without a business plan in place, your focus could become lost or alternatively, your business may lose its drive and desire to grow. By having a thorough business plan in place, your business will clearly be able to depict to investors how your business will succeed and how ultimately, it is a worthwhile investment for them. Leading executives like Richard Branson and Michael Dell would not have gotten to their positions if it weren’t for a solid and effective business plan.

Not a good writer?  Consider investing in business plan software to help you create your own business plan.

One of the easiest ways in which to successfully organize your small business plan is to apply the fundamentals of a press release or news story, identifying the who, what, when, why and how aspects of your business. As you draft your business plan, you may also find that you become clearer in your ideas regarding your business and how you will make them possible.

Who

In regards to ‘who’, you need to clearly identify the background of you as the business owner, your work experience, and how this experience will aid you in making your business idea a success. If your small business has been established for some time, you should provide your business history, beginning with your start-up and your success within your field. Clearly identify any goals you have achieved and how your business differs or stands apart from similar, competing businesses.

What

‘What’ relates to the nature of your business, i.e what you will be offering the consumer in terms of specific products or services. If you are an established company, identify what your initial products were and where applicable, how this evolved and resulted in your current produce. If you are a starting small business, identify what products you plan to provide and how these will help the business generate revenue within specific time brackets. Alongside figures identifying expected revenue, you will also need to provide insight as to the activities that will help make these proposed figures achievable.

When

This primarily relates to starting small businesses that will need to explain the various steps they will take in order to get their business idea off the ground and ultimately, turn it into a fully-fledged, functioning business. What is the proposed timeline until the business is launched? How much time will be required in order to complete planning, building (where applicable) and obtaining the produce? When utilizing this point for established small businesses, you can look at new goals you have in mind for your business, when you wish to achieve these by and how you will work towards achieving them.

Where

Now more than ever, new small business owners are opting to run their business from home in order to cut costs and make it easier to combine their work life with family life. Within your business plan you will need to establish where your business will be based. Do you own premises or are you working from home? If you do own premises, how big is it and is it able to accommodate for your staff, equipment and so forth? How many other, similar businesses are in your area and how close are they from your location? This aspect of the plan will provide investors with a clear insight as to where your business is geographically and how your location will affect success in your market.

Why

Why do you feel that your idea will work in the current market? Are you catering for a currently untapped market? What can your business provide to the consumer that current, established businesses cannot? This aspect of your business plan will be essential for any investor that is specifically looking for new, emerging small businesses to invest in.

How

‘How’ will primarily look at how you plan to promote your business in order to make your goals achievable and so all aspects of your sales and marketing plans must be identified. What steps will you take after the initial launch in order to build on your client list and in time, how will you introduce now products/services and promote these to your target market? You will also need to identify how you will finance the business in its beginnings and the level of financial support you will require in order to successfully launch the business. In short, this factor will cover all aspects of how you will translate your business plan into an actual, fully-fledged small business.

A business plan is not only for the benefit of the business owner, but also for the benefit of any potential investor. They will need to have a clear picture of what your business is about, how you will make it work and how your business will continue to survive in your chosen market. As the business owner, a business plan will help to clarify what your plan of action is and ultimately, will help create the focus you need in order to make your plans a reality.

What Is Yelp All About?
The site is all about helping businesses and customers. Businesses benefit from Yelp because they can set up a free account on the site before paying for additional advertising. With so many visitors, companies that are not on Yelp are missing a major opportunity to become popular. For consumers, they can use Yelp like an internet directory to find businesses of interest. For example, if you want a high quality haircut at a reasonable price, Yelp can assist you. You can review a business which lets prospective customers in your area know whether or not it is worth visiting.

Pros
Yelp benefits all parties. The sheer number of visitors each month guarantees that businesses get much-needed exposure. It is especially useful for new companies desperately looking for assistance when starting up. It’s well known that an alarming number of businesses fold after a few months. Yelp can help high quality businesses get through those first few months before prospering. Although it costs money to advertise, new businesses in particular can benefit from a free account which allows you to post photos and message potential customers in your area.

For the consumer’s part, the 18 million local reviews give them a fantastic opportunity to thoroughly research a company before doing business with them. In general, companies are not allowed change these reviews so they usually give an honest representation of an organization. If there is something you need on Yelp, it’s likely that you’ll find it as there are fewer and fewer relevant businesses not available on the site.

Cons
The review section is arguably Yelp’s greatest strength but may well be its biggest weakness too. Because consumers are allowed to post their views anonymously, (or give a fake name and address) it is not that difficult to sabotage a business by deliberately posting false reviews. Though Yelp suppress and/or remove suspicious comments, the company has been criticized for being slow to deal with such matters. Even more alarmingly, Yelp has also been accused of approaching businesses with the intention of extorting money. It is alleged that they promise to remove negative reviews if the business in question purchases advertising contracts.

Verdict
Yelp is undoubtedly one of the world’s most popular and efficient methods of finding local services of interest. The review section is an invaluable tool for consumers and businesses alike. However, the above allegations leave a bad taste in the mouth and makes you wonder about the validity of all the site’s reviews. Although many of these claims are unsubstantiated, there are some which appear to be accompanied by evidence. If this is the case, Yelp may need to be closely scrutinized.

Promote your Business on Yelp – Free

At the heart of the business plan is the identification and description of an opportunity.  But no matter how promising the opportunity or how inviting one’s description, it alone is insufficient.  A business plan does not address an opportunity as if it were a bare fact in the world, presenting the same face to everyone.  The opportunity is only what it is given the organization that envisions it.  An oil company, for instance, that remains committed to the exploration and drilling of petroleum does not behold rare earth elements as an opportunity, but the manufacturer of batteries certainly could.

A business plan reveals to the reader what an organization is in terms of the opportunity it identifies.  The opportunity must be demonstrated to be productive of a new market or as extending an old one given all of the markets that are possible for the organization.  The plan must then set forth how the proposed market gains are to be realized.  According to the Harvard Business Review, “Ideally, the business plan describes the unique qualifications that the management team brings to the effort, explains the resources required for success, and provides a forecast of results over a reasonable time horizon” ¹

When variables like the assessment of the markets that are open out of all possible markets and ROI over time are taken into consideration, it would seem that the door would be wide open to speculation.  While many business leaders today recognize that there is an inextricably qualitative dimension to business planning, there is no avoiding the quantification by which such variables are reduced to an appearance of finitude.  And this might sound like disheartening news to those who would like more certainty, the assurance that thorough quantification provides.  The problem is that the exercise of business plan writing is so inherently dialectical that even the best numbers, the seemingly most secure, are liable to mask a much murkier reality. And the author of the business plan is vastly better off if he or she knows this.

Consider once more the manufacturer of batteries for whom rare earth elements are an opportunity.  This manufacturer might have to consider a business plan that calls for the conversion of some portion of productive capacity to the manufacture of batteries for electric cars.  The business plan must honor the dialectical nature of the relationship between the organization and the opportunity.  It is only the opportunity it is if the organization possesses the kinds of sophisticated scientists, engineers and technologists who would bring a better car battery to market.  The opportunity is only what it is if there will be a market for it that endures long enough for a substantial return.  If one’s competitors are eyeing the same market and enjoy superior resources, the business plan serves neither its author nor the enterprise well by covering this fact over. And there are other questions the plan must answer.  Will the demand for alternative energy hold up given long-term global economic trends? A business plan must answer all of these questions, reduce complexity to simplicity without being reductive or simplistic.

A business plan must be dialectical in that the reality it seeks to describe is as well.  It must be fully cognizant that a thing is only what it is in context, given other things.  An opportunity, a promising market, capabilities are only what they are given what they are not—the means to exploit (the opportunity), proper mechanisms of distribution (to a promising market), the investment in human capital (by which advanced capabilities arise).  A good business plan explores all of the relevant relationships affecting an opportunity, and it attempts to answer questions before the C-suite has even raised them.

1.  Harvard Business School, Writing a Business Plan.  Boston, MA: 2005, p. 41.

So what can you do to make yours stand out? It all comes down to the design and the text of your “presentation”. In this article, we give you the lowdown on how to get noticed through a memorable business card.

Use a Stunning Logo or your Own Picture

Interesting logos and mascots are always noticed more than standard business cards. A lot of successful companies have a logo, symbol, or mascot that is associated with the brand. But for some companies (especially in the accounting, construction, and other professional industries), using a mascot wouldn’t look professional. If this is the case, then it might be a great idea to use your real picture on the card.

A lot of people might be hesitant about printing their face on the business card but it certainly works. After all, most recipients would recognize your face faster than they would your name. Use this to your advantage.

Add Social Media Links

Aside from the standard information such as company name, your name, phone number, and business address, today’s professionals are also interested in learning more about you through social media. Make it easy for them by adding your networking links. Having an account on Facebook, LinkedIn, and Twitter is a must in doing business today. But of course, you shouldn’t forget to include your email address either.

Make the Back of your Business Card Fun and Interesting

Don’t pass up the opportunity to make an even great impact on the minds of potential partners, suppliers, or customers. Use the white background on the back of your business card. Some people print out fun designs, calendars, and even funny sports stats. Meanwhile, others see it as an opportunity to promote their business. For example, a real estate agent may print the picture of a property he manages at the back of the business card.

Experiment with Other Materials

High-quality business cards make a difference on how you and your business are perceived. Why not take this one step further by using more exciting materials for the cards? A lot of firms, especially those engaged in the creative industry, are starting to experiment with plastic and metal and are seeing results. While the business cards would cost more, it will leave a lasting impression. It will pay for itself over time because there is a high chance that its recipients will call you instead of a competitor.

The business card is an important marketing tool you should take advantage of. So if you’re already making the investment to print out business cards, why not make it more memorable by following the tips above?

If you are just starting your business, consider investing in business plan software to ease the management of your company.

Business Plan Pro

Business Plan Pro is considered by many to be the best option regardless of your needs.  It combines a high level of power and flexibility, while also offering a lot of structure and templates that can be used as guide.  There are two popular versions of this software – Standard and Premier, which starts at $99.  The reason that Business Plan Pro is so widely used is that it is designed so that beginners will have everything they need to create a very professional business plan.  At the same time, veterans like this software because it also includes a growing number of advanced features and resources as well.  If there is a one fault to this software, it would be the lack of integration options.  Starting with the standard version, the only import option is QuickBooks.  However, as you get a higher version, you get more importing options. Read Business Plan Pro reviews.

BizPlan Builder

BizPlan Builder is another popular business plan software package.  One of the biggest benefits of using this software is that it allows you to share files over the internet.  This makes remote collaboration much easier and more time efficient.  Additionally, it arguably has the most advanced forecasting features on the market.  They are not only very accurate, but also extremely comprehensive.  If there is a drawback, then it would be that the software can get a little complex for beginners.  When you are creating your first business plan, it can be overwhelming to learn a new software as well as learn how to create a business plan. Read BizPlan Builder reviews.

Business PlanMaker Professional

Business PlanMaker Professional is an excellent piece of software for its price.  At less than $50, it is definitely the best in it’s price range.  It is nearly half of the price of the other best options.  Overall, it offers you the ability to complete complex financial projects fairly easily.  This makes the software great for beginners, especially if you want to avoid dealing with spreadsheet formulas yourself.  On the other hand, it does lack some of the more advanced features that you will find with the more expensive options.  In the end, you get what you pay for, but within its price range, there isn’t a better option.

In the end, it is up to your specific needs as well as your experience creating business plans that will ultimately guide your decision.  Business entrepreneurs like Ehsan Bayat have stressed the importance of a business plan during a company’s creation; any plan is better than none. However, if you are looking for the best business plan software packages in a more general sense, then these three options will likely be towards the top of your list.