Do you dream of owning your own business? If you do, you are like millions of other Americans. The ability to own your own business could lead to a path of wealth, independence, and a chance to make a valuable contribution to society. However, many entrepreneurs make the biggest mistake before they even start. They are unprepared for the challenges of starting and building a business. Most often, their business plan lacks the crucial elements required by investors. A well-written business plan shows a company's strengths and potential for growth and profitability. A business plan becomes a critical element of success in bringing in capital, a merger partner, buyer or obtaining debt financing. In this post, we will examine two experts in the field of writing a strong business plan so your dream of owning a business can become a reality.
Brian Hill and Dee Powers are two business-planning experts who have published books and advised hundreds of companies across the United States. They are the founders of Profit Dynamics Inc. a research and consulting firm. They focus on entrepreneurs, small and midsized companies, and have assisted in the preparation and review of hundreds of business plans.
Mr. Hill has worked for a large financial institution, a diversified natural resource firm, and a hospitality company. He specializes in finance and has written articles and is considered an expert in the venture capital industry. He has been interviewed for and published in numerous publications including Smart Money, Business Week, and Business Journals in several cities.
Dee Powers has worked as a financial executive for the Governor's Office of Arizona, a retail firm and a major hospitality organization. The New York Times, Washington Post, the Associated Press and various local publications have interviewed her as an expert in the publishing industry from the author’s point of view.
Together, Hill and Powers have written over 100 business plans and reviewed hundreds more. They have advised thousands of entrepreneurs in their search for capital and preparation of their business plans. Their web site, www.capital-connection.com, was one of the first web sites established to assist entrepreneurs in their search for capital. They are co-authors of "Inside Secrets To Venture Capital," and "Attracting Capital from Angels," both published by John Wiley & Sons. They know what investors are looking for and help create business plans that are favorable and a realistic presentation of a company.
One of the critical and key components that investors are looking for is a strong management team. In a recent survey conducted for their book, angel investors and venture capitalists were asked to rank the most important factors when evaluating a company prior to their investment. Even though both groups of investors ranked the factors differently, both angels and venture capitalists agreed on key components. The components include quality management, growth potential, product, and size of the market when deciding on an investment. These components are considered key in order to successfully raise capital. Entrepreneurs need to: demonstrate the quality of their management team, focus on the potential growth of their company, define their market, and prove that the size of their market is large. In addition, they need to demonstrate that their unique product or service fills a need in the current market.
Most investors will reject individuals who seek capital for their start-up companies. There are numerous reasons that would lead investors to decline a particular deal. A strong management team with a proven track record, geographic location for a given venture, and industry preference are just some factors angels look at when deciding on a specific investment.
For more information on how to write a strong business plan, check out the following websites. Your dream is possible if you take the time to develop a strong plan.
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