Opinions expressed by, entrepreneur contributors are their own. This story appears in the, july 2001 issue. Subscribe raising venture capital is a lot like painting a room: The actual painting is the final step. What takes the most time is prepping the job-getting rid of old wallpaper, patching, sanding and cleaning. In this vein, we understand our "Top 100 Venture capital Firms for Entrepreneurs" list might provide irresistible fodder for capital-hungry entrepreneurs. But before you pick up the phone and start dialing for dollars, think about the prep work required to do a good job and be successful. Not sure how to start?
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If your company is a dussehra locally based business, then you need to show the demand or potential within the area youll be operating. If your home business is primarily web-based, then you will want to show the demand via the Internet. Marketing strategy, in this section of your home business plan write you want to describe who your target market is, what marketing tools youll use to reach them, and how much you plan to spend to market your home business. Three-to-five-year financial plan, here youll want to have a summary of financial forecasts for your home business, along with the formula for how you calculated the projected financial growth. This is also the place where you summarize how much money you would want to borrow. As you can see, creating a business plan for your home business is a lot easier than you might have thought. Now break through that block in your head thats saying no and get started. The sooner you do, the sooner your home business will be up and running-profitably. Venture capital is within reach, but you have to work for. Follow these steps to that deal-closing handshake. July 1, 2001 5 min read.
Who are your customers or clients? How do propose to reach them? State your companys goals as clearly and succinctly as possible. Biographies, the biographies should be of yourself, your partner and any other managers in your home remote business. They should include background information and responsibilities they have in your business. Product or service, your home business must have a product or perform a service. In your business plan, you want to describe this as clearly and thoroughly as possible. This is the part of your home business plan where you show youve done your homework in regard to the need and market for your product or service.
Executive summary, this is just a fancy way of saying you need to outline the goals and objectives of your home business. It is, however, vital if youre seeking financial backing from lending institutions. They will want to know what your strategy is for business. Origins, the second part of your home business plan should tell about the origins of your company. You want to include how you and/or your home business partner came up with the idea for your business. Goals, okay, these should be outlined in a few paragraphs. It should answer questions such as how quickly do you think your home business will grow?
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Citing research done to determine the detrimental effects of stress, latter the infographic shows just how costly a negative working environment can be in real world dollars and cents. While no business owner would come right out and say they prefer to have stressed out employees, the fact is that many bosses consistently prioritize the bottom line over the individual. Whats great about the numbers below, is that they demonstrate the benefits of good morale in a way even the surliest of workplace scrooges can understand. Toward the bottom of this graphic, youll find the statement: Each year, maintaining essay happy employees could cut labor turnover costs in the. No matter what your priorities, a figure like that is impossible to ignore. (This is a long one, but keep on scrollingtheres lots of good stuff here!). About the author: Sarah Matista is the Online content Specialist and resident blogger at Webs.
Loves branding, marketing, whales. Get more from Sarah. Webs Blog and, google. Even if youre starting a home business on an extremely small budget, its a good idea to have a business plan. After all, you wouldnt build a house without a blueprint, so you shouldnt start a business without a plan. These quick tips will help you easily devise a home business plan.
Reports are generated quickly and can be shared easily. Because liveplan is cloud-based, users, collaborators, and guests can access data from any computer or mobile device with an Internet connection and browser. Liveplan keeps your important data safe with the most modern security measures. Data is instantly saved to multiple disks, backed up several times a day, and automatically stored in multiple locations. Onsite staff monitor hardware 24x7, and hardware is protected from unauthorized access with internal and external surveillance and biometric locks.
Software is updated regularly, and liveplan runs on a dedicated network surrounded by firewalls. Third party security scans are run daily as an added measure to keep sensitive data secure. All liveplan servers use full redundancy measures, so systems stay up, even if multiple servers fail. All credit card information is protected with a payment card industrycompliant network. A recent infographic created by the design firm. Gravitate shows just how beneficial a happy work force can.
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It includes formulas for general sales tax, value-added tax, and assignment other sales taxes, and users can change currency. Tax rates and currency can be changed at any time. After the Plan Life goes. Once the business is up and running, liveplan continues to help users stay on track. Liveplan is compatible with both quickbooks and Xero accounting software. When connected with either program via an application program interface, liveplan uses your live financial data to create accurate forecasts and breakdowns of revenues and expenses. Users can monitor budgets and cash flow and compare their financial data to that of others in their industry. Users can also compare actual financial data against previous predictions, and adjust future expectations accordingly. Data is displayed in colorful graphs and charts designed to make reading and interpreting easy.
Users simply answer questions about the pat financial data they want to include, and the program does the rest. A standard business plan includes financial projections for three years, but liveplan allows for up to five years of financial planning. The additional two years of data and projections are included in the business plan appendix. Including the extra data gives potential partners and investors the opportunity to gain a longer view of the businesss potential for growth. After the numbers are crunched, they are compared to average numbers from similar businesses. The significance of all data is explained, and users can view suggestions to help improve the numbers. Once the financial data is created, it's displayed in all the tables and charts that potential investors expect to see. Liveplan accommodates businesses planning to operate in any country in the world.
lenders, business advisors, and others a quick, yet detailed, summary of the earning potential of the business. Liveplan tools include everything a potential investor expects to see in a one page summary. In-App Collaboration, liveplan users can collaborate with anyone throughout the world without attaching files or keeping track of various versions of the same file. Online collaboration tools let subscribers grant access to collaborators and guests with just a few clicks. Collaborators can upload files, add sections to the plan, and make changes to the existing plan, while guests have read-only access. The plan owner can set permissions for both collaborators and guests, granting access to only specific files or sections or the whole plan. Access rights can be revoked, and guests or collaborators can be removed at any time. For people who want to start a business but aren't accountants, liveplan includes all the formulas needed to create accurate financial data without using a spreadsheet or calculator.
Liveplan includes more write than 500 sample business plans for users to read through, use as templates, and modify. Most sample plans are successful business plans created by other liveplan users over the last 15 years. Subscription users have the ability to cut, paste, and then personalize entire sections from these donated sample plans, if desired. Example business plans cover the following categories: Medical and health care; Animal shelter and pet services; Automotive, travel, and transportation; Computers and Internet; Restaurants and bars; Entertainment; Clothing; food; Sports, outdoors, and fitness; Hotels and hospitality; Manufacturing; Consulting; Retail; Professional services; real estate; Clothing; and. With liveplan, there's no need to create a business plan in a predetermined order. Write the plan in the sequence that feels right, and then the program will put the pieces together in the order and format potential lenders and investors expect. Learning Resources Included, for those who are less than confident building a business plan, liveplan includes detailed instructions about what to consider and include. Online instruction comes in several formats, such as: Step by step; Business planning tutorials that were originally created for the Small Business Administration; Advice at every step; pdf copy of the book, the Plan-As-you-go business Plan, written by tim Berry; ready to use legal forms. Marketing e-book written by john Jantsch, famous for Duct Tape marketing.
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A solid business plan resumes that is clear, concise, and attracts investors might be the single most important step to starting a new business. Whether you're writing your first plan or your fiftieth, the tools included in the liveplan cloud subscription service make the process easy. The first five years of any new business are the most critical to long-term success. To account for this, liveplan includes various tools to help businesses stay on track during this critical period. Simple Plan Creation, related products m, planGuru, equityNet, with liveplan, you can create powerful business plans for a new business or a company that's been around for a while. Setting up a liveplan business plan is as simple as answering a series of questions about your business. You decide on a date to begin executing the plan, and then decide between the standard three year forecast or an extended five year plan. Next, choose your currency, stipulate when to switch from monthly details to yearly, and tell the program how to handle recurring revenue, such as monthly subscriptions. All settings, including business name, can be changed at any time.