September 2008 - The Parklander Magazine

group of wealthy investors. It may be difficult to obtain conventional
loans or Small Business Administration (SBA) loans without
such documentation!
Don’t be fooled by the numerous software programs and other
resources on the market today that make it look simple to write a
Business Plan. It takes a lot more than a software program to create an
effective or salient business plan. Some of the keys to writing a
successful plan are:
• Highlight unique aspects of your product or service. What are
its benefits What need will it fill Why is it likely to succeed
• What is your potential target market Why are customers likely
to purchase your product(s) and/or utilize your services
• Describe your management team’s experience
and qualifications.
• Outline potential problems/obstacles that you foresee and how
you plan to overcome them.
• Do you have a well-developed Marketing Plan A
comprehensive Marketing Plan should incorporate each of the
commonly known “5-P’s of Marketing”, specifically:
• Product - How will your product (or service, as applicable) set
you apart from your competition
• Positioning - Why would prospective clients/customers choose
your product/service
• Promotion - How will your product/service be
promoted/marketed/advertised
• Persuasion – What will you do to persuade prospects to
become customers/clients
• Performance – What will you need to do to ensure
customer/client loyalty
• What types of relationships will you need to
establish/maintain
• What are your realistic Capital Requirements, and will you look
to outside resources (don’t underestimate these figures as they
are key to capital-raising scenarios)
• Do you have a viable Exit Strategy (going
public/takeover/etc.) –this will help to entice investors in
all arenas.
At this point, based upon your budget and forecast figures, you need
to determine if you will be able to access the needed funds through
personal resources, including friends and family, and/or if you will need to
seek angel investors or venture capital resources, or both. You will likely
need to consult with professionals to determine which avenue to pursue in
this regard.
No matter which avenue you choose to pursue, remember that the path
to success often includes many obstacles…but persevere, in the end the
results will be worth it. Throughout your endeavors, stay focused.
Lauren A. Cohen is the President of a Virtual Business Consulting
Company. She is a licensed attorney in both the US (TN) and Canada
(ON). Lauren has worked in a corporate counsel or consulting capacity
for companies of all sizes, both in the public and private sectors. Email
her with your questions/comments: lcohen@theparklander.com.
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Jon Klein, Realtor ®
the PARKLANDER
www.jonklein.com
jon.klein@floridamoves.com
954.415.5595
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