Video Series – Human Intelligence Business Plans

We know that writing a business plan and developing the comprehensive materials that need to be seen by a potential funding source can be extremely complicated process. This process can be even more challenging if you are doing everything on your own spanning the market research, developing a financial model, and putting together a comprehensive marketing plan that will create significant visibility for your enterprise. As such, we have created a number of tools and content that you can use in order to effectively produce a business plan that’s bank or investor ready.

What are the most important things to know when developing your own business plan is that you should focus very heavily on the economic viability of your endeavor. When showcasing your business plan to a potential funding source, you are going to want to indicate how the business will be able to remain profitable and successful, even during challenging a economic climate. If you are in a wealthy and population dense area, you can highlight this within the business plan to show that even if a economic recession occurs that your business will still be able to generate revenue and produce a profit. You can also discuss contingency plans that are applicable to your business when addressing potential downsides.

One of the most important things to know is that you should have a highly defined marketing plan within your business plan. Outside of conducting the necessary market research to ensure that your business will be viable, having a plan that clearly showcases how you will generate significant visibility among potential customers is of absolute importance. In fact, many people consider this to be the most important part of the business plan outside of the financials and market research.

Although it may seem challenging, obtaining the necessary market research for your business can be a relatively straightforward process as well. There are numerous online sources that can provide you with deep insight as to the population size, population density, median household income, median home value, and other important economic statistics for any given market. When addressing this aspect of your business plan, you should highlight the positive economic attributes of your target market. As potential funding source will want to understand that you will have a wide range potential customers which will form the basis for your total addressable market. Once you have determined the size of your TAM, it is time to determine the size of your service obtainable market or SOM. This is ultimately the number of people that will use your service in any given month of year. You can review numerous articles on this platform in regards to conducting these calculations.

One of the other things to know, especially if you are seeking a specialized type of business financing, is to include a DSCR analysis. This will provide information regarding how strong your company’s ability is in regards to satisfying its financial obligations on a month-to-month basis. Once you have completed your business plan, it is very important to showcase it to a CPA. They will be able to provide you with any necessary guidance regarding the financial modeling or any specific issues that need to be addressed. It is always best practice to have a number of people review any business plan to ensure that it’s appropriate for its intended purpose.

Beyond the development of a business plan, you may also want to consider the development of a pitch deck. This is especially important if you are working with private funding sources that are seeking a quick overview of your organization and its ability to thrive. Pitch decks are more visually driven than their business plan counterparts and they are never as long. It should be considered more of a brochure for your business rather than an in-depth over of what your enterprise is trying to accomplish.