Want to Start a Business? Start with the Business Plan: Part 2

In my last post, I expressed that I am currently taking a class in Business Plan Development and nearing the end of my Post-Graduate studies at Full Sail University. I also told of my desire to become a successful entrepreneur within the entertainment industry and wanting to develop the best possible business plan that I can for my company. In desiring to develop the best business plan for my company I researched two individuals, Mr. Nathan Furr and Mr. Paul Heyworth that emphasize the importance of developing a fully established business plan.

Mr. Furr caught my attention because he speaks about focusing primarily on developing a business model process for my company before focusing on the business plan itself. I found this piece of information to be very valuable because how else would I be able to create my business plan if I am not sure how my business will operate. So I began constructing my business model and its process of

operation to give me a better sense of my business. By doing this, it was very easy to develop my business plan.

Mr. Heyworth deals with the finance side of the business sector but endorses the importance of having a business plan just the same. He also expresses that having a business plan cannot be overlooked even if a person is not seeking finance and is important if only benefiting oneself. After reading this, I began to develop a business plan with every section from the executive summary to the budget to the fullest extent and as if my life depended upon it (just a statement). Mr. Heyworth also made the point about business plan giving possible investors the confidence to invest in my business. I find this very important because it relates the business plan to my business as a resume to myself. I wrote my business plan with an outline to give it an identity to be precisely and clearly recognized by the possible investors.

Lastly, after developing my business plan I believe that possible investors will be interested in the identity and originality of my company. They will be most interested in the Company’s mission, Industry Analysis & Trends, and the budget of the operation. Investors will want to have a clear understanding of my company through the company’s Mission. They will want to know that I have a clear understanding of the industry and how my company will fit within it from the Industry Analysis and Trends. Lastly, the investor will want to inquire about how their money will be spent and paid back via the budget of my business plan. I believe that the sections will be what the investor will desire to view most of all.

In conclusion, I have learned much more than I ever possible imagined. Not only have I learned persistent amounts of information for developing a business plan but gained a large amount of understanding for it as well. I feel confident about my company and myself from my business plan.

This has been Real to Reel and I’m KB bringing you another informative post.