[Q&A] How to create a business plan to attract investors?

One thing is to really understand who
your investors are right? What are they looking for and sort of
building a relationship, if you have that opportunity, to build a relationship with
investor because a lot of times what I’ll do is offer coffee and really just
get to know what their needs are and what their expectations, and I sort of
tailor the pitch and the plan in that regard. If you don’t have a sort of that ability
to connect with an investor then I encourage you to, you know, find the resources and that pretty much mention on SBA. I’ve actually used this for a business plan myself
and just belong to it but I would say that the three things that I look for
when I read business plans are to Rahama’s point is one financial feasibility and sustainability. So I look for a 3-year financial projections, a minimum of 3 years, but I really like to look at a 5-year projection outlook. Number two
is I look at risk and the risk medication section so what are the risks
in starting this business that you’re going to face and how you’re going to mitigate them and three is who the team members are. Right. A lot of what the investors investing in
is you, right? You’re the selling point. You’re the one giving them the pitch.
You’re the one that they are going to trust and believe in to execute this and
so if you find that there are certain weaknesses like for instance when I
first started this one of my weaknesses was financial planning and making sure
that I had a robust 5-year projection outlook so I brought someone on board for sweat equity into the company who had experience in that and that helped
really round out the team in a nice way.

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