In week one I researched the most important elements of the business plan based on the opinions of the top venture capital experts. I have taken the advice of these experts and have made several key changes to my business plan.
The first change that I made was to change my business plan to target a wider audience. Instead of simply targeting music consumers, I plan to take a broader approach. The line of products that my company offers now represents a lifestyle for the consumer. We plan to offer a full line of merchandise to complement the music and complete the lifestyle. The offering of these additional items will make it easier for the fans to embrace and identify with the brand as a whole.
Brad Feld’s advice on the executive summary really caught my attention. According to Brad, he ‘doesn’t read business plans, the executive summary is enough…’ This tells me that a potential investor will not even read past the executive summary if it doesn’t do a good enough job of piquing the interest of the reader. Also, the executive summary is the place where you describe the team of individuals involved with the business venture. If the people involved don’t have the right background and qualifications, the venture will more than likely fail. I have not only paid close attention to this section of my business plan, I have also taken extra measures to ensure that I have the right pieces in my corporate structure.
Overall, I wanted to be sure that the business model, the team involved and the financial analysis all address the consumer problem and offer a profitable solution to the problem. I will continue to seek the advice of these and other expert investors while I continue to revise and improve my business plan.