Online Business Plans are Your
Secret Weapon --
and a Hidden Daggar for the Unwary
Taking online business plans to
the next level requires vision and creativity -- just the characteristics that
most lenders look for.
Simply put, putting business plans
on the web effectively takes guts. Few know how to do it
right. But it is precisely this skill that will set your
business plan head and shoulders above the rest.
When most companies "put their
business plans online", they stick them on someone else's
website, pay a fee (usually a pretty good size fee) and wait for the
investor to call. What they end up getting is some sleaze bag
calling to sell them more web sites and more hope for an investor to
call [See our article "7 Online Business Plan Scams -- and 1
Real Deal."]
Well, the investor doesn't
call. The only people who call are those who want to sell you
something.
I've been online for nearly ten
years, interacting with thousands of entrepreneurs, and never once
have I met a company that got funded by paying to post its business
plan online.
If you've been a victim of this
scheme, you're in good company -- thousands of others got caught
too.
Now let me tell you about a web
based business plan approach that works.
1. Identify your
lender/investors (i.e., the people you are trying to impress)
Most importantly, locate your
investor or lender yourself. Be very proactive. See
Business Financing for the steps to take to identify the best
prospects for your business. Then, when you send your business
plan, invite the investor to take a look at the company in action,
your web site.
2. Create the best
web based business plan you
possibly can.
This could be your "public
website" or your online business plan website.
3. Password
protect your web based business plan.
Then, make at least one page a password protected page
"For Investors Only." On that page (or several
pages, as the case may be), present those things that you didn't
have room to present in your business plan, or things that simply
show better in full color large scale format, such as:
l
Patents
that have been filed;
l
A
Power Point presentation demonstrating the development of your company from a
glint in the founder's eye;
l
Architectural
or interior designs of your store/facility;
l
Articles
that key players, including your Advisory Board, have written;
l
Photos
of your product, your office, or your staff -- photos that won't fit into a
business plan;
l
Testimonials
from clients or suppliers or even your banker -- whoever can make your company
look good;
l
Articles
from industry or local publications that have featured your company;
l
Drill
down financials for critical aspects of your firm's development; and
l
...
Whatever else will knock their socks off.
This is the place to be
creative. Online business plans are not simply a re-hash of your printed
plan. Your printed business plan may be included if you like, but don't
stop there. The investor already has your printed business plan in hand,
so give him something more.
When put online, your business
plan can give
your company the personality that your printed business plan alone couldn't do.
This is still part of your promotion. Keep the warts off the screen --
there's plenty of time for those later.
Watch the structure of the
site. make sure the information flows logically and is easy to
locate.
Be very aware that a web page is
not 8 1/2 x 11 inches. The information and the graphics flow differently
than on a hard copy page.
Make Your Online Business Plan
Sing
With a bit of ingenuity and
planning, your online business plan will work wonders.
Content is King (or Queen, as the case may be). Not graphics. Not
flashing pictures. Not rotating images that boggle the mind.
Unless teenagers are your primary target, assume that your visitor is looking
for quality information. Then give it to him.
This is such a basic idea, and one that is so widely missed.
What Comes Next?
The reaction to your online
business plans will be impressive. Since you check your web logs, you will
know who has looked at those pages. With real power in your position, call
the lender and ask for a face to face meeting.
The smart entrepreneur will, of
course, stylistically coordinate the business plan and the web site and will use
the online business plan to demonstrate that the company is headed for success.
With a strong hard copy business
plan, and a strong online business plan, your business will truly stand out as
an exceptional company-- one that will impress any number of potential
lenders/investors.
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