Factors to Include When Planning to Launch a Business

In a recent 7 day span, I was invited to judge two pitch contests for entrepreneurs who had successfully completed a 13-week business plan writing workshop presented by a woman-centric business incubator and business development center that has operated in New England for 25 years (and is also an SBA affiliate). The entrepreneurs were either in start-up or scaling (i.e., expansion) mode.

I was excited to be a judge and privileged to meet nearly two dozen forward-thinking, focused, resourceful and determined women who expect nothing less than success and are taking decisive steps to bring it about. Based on the business concept pitches I heard, I encourage those who are evaluating whether to launch a business venture to include the following information:

  • Name and describe your product or service and the problem(s) it will solve
  • Identify your best customer groups and explain why those customers will pay for your product or service
  • Identify your primary competitors, list the competitive advantages that your product/ service possesses and explain why customers will prefer your offerings
  • Create a business model that outlines how you’ll acquire customers, where and how the product/service will be delivered and how the business will make money
  • Explain why you are qualified to make the proposed business successful
  • Develop a business strategy and marketing plan that includes:
    • sales and distribution strategy
    • pricing strategy
    • product positioning strategy
    • branding strategy
    • content marketing strategy strategies
    • social media strategy
    • PR and advertising strategy
  • Detail the business pre-launch and launch (start-up) costs
  • If investors or borrowing will sought, present a (realistic) break-even analysis and 24 month revenue projections (P & L and cash-flow)
  • Detail the potential investor return and the loan payback schedule

 

Thanks for reading,

Kim

Photograph: Launch of the Hubble Space Telescope April 24, 1990

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