A business plan outline is crucial for anyone considering starting their own event planning business. Basically a business plan shows that you have an understanding of the process involved with getting your business up and running. And even more importantly into a profit position.
If You’re New to the Industry Consider Event Planning Internships
The good old American dream that we all can own our own companies. And for many people that dream does indeed come true. But ask anyone involved in their own event planning company and they’ll tell you that you need a solid business plan in order to help you grow. And you also need experience. I see many people fresh out of college just itching to start their own business. While I appreciate that energy and enthusiasm, sometimes a reality check is also needed. There’s nothing wrong with working for somebody else when you are new to an industry. In addition, there are many event planning internships that can help you. Very good grasp on how the industry operates.
The first thing that any potential investor will ask you for is your business plan. So it is crucial that your business plan outline accounts for the research that will be required.
Three Tips You Should Include in Your Business Plan Outline
We’re not outlining all of the sections that should be in your business plan in this post. Check the related articles below for more information regarding business plan sections. For this post, we’re providing tips on three of the key components of a business plan.
- Executive Summary. While this is at the beginning of your business plan it doesn’t mean that you should write it first. Actually it’s strongly suggested that this section is written last. The reason is that you want to provide your reader with an overview of the information that is contained within your business plan. And a good overview of the information can’t be written until the information itself completed.
- Financials. Of course the financial section is the place where any potential lender will probably flip to first. They want to know that you have made realistic projections for your growth. I’ve seen a lot of people that provided financials which showed a very rosy growth picture. My advice is that you want to show your potential lender that you understand the risks involved with a startup or new business. Do three financial projections. You want to do one for best case scenario, worst-case scenario and one for probable scenario. Your probable scenario will not look the best on paper but it will give any potential lenders a comfort level as you have demonstrated that you have also planned for the worst. Don’t forget, lenders have been around the block and are really looking for your management ability to steer, direct and grow your business. And by the way, those people that I know that overestimated their growth projections never received any financing.
- Your Competition. An analysis of your competition is usually in the marketing section of your business plan. What I recommend for competition is that you do considerable research. And by research I don’t mean goggling them and copying information that is readily available for anyone to see. You need to have a solid grasp on your competition’s strengths as well as weaknesses. Having a detailed analysis of your major competitors proves to people that you know what you’re up against when it comes to winning business.
Compiling a business plan outline is a crucial step when starting a new business. Perhaps you work for a corporate event planning company and have been considering starting your own event planning business. The three tips outlined here are all crucial components to your overall business plan. The one main item for any new business is to make sure that you do your homework ahead of time. Not only will potential lenders appreciate it, you’ll also have a better understanding of where your challenges lie.