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The Entrepreneur Dilemma: The Art of Writing an Excellent Business Plan to Raise Capital to Build a Successful Business!
Coming up with a killer business idea is the easy part. Now you have to figure out how to turn your fantastic idea into an actual business. You need to determine how to build your business while writing a killer business and raising the capital you will need to start your business.
As an entrepreneur, the last thing you want to do is sit idly by hoping and praying that your company will grow. Do you want to get your business started? Are your goals to make your business successful? Just, like many other entrepreneurs before you, you want to start making money as soon as possible. However, you are faced with the dilemma of having to build your business before you start making a profit. The intent of the article, “The Entrepreneur Dilemma” is to show that you need a killer business plan to raise significant capital to build a successful business.
Now, comes the question many successful entrepreneurs have faced over the years, how do you build your business from the ground up? Doing a simple keyword search online “building your business,” you will find hundreds, if not thousands of websites detailing everything you need to do in order to establish a successful business. Some of these websites give conflicting advice, which is quite confusing for a new entrepreneur. I want to help you become a successful entrepreneur by showing you an amazing way to build your business.
Need A Killer Business Plan
One of the most common debates among business professionals is business plans. Some experts say that business plans are not required to build a business while others say they are vital for every new business. If you want to build your business, you are going to need a killer business plan, but don’t worry that’s not as hard as it sounds. Business plans do not have to be hundreds of pages long, but they do have to cover different scenarios your business might face. A killer business plan will show potential investors how you plan to tackle any problems that might arise in your day-to-day business dealings. Your business plan will also show potential investors how successful you want your business and what road you plan to take to get there.
To build your business, you have to raise money. How much you need to raise will depend on what kind of business you are starting and where you plan to take your business? One mistake that many successful entrepreneurs make is thinking that raising money is going to be easy. Many first-time business owners mistakenly think all they need to do is some basic fundraising. Maybe start a campaign online or take out a loan at their local bank.
Sure, you can create a campaign online to raise the funds, but that doesn’t mean everybody who says they will invest in your business will follow through. And getting a loan at a local bank requires not only a killer business plan but also a stellar credit report. Most banks also require you to be currently making a profit, startup loans are very hard to come by these days.
3 Best Ways to Raise Capital
If the start-up loans are out of the question, then where can business owners obtain the funds needed to build their business? There are three traditional options; entrepreneurs can use to get the funding they require. Venture capitalists are still the most well-known funding source, but does that mean they are still the best choice, not necessarily. Angel investors are harder to find, but if you find the right one, he or she can actually help your business grow. The angel investor brings in the money you need, but the right one will also bring you their expertise. Crowdfunding takes fundraising to the next level, as it allows you to create online campaigns that reach millions of potential investors, ones you might not come into contact with any other way.
These three methods are an excellent way to raise money to build your business, but they will not work if you don’t create a killer business plan. Investors require proof that your business will be successful, which is exactly what your business plan provides.
Just remember, that with a brilliant idea, you can resolve your start-up company dilemma through the art of writing a first-rate business plan to raise the necessary capital needed to get your business moving forward toward success!
© 2014 Mae Merriweather aka Boss Lady Mae