Interview: Common Business Plan Mistakes


Dave Lavinsky

How to Think About and Write Your Business Plan


In this interview with Dave Lavinsky, of BusinessPlanVictory.com, we discuss the ins-and-outs of writing a business plan. We also cover many of the most common mistakes entrepreneurs make when writing their business plan.

If you have the good fortune to get your plan in front of a high powered investor or banker, don't screw it up! It just takes one little mistake to disqualify you...

Don't be a casualty... listen to this interview and prepare your business plan the right way, the first time!

Including:

  • Who needs a business plan, and who doesn't. (Learn what kind of business plan you should build - for YOUR business needs.)
  • How to simplify the process of writing your plan. Most people spend weeks writing their plan, but you can write it in just a couple days.
  • The NUMBER 1, MOST IMPORTANT THING to keep in mind when writing your business plan.
  • The tools and techniques you can use for researching your plan, writing your plan, and getting it out into the world.
  • How to strike the perfect balance between past accomplishments and current opportunity. (And what to do if you don't have past accomplishments to brag on...)
  • How to get your plan in front of investors who will give you money.

And so much more!

You can listen to this interview right from here, or download it to your computer.



Common Business Plan Mistakes with Dave Lavinsky (1 hour 14 minutes)

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Dave's business plan template has helped entrepreneurs raise over $1 BILLION in funding!

Small Business Victory listeners get it for 98% off! Just $1 by following the link below:

I've arranged a very special discount, only for my listeners. For a short time, get the $97 business plan template product for just $1. Click here for details:

Business Plan Victory.com.




Online Tools and Resources

There are a lot of tools that I use for my business. Many of them are free - and the ones that I pay for are worth every penny.

Since I'm often asked what I use for "this", or how I do "that"... I thought it would be cool to share some of the free and paid resources that I use.

Here ya go!


FREE TOOLS

Jing
 
If you want to do simple screen capture videos like I do for this blog, jing is a nice free resource. You can upload the video to their hosting service to share it with people easily.

I prefer to use Camtasia Studio for this - but it costs $300 - which is not really a justified expense unless you do as much video work as I do...


Remember The Milk
 
I am a forgetful bastard. It's just a truth that I have come to accept. So I use Remember The Milk to help me be less bastard-ish. And, my wife loves me more when I remember stuff...

This free tool keeps track of all the things that must get done. It has a super-slick interface, easy to use, sends me emails and text messages, and the help files are... helpful.
 
For calendar items like appointments and meetings see:


Google Calendar
 
Very nice, intuitive interface. Google nailed it.
 
I love the reminder options... if you set up a pop-up, an email, and a text message - there is NO WAY you'll forget about that stupid meeting. 


Google GMail
 
I LOVE Gmail. It is, far and away, the best online email there is. Even if you like to use Outlook or Eudora, you can set up Gmail to be accessible by POP3, IMAP (for your blackberry), iPhone, etc...

You can set up as many email addresses from different domains within the system as you want. When somebody sends an email to one of your other addresses, it will appear in the same inbox - and when you hit reply, you'll reply with the email that they sent to (not the default gmail address).

Google Apps for Your Domain is also highly recommended. You can get up to 200 free email accounts for your business.


LogMeIn
 
Remote access to your home PC.


Royalty-free Photos
 
Pictures and photos add a lot to your online OR offline presentation. I also like to use iStockPhoto, but that's a paid site.


Gimp

Edit graphics, photos, and more for Free. This is another free source program that often beats the paid solutions available. For free materials on how to use the program, go to:


Audacity
 
I edit a lot of audios! For manipulating audio files (wav, mp3, etc) this program rocks the house. A long time ago I was in a band... I wish this program was available back then...


Kompozer
 
Create an attractive, professional-looking web site without needing to know HTML or web coding. I prefer to hand code my websites... but I'm a nerd. (and maybe that's why they look so terrible!)


FileZilla

You’ll need this for uploading and downloading files, pages, videos, PDFs, and more to your website. By far the best FTP client out there... and it's free!


Wordpress

This is the most common software for running a blog. Don't have a blog? (you should think about getting one... it's a nice way to build content and keep in touch with your customers.)


Skype

Skype is GREAT. Every guru that I pay to help me with my business uses Skype, and for good reason. You can talk to other Skype users for free - chat - and make ridiculously cheap phone calls.

One time a couple years ago my wife went to Paris for 10 days, and I was at home in Los Angeles. Using Skype I would call her hotel - and we talked for hours every day. The grand total for 10 days of international calls? About $12.


Google Analytics

This is the basics of tracking your traffic at your site. Simply add their code to the bottom of each of your pages and watch them track everything for your site. You can even set “goals” for your site such as subscriptions or sales by adding the code to your thank you pages. Check on your conversion rates from your traffic this way. 

Before Google purchased this analytics package (it was called Urchin), they sold it for something CRAZY like $500/month. Now it's free. Install it now.


Google Optimizer

This is my secret weapon for success. Any online project I've ever made "work" was due to extensive split testing...

Anyone who has a Google Adwords account has access to this free split testing or multivariate testing solution. Set-up multiple test options such as your headline, photo, intro paragraph, price, and guarantee. Then let their optimizer test your page and put together the best performing page for you.


osTicket

Set up your own support ticket system to handle any customer inquiries. Email is unreliable and a little harder for a team to track.

Just found this one - will be setting it up for myself very soon... so unlike the rest of the tools on this list, i can't personally vouch for it (but I AM looking forward to trying it out)


AVG

This is virus protection software. Don't get a virus - it sucks - and you'll be sorry you didn't do something to prevent it... Protect your computer with their free version or their paid version. My IT pro friends use this program for all their clients. I’ve found their software puts a lighter load on your processing power than most of the other options out there.


Free Conference Call

Really cool conference line. When I do an interview I have the expert call my free conference call line (a normal long distance phone number) and it's a simple matter to record the call and download the wav file afterward. I have never once received an email or communication from this site. They say that the line is only valid for a few months, but I've had it for years - and they've never shut it down...


Pandora - Streaming Music

This doesn't really have anything to do with business... or... maybe I can figure out a way to tie it in.

OK, I sit around all day long and work on the computer, WHILE LISTENING to Pandora! If you don't know about this site, please please go check it out. You can set up stations for any kind of music, and tweak and personalize to your taste.

If there was a "Travis Award For Coolness", this website would get it.



PAID STUFF


LLC and Incorporation Formation

LegalZoom is, hands-down, the best service provider in the world when it comes to legal paperwork. I have personally used them for several Incorporations, LLC's, and my Last Will.

The link above is an affiliate link. If you click through it and use LegalZoom for any type of service, I will get a commission. If you want to be a butthead (technical term), you can just go straight there instead of clicking that link. (but I'm gonna make you type it in yourself - take that!)


Elance

Programmers, designers, virtual assistants, writers, video editors, engineers... I've hired all sorts of characters on Elance. It has been a truly fantastic resource for my business.

You submit your proposal and then service providers bid on your project. You have the opportunity to review their references, work history, and communicate back and forth before choosing one. You don't even NEED to choose one at all...



Web Hosting - site build it

They offer the only all-inclusive website success strategy that I know of. And, it is very (very) good. I talked for almost an hour with their Director of Sales about the Site Sell approach - and it resonates very well with me. And it should, after all, 5 years ago I got my start in Internet marketing by purchasing a book (which they now give away for free) and diving into their information.

Quit messing around with get rich quick schemes and MLM. You don't need to learn every technology to have a successful web business, they offer all the tools you need. Don't go with any other web hosting company - give this process a real effort and you have multiplied (cubed?) your chances for Internet success: http://www.InternetBusinessVictory.com


GoDaddy - Domain Names

I remember, way back in the day, when I used to pay $35 a year for my domains... Through GoDaddy they only cost $10, and the control panel is quite powerful.

I buy all of my domain names (I own around 70 of them) through GoDaddy - love 'em. Want to kiss and hug 'em. Not a huge fan of their commercials - and Bob Parsons (the owner) scares me a little - but this is a company that has my undying faith and love.


AWeber - Create Email Newsletters

All of my email (both autoresponders and broadcast messages) is handled through AWeber. They offer similar functionality and deliverability rates as the big boys - at a ridiculous fraction of the cost.

I spent a little time on the phone with some guys from an "enterprise email" solution, and they STARTED at about $1,500/month. .... ok .... or you could go with Aweber and pay $19.95 per month... I think you know what to do!


Kunaki - CD and DVD Duplication

Some of my other Internet businesses sell videos - and these guys handle all my design, duplication, and even fulfillment! Hard to beat...

Sometimes they have a "wait list" to become a new customer. I guess that just goes to show just how good of a service they offer...


Casting Words - Transcription Service

I have these folks transcribe all my audio interviews. The quality is outstanding! The price is right.

I upload the transcriptions to my site and offer them in addition to the mp3. This provides people the opportunity to "read" the interview, and is great content that search engine spiders love.


 
That's all folks! 

If you have other tools that should be on this list, enter a comment below!

Travis
 
PS. If you want a REAL, solid, profitable business to implement all of these cool tools inside of, you might want to get my business jump start pack when I'm finished expanding it. People on the pre-notification list will get a significant discount: http://llc.smallbusinessvictory.com/ebook/