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)

• Download the MP3 Audio
• Transcript coming soon
• Listen in Streaming Audio Now (Below):

  Get Flash to see this player.

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

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.

I am here to tell you that I am a big, fat failure.

I've failed in business more times than I have succeeded. WAAAAY more!

But that doesn't bother me - not one iota - not even a twinge of embarrassment. The good news is you only have to be successful ONE TIME to have it made.

(I have been fortunate enough to notch several victories in business over the years, and after the first, I got so hooked on the startup phase I turned it into a science...)

Most people know that I started 43 businesses, and that's how I ultimately came up with my "7 Steps to S.U.C.C.E.S.S." formula for starting a new business.

What many people do not know, however, is that most of those businesses never got off the ground. (I never had a problem ditching a business idea when it proved to be a loser...)

The truth of the matter is that you have the highest chance for success or failure right out of the gates - when you select the market you will cater to.

-- Choose the wrong market - and you start off at a huge disadvantage.

-- Choose the right market - and your job is so much easier. (and funner, and more lucrative)

Let me say again: The one time an entrepreneur can really make a difference and put themselves in a great position is when choosing a market to cater to.

This 2 minute video is the first thing I do when considering a new business idea.

http://www.smallbusinessvictory.com/club/video-googletrends.aspx

Looking forward,

Travis

PS. If I could teach you the ONE single thing that contributed to my own success more than anything else, it would be: persistence. Keep trying. keep fighting! The next most important thing is picking and researching a potentially profitable market, and this is my first step:

http://www.smallbusinessvictory.com/club/video-googletrends.aspx

This interview is with Dr. Glenn Livingston, market research extraordinaire, and my mentor.

Market Research is, perhaps, the MOST IMPORTANT thing you can do when starting a new business. In my humble opinion, this is the most important interview I have ever conducted and published.

The simple fact of the matter is, most entrepreneurs make their biggest mistake before they ever start their business.

They choose the wrong market.

That is, they choose a market with no people in it. Or, the people don't want to spend money. Or, it's already saturated. Or, they have no difference from the main competitors.

Really, there are a LOT OF WAYS TO SABOTAGE YOUR BUSINESS BEFORE YOU EVER START YOUR BUSINESS!

In this 1 hour, 7 minute MP3 interview, you'll learn:

• THREE (3) things you must know about your market (and how to find the answers):
  • Is there enough people who want what you're planning to sell?
  • Is there enough money changing hands already in this market?
  • What are the frustrations, language, and concerns, of the people who are actively searching for answers to their problems?
• Find out the ONE (1) solitary thing that is more important than doing market research and understanding the market
• The #1 distinction between people who make things happen, and those who don't
• Market Research can be a methodical, systematic process: Human behavior can be coded and predicted by a computer
• Lust, greed, paranoia: Some purchasing decisions are based on unattractive emotions...
• How to attract the most hyper-responsive prospects within your market
• Did you know: there is so much free market research information... for just a little time well-spent?
• Marketing narcissism: The only REAL marketing mistake you can make?
• What many entrepreneurs are guilty of: "I just want the market to want what I want them to want!"
• How to find out IF there is a MARKET, WHAT the MARKET wants, WHAT they will BUY, and HOW MUCh will it cost you?!!
• Specific ways you can gain market intelligence BEFORE you build your products, services, and infrastructure. Get the answers BEFORE you invest! (and avoid dramatic pitfalls down the road)
• Market research methodology, even for pursuits that have nothing to do with the Internet...
• How to discover where the real financial opportunities are in your market...
• How to find the people who are actively searching for your products/services, when they are "in heat", motivated, and looking for a solution to their problem.
• Convert prospects so well that your competitors... can't compete!

This interview has been disabled for public download. It is now accessible only to Startup Victory members. Click here to learn more about Startup Victory.

To learn more about Dr. Glenn Livingston's market research methods:

http://www.ResearchVictory.com

Dr. Livingston helped launch my business with his market research methodology. It was invaluable in my business, and it will be in yours as well. Go to http://www.ResearchVictory.com to learn more.

If your business involves selling to people (what business doesn't?) then you'd be smart to employ the trust-building tactic of social proof.

Robert Cialdini coined the phrase in his MUST-READ book "Influence: The Psychology of Persuasion".

The concept is simple: it is easier to sell something to somebody who knows that other people (especially similar other people) have already bought and enjoyed the product. This principle is especially helpful in deciding proper behavior in an unfamiliar situation.

I.e., if we see other people enjoying a product or service, we are more sure that we could enjoy it also.

Proof Point #1
The influence of social proof is SO STRONG, that the FTC is considering regulating the use of testimonials online! They are of the opinion that testimonials are such a powerful persuasion force that marketers may soon be REQUIRED BY LAW to provide the bad feedback along with their positive stuff.

Proof Point #2
Have you ever seen the cheesy commercials where somebody is obviously a hired actor, raving about the product as if he/she actually used it? Yes, it is obviously fake - but it works to persuade people that the product is good anyway. You watch the commercial, think about how cheesy it is, and then go out and buy the product.

Social Proof overcomes uncertainty. "When people are uncertain, they look to the actions of others to guide their own actions."

So my question to you is: Have you ever considered using this knowledge to improve your business and blow out your sales?

The concept is that you want your prospects to have an automatic impression that your stuff is SO GOOD, that they will never regret buying it. (Not exactly part of this conversation, but almost as important as 'how much' somebody wants something is 'fear of embarassment' or 'being taken', things that prevent them from getting something that they actually want...)

Here are some ways to generate valuable social proof for your business.

* Ask for a testimonial! If you ask your best customers to give you a testimonial, they often will.

Here are a few examples of testimonials that I've received from customers in the past. (Scroll to the bottom of the page.) I use these testimonials to make somebody who doesn't know me, never heard my name, to trust me and feel a little more comfortable giving me their name and email address.

* Write them yourself. Write an endorsement from your best customers to yourself. Put details about what you did for the customer. Then send this paper to the customer and ask if they'll sign it. Most people who are really jazzed about your stuff will gladly give you a testimonial, but they are impossible to motivate off their ass and get it done.

Here are a few examples of how I've done this for myself. Makes you think I'm a stud, right?

* Give other people testimonials. Another powerful human motivator is reciprication. If you give a few unsolicited endorsements/testimonials, you'll likely get a few back (out of pure guilt, but hey... it works!) This works especially well on Linked In...

So go get some Social Proof.

Use it - it works!

Travis

PS. If you want to continue getting the best of my business building tips, along with monthly expert interviews, delivered right to your doorstep every month, get on the notification list for my upcoming Business Victory Club here:

http://www.BusinessVictoryClub.com

You'll get a sweet discount, only be available to those who sign up for the notification list. Plus, just for giving it a try, I'm going to give away some really cool bonuses (like, hours worth of expert interviews in physical audio CD format and a free copy of my updated book "The Definitive Guide to Incorporation and LLC").

Get on the list here:

http://www.BusinessVictoryClub.com

The other day I came home from work (the library) and I was feeling a little bit defeated. Like I hadn't gotten enough done in my business lately. Like there was too much to do, and not enough time or manpower to do it. Ever feel that way?

I was listening to a Ken McCarthy interview this morning. He was interviewing a businessman named John Rinaldi. Something they spoke about really hit a nerve with me, because I've seen it in action - and I often struggle with it.

I emptied my pockets of change into the bucket that sits inside the nightstand and noticed that it was overflowing with quarters, dimes, nickels, pennies...

Every day, I come home and without thinking, empty my change into this bucket. And over time, it really adds up. The last time I took that bucket to the grocery store and traded the silver for cash... I walked away with $100...

And my business is like that, too. When it started out, I lost money. But I did just one little thing to try and make it better. Usually this little thing was a tweak to my AdWords advertising or a split test for higher conversion on my website. NO ONE SINGLE THING that I did made any difference!

But a 10% decrease in ad cost here and 12% conversion increase over there - over a long period of time - really resulted in REAL gains in business profits.

The funny thing is that, looking back, I don't remember putting all THAT MUCH effort into it. It seemed like a bunch of "guesses" and busy-work. At the time, I was pretty sure I was doing something valuable, but I had no idea the value of what I was doing...

And, it's not like I was focused on doing one little thing every day. I'm not a "long term strategy" kind of guy by nature. I'm into swing trading, online business, dining out. I never started a 401K because I knew I didn't want to work for "the man" and build my wealth over time... Let's just say that in the past, I didn't do anything for the long term.

But now-a-days, my mantra is "move your business forward every day". No matter how small of a thing it is - move it forward.

You're just one person! You'll never be able to compete with the big guys in terms of raw output. But you don't have to. You just have to do one valuable thing, that piles on top of another valuable thing. And over time, you'll see the fruits of your labor.

If you can find the time in every day to do TWO valuable things, even better! Just think, in 2009 you could take 700 small steps toward your goal. It's not hard to take a step... it's just one little thing.

The secret is in the word "little"

A "project" is too big. You need to break it down into little pieces that you can handle in an hour.

A financial projection, report, sales letter, video, newsletter, business plan, and on and on --> all TOO BIG.

Break every project down into little pieces that you can handle in a half-day or less

Do each step as a separate task, which accomplishes a couple of important things:

1. You move something forward

2. You feel like you accomplished something (which is an important feeling to take home at the end of the day)

Here is an example:

Let's just say that I wanted to re-write and overhaul my book "The Definitive Guide to Incorporation and LLC". That's a big project - definitely NOT something that could be done in a day. So, how would I go about completing this task?

-----------------------
A brief aside: Another motto of mine, which explains my approach below, is to:

"Do your worrying up front - once you have a plan, focus on execution (not worrying if your plan is right)"
-----------------------

So, first I need to thoroughly understand all the different pieces of the project.

Break it down into every different category that you can think of.

Then break each category down into the understandable "to do's" that fit together to make the product.

Put all these categories and "to do's" into an excel spreadsheet, notepad, Word document - anything that will help you keep track of what has been done and what still needs to be done. The important thing is that it stays in front of you --> A constant reminder of what you can move forward, today, that will help you reach your goal.

Now you have your script. So let's make a movie!

A Hollywood movie is never filmed from start-to-finish. They skip around and film the pieces that make sense grouped together. Your project should be much the same.

Let's take that excel spreadsheet you put together and copy all the "to do's" to a new tab.

Now group all the items that are similar into sections. For example, in most of my projects, the major sections include:

* Creating Content
- the end product
- writing scripts for interviews and videos
- interviewing experts
* Writing Sales Copy
- the sales letter
- the follow-up emails
- the checkout pages
* Programming
* Advertising/Marketing

That's pretty much it.

Now let's execute the plan

First, get parallel resources started right away

(This assumes that you have the funding to pay somebody else to do part of your project. Or... that you can convince them to take part in the future profits of the project.)

Take anything that can be done in parallel by somebody else and get 'em started as soon as possible.

For example, I have an in-house programming team. So the sooner that I can get a project in front of them, the more time it gives them to fit the project into their schedule.

Often, I'll outsource part of the writing to somebody on Elance. I almost always have my virtual assistant make the initial contact with gurus for an interview. (It looks like I have a secretary... which appears more professional.)

In my experience, the more detail that you can provide to your outsourced partners, the better. It will save everybody time and headaches down the road. So, be sure to outline in great detail:

* Exactly what you need done, in great detail (This may feel like more work than you should be putting in up-front, because after all, you're hiring them to do it... But giving your provider great detail will always result in a better end product, which makes everybody happier.)
* When you need it done
* What format it should be in
* How it should look
* When to ask questions

Knock the pins down one-by-one

Now it's time to get started on your own areas of responsibility.

You've already broken everything down into bite-sized chunks - so now it's just a matter of "getting it done". This is, finally, where you can do one or two little things every single day to move your project forward.

Just take the pieces, one-by-one, and knock 'em down.

Other things will always come up - and your schedule will be pushed back - and you may have "shiny object syndrome" (like me), but keep pushing. Keep knocking the pins down.

As parallel resources finish up their projects, your time will be naturally scheduled for you. You'll need to review and provide feedback on a writing project. You'll have an allotted time to meet somebody. You must review the code and do bug testing for developers.

But it's ok - It all moves you forward.

As you complete your individual tasks, check 'em off the excel spreadsheet.

At this point, your brain is your enemy! Don't get bogged down with analysis or thought...

Like I said above - do your thinking up front. When the time comes for execution - JUST EXECUTE BABY!

Don't "do it tomorrow", "dilly dally", "shoot the breeze", "put it off", "think about it" --- just do it. You'll be happy you did.

----------------------
One way I've found to help me get things done that don't seem glamorous or fun is to imagine that it's already complete, and how it would make me feel to know that I did it - it is done - and I did a good job. That helps give me the motivation to do some things that... I really don't feel like doing.
----------------------

One by one, you knock down the pins.

Over a short period of time you see real gains.

When it's done, and you can piece all the parts together - take a step back and reward yourself. You have really accomplished something.

And that is how business is done.

Looking forward!

Travis

PS. I actually AM re-doing my book, The Definitive Guide to Incorporation and LLC. I am adding new expert interviews, a clearer step-by-step process to getting the business "structure" in place, a section on building your team, and more. Plus, it will no longer be in digital format - everything will be hard copy - DVD's, manuals, guides, transcripts - everything.

I'm still in the early phases, but anyone on the pre-notification list is going to have a chance to get it at a discount.

http://llc.smallbusinessvictory.com/ebook

If you have a Website and you are interested in getting more free search engine traffic, then pay close attention to these videos.

Today, you'll see a professional SEO review 3 REAL Websites. Watch as Jeremy Hermanns describes the exact steps that must be taken to drive more traffic (potential customers) to these Websites.

Use the knowledge on your own Website, and you too can soon be ranking near the top of the search results in Google. It's not rocket science - but pay close attention and you'll gain tremendous value that can make you money.

Jeremy never charges less than $150 for a review like you're about to see. (So these 3 free videos are worth $450 in real value.)

All 3 Websites came from people on my email list - If your Website was one of the 3 chosen for the review, consider yourself extremely lucky!

Enjoy!

Video 1 of 3

Video 2 of 3

Video 3 of 3

Which of these hidden marketing assets could you put to better use?

• Past clients - it is far easier to get business from people you have already worked with than it is to get a new customer. You should be in contact with your past clients on a regular basis - let them know what you're up to, what you're doing, and the awesome results you're providing to other clients!
• People you know - including past associates and friends, family, and community members are your number one source of new business and new referrals. But if they don't know what you do, and the stellar results you provide... they'll never refer new clients or customers your way! 
  
• Monthly ezine - send that email! If you have a list of people that signed up to hear from you... then send them information about your business! Send them case studies, send them testimonials, send them breaking developments in your industry. Properly utilized... this may be the most valuable asset you own.
• Past article content - your old articles and ezines are extremely valuable content to syndicate and get your name out on the Internet. By publishing yourself on the Internet, you can draw more people to your website, improve your search rankings, and look very impressive to potentials customers who are researching you. Click here to learn more about the benefits of becoming a published author on the Internet.
• What other assets do you have