About 10 years ago, I embarked on the social journey of “Speak on It” forums. It was birthed through a telephone conversation with a close friend. I just didn’t think men and women communicated enough. I didn’t think that people had many other options to be sociable other than clubs or bars. I didn’t think that people networked enough.
So, I came up with this idea for a forum to do all of those things. To my surprise, the forums were a success. Word spread about it and new people came every month. I became passionate about it. I dedicated the time to perfect it—to make it more business-like. Because of its success, I broadened my horizons. I thought about conferences—keynote speakers—bigger prizes—better marketing. But all of those things required money—something I didn’t have. I had to write a business plan.
I wanted to find out what a great business plan entails. Then, I ran across an article in the Wall Street Journal titled ‘Why Business Plans Don’t Deliver’. This article mentions that many business plans go straight in the garbage once they present red flags. You may ask, “But, what are those red flags?” Well, I’ll tell you!
· Don’t boast about what you’re selling and not back it up. This shows that you haven’t taken the time to research.
· Don’t make speculations about its success if you don’t know. This shows that you don’t know who your target market is.
· Don’t overload the investors with all numbers. This shows that you’re trying to convince too much without providing meaningful research.
· Don’t sell the team, sell the product. This shows that you haven’t explored the challenges that may arise.
· Don’t fake perfection. This shows that you think your plan has no room for improvement—and all new businesses do.
After reading this, I started to think about my business plan for ‘Speak on It’. I needed to prove why men and women don’t communicate. I needed to show the lack of social activities and networking opportunities in this city. I needed to show provide examples of ventures similar to ‘Speak in It’ that were successful. I needed to express my aspirations and maintain my humility. I needed to expose my competition. I had a lot of work to do—but knowing how go about it was a great start.