Listening to Others Will Get You Somewhere

Creating a detailed business plan is not as easy as some people perceive it to be. Just when you think you have things all figured out there is always something new to add, remove or further modify before unfolding the plan. Which is why research is very key to understanding many different facets of any succesful business plan.

In fact, my research on industry professionals allowed me to not only critique my logistics and business model but also my motives, vision and my integrity behind constructing my company. As Mark Cuban maintains, some of the key aspects to look for in a business plans is if there is an actual need for the product or service. Which led me to find out if there is a need for my service and what location shall I provide that need. As a result I changed the target location of my plan from Los Angeles to Raleigh, NC. Although my plan works in both locations, the need is greater in the smaller market of Raleigh. The following list illustrates main three reasons we decided on changing the location.

1) Most business owners in the location don’t know how social media works or how to use it in its most effective ways.

2) We knew the area better and it was the location base for many of our consultants

3) There was not a large presence of companies like ours in the market

Though it is great to make changes and make sure your bases are covered before going into business, one of the most important sections of a plan is the financial document. Investors want to see have you calculated your expenses, income, and overall risks versus your rewards. They ultimately want to know have you calculated their ROI. One of the key changes I made to my own documents came from when I read an article on Daymond John. He mentioned putting up some of your own money in your initial investment to show investors you believe in your product and in yourself. As a result, I did just that to incorporate more investors into my company. It also helps me pay off my debts faster and reciprocate more down the road. In the end, there is always more we can learn from one another to help nurture ideas and create lasting impressions in our industries.

BookT- ITB (web show) "BookT Returns to Raleigh"

Season 2 of the web series and documentary of BookT. Inside the Book returns with Book still on the road performing tracks from his upcoming album as well as his mixtape Datbullshit (http://www.datpiff.com/BookT-featuring-Thirdnastee-Datbullshit-2-mixtape.286131­.html). We also take a look at the man behind some of the production and the first verse of Book's hit "Feelin Fresh".

Hope you guys enjoy the video. Like it share it.
Big Thanks to everyone involved in bringing this one together,
Third, Mr.RaleighNC, Volume 11 Tavern, Lady C and Collins.
Ja Know!

For more music, blogs and video on BookT visit: www.bookttv.com

Business Insight from the Experts

In constructing my business plan for my company, Highly Educated Management & Production (HEMP), I came across a multitude of information, analysis and viewpoints from many knowledgeable experts from various fields of business. In particularly Michael Porter and Daymond John have expressed the importance of a successful business plan many times throughout their career.

Porter is currently the Bishop William Lawrence University Professor, at Harvard University (Burhoe, 2011). I credit Porter with giving me insight into what owners and investors are looking for in a business plan as well as understanding the role of competition. According to Porter competitive forces drive the rivalry of existing companies. It is important that competition is there to maintain the integrity, level the playing field and create constructive analysis for business improvements and satisfaction.

Daymond John is the CEO and President of a clothing company called FUBU.  Using $100,000 in start up capital, he launched his company in 1994, and by 1998, FUBU had made $350 million in revenues (Burhow, 2011). In my opinion this was a great example of putting your money where your mouth is. In this case, I learned from John that it is important to put some of your own money up for startup capital.  According to John, if you are in debt and have nothing to contribute to your business venture, it looks bad to potential investors (2012). 

In the end it is important to adopt concepts to my business plan that are practical and wise. Since both experts have been through the phase of constructing business plans multiple times over I aim to use some of the advice given to cultivate my own success for the future.

Sources

Burhow, S. 2011, March 31. Expert Views on Business Plans.

         Retrieved from http://bpexpertviews.blogspot.com/