What About Business Plan and Funding

At this juncture some people ask me about creating a full business plan to get a complete “picture” of what is needed to succeed.  My approach is simple. If you plan (or need) to raise capital to launch your venture then, absolutely, you will need a full Business Plan (and, as a matter of fact, much more).

However if you want to launch a web venture that you will keep relatively small-scale until you see how it “respond” to your initial marketing campaign, then I do not recommend that you spend the time needed to develop a full-scale Business Plan.  After all a complete business plan will probably run 50-75 pages and will take considerable time and research to accomplish.

Is this something that you want to do at this early stage? Possibly, but I would not recommend it unless you absolutely need funds to launch your business, and considering the state of funding in this country today, you better have a very unique idea that will show revenues very quickly.

My approach is that unless you need very complex programing and marketing expenditures that will cost you a bundle spend your time focusing on creating a small-scale business and growing it until such time when it has some clients and some revenues.  Then your chances to succeed in raising capital will be greatly improved.  Trust me on that one, I’ve been trying to raise capital for a start-up for several months and even though I bring quite a bit of experience in this field it hasn’t help.  Bottom line is that, today, the climate is not good for an early stage ventures.  Investors are still hanging on to their money and want to see revenues before considering if they should invest or not.

Finally, creating a complete Business Plans and raising capital is something that I cover during the group and one-on-one sessions since these are very personal and very intensive processes that require a lot of attention and take quite a bit or research and time.

In conclusion I did not overlook full-blown Business Plans or Fund Raising.  Rather, in this manual, my only goal is to give entrepreneurs what I consider to be the absolute minimum they will need to do in order to insure their success on the Net.  And this starts by rolling your sleeves and getting down to proving your concept and make it work, be it a small scale one.

Coming up Saturday Part 5: Choose your Domain Name

You can also read the entire document “Plan Your Internet Success” on my web site at jtouboul.com

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