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Wednesday, November 2, 2011

Why We Should Refer To The Experts for Guidance When Creating a Business Plan

It is no surprise to hear that television stars such as Bobby Flay and Oprah Winfrey are referred to as business experts. As per research, Bobby Flay, known as one of America’s most popular chefs, and owner to six luxurious restaurants and five lay-back diners is bringing millions of dollars annually and he is not stopping there! Flay first was introduced to the restaurant atmosphere when he was seventeen years old and landed a job at Joe Allen’s restaurant which happened to be one of his father’s business partners. He later entered the French Culinary Institute in New York. With other projects under way, Bobby Flay will continue to grow his multimillion dollar empire!



On the other hand we have Oprah, who despite growing up in a troubled home and being a victim of sexual abuse for several years, quickly turned her life around. Leaving experiences behind, she moved in with her father, a businessman and a barber in Nashville. A little later, Oprah entered college and began working in radio and in broadcasting. Currently she is one of the wealthiest women alive! Sources say that during the first year of “The Oprah Show,” the show brought in over a $125 million in profits.  

Oprah Winfrey and Bobby Flay are great examples of the many individuals who successfully managed to create effective business plans that resulted in the birth of their personal money empires. So how did they do it? If you had a business idea and wanted to write a business plan, what things would you consider and how would you go about it? What makes a business more effective than another?  What is it that Bobby Flay and Oprah Winfrey have that some of us have yet not been able to harness, when it comes to launching successful businesses?

So what do investors want when they look at business plans? Based upon sources, investors look at “key and critical components” that make-up a business plan before making any type of investments. For those of you who are thinking about launching a business, it is suggested that you must have a working concept, a functional and working business name, a good logo and a catchy slogan. Sources suggest that in order for a business to function properly and thrive, the business idea must be attractive, unique and highly marketable. In other words if you are bringing something new to the table ask yourself why it is important and if it is something old as  yourself what makes this business idea unique. Without innovation or marketability potential the concept is more than likely to fail.

To that effect the name of a business is highly important because it is a representation of the products and services as well as the owner. So, for example if you are interested in selling spaghetti and you decide to call the business “Lick the Noodle,” some audiences may be offended by the name yet others may not. When deciding a name, be considerate of all audiences and make sure it is related to your product and that evokes a message that you want to instill and not one that may ruin the credibility of the business.

Sources underline that in order for logos to be effective they must be simple. Think of the McDonald’s logo, it is simple, appealing and easy to remember. If the logo had a milkshake and a spaceship, wouldn’t it be hard to remember and would it still be appealing? The answer is, probably not.  In a nutshell, make sure that the logo is relevant to your industry, product and the message or feeling you want customers to obtain when they see it. For example, if you are launching a restaurant, you may want to consider the emotions or feelings you want people to obtain when they see the logo. Do you want them to think mouth watering tacos or yuck? Lastly, the slogan that is attached to the business must also be catchy, relevant and easy to grasp. A 20 word slogan would probably drive less attention than a five word slogan or one like “just do it,” by Nike.

In any case, when it comes to making a business plan appealing to investors, it is important to look at the celebrities who have been up that road and had their share of success and how they are still running their businesses. Second, you must create a plan that holds the key and critical components to making a business successful. Planning, thorough research, having an appealing concept and being innovative will also help you tremendously in developing a striking business plan. If they did it, why can't you? 






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