Start thinking about it, because the LivePlan $10,000 Boost is officially open for registrations!
Open to U.S. residents only, the LivePlan $10,000 Boost is a business plan competition for users of LivePlan, the leading online business planning and tracking software. The best-written LivePlan business plan will take home the $10,000 grand prize, with thousands of dollars worth of in-kind prizes going to four additional runners-up. Plans will be judged by a panel of experts, with winners announced via live webinar on September 10.
If you’ve been meaning to write your business plan, now’s the time to do it. And if you need a little guidance, here are some tips we gathered from a recent angel conference. Keep these in mind as you craft your business plan for the LivePlan $10,000 Boost:
Highlight your rock star team – even if it’s just you!
Investors want to see motivated, experienced leaders behind a business before they’ll consider it a winner. Talk about who’s leading your business and why they’re qualified to do so. Don’t be afraid to brag!
Be in the right place at the right time.
Businesses that meet an emerging consumer need, or are launching at just the right time, are always appealing to investors. So play up how much people need your product – and show you’ve done your homework to validate your claims.
Be aware of your competition.
Some businesses have a low barrier to entry, while others are entering into already crowded spaces. Investors can be weary of these businesses, so if this describes your business, explain why they shouldn’t be concerned. Also explain why you’re different from any other business in the same space.
Show how it will scale.
It might seem like a high-class problem to have to worry about meeting high demand, but investors know that many businesses fail because they can’t ramp up fast enough. Explain how your idea will scale as your business grows. Be sure your financials reflect this growth.
It’s all about the exit.
Investors love multiple exit possibilities, and can be less interested in businesses that don’t have a clear exit plan. If you’re raising outside investment to grow your business be sure to include how and when you plan to exit, and which potential buyers might be interested. Note: You do not need to be raising outside investment to enter the “LivePlan $10,000 Boost” competition.
Don’t forget sales and marketing.
Even the best ideas won’t sell themselves. Investors know this and they expect you to know it too. Be sure to spell-out your market segments, how you will reach them, engage them, and measure your return on your investment. It’s also important to explain your sales process, and how much it will cost to acquire each customer. Will you be selling direct-to-consumer online, in a brick-and-mortar store, or something else?
Best of luck to you if you chose to enter the LivePlan $10,000 Boost!
Important Dates/Times: (all times are PDT)
July 17, 12:00pm: LivePlan $10,000 Boost officially launches
Aug 7, 10:00am: Free live webinar: “How to Maximize LivePlan”
Aug 24, 12:00pm: Deadline to share your completed business plan within the LivePlan app
Sep 10, 10:00am: Free live webinar: “Boost Winners Announced”