The video you are about to see is from Week 1 of the class.  In this week, we will cover things like, inspiration; what inspired you to go into business and what will keep you inspired to keep going.  And we look at vision…what do you want this business idea in your head to look like?  How many employees and locations and products will you have?

So without further ado…here is our Intro Video to Week 1 of Business Planning for the Average Human video ecourse.  Sign ups are opening up soon.  Make sure you are on our mailing list to get all the info.

The day I decided to turn the Business Plans for Average Humans eCourse into a VIDEO eCourse was right about the time someone should have smacked me over the head with a shovel.

I know as much about producing video classes as I do about how to operate a back hoe.

I figured how hard could it be…you just record what you would do in a live class, right?

WRONG!!!

I didn’t realize I would have to figure out how to set up the dialog between the instructors, thus making me a screenwriter.

We had to determine where I wanted the cameras, direction.

We had to decide what music I wanted to play in which parts, in other words produce the soundtrack.

We had to hire extras and camera operators, editors - crew.

Filming for week 2 - Unmet need and Solutions

I  even had to do some acting, voice over and teaching – talent.  (that’s right I’m talented, but you knew that already)

And then we had to take all that information and build a website to host it on and another website to market it on – Marketer

And I had to produce each one of those videos, and I produced the heck out of them. – Producer

And then if that wasn’t enough…we decided straight lectures might be a little boring, so we opted to make short intro videos for each of the 8 weeks.  So that means that I also wrote, directed, produced, shot, edited and stared in 8 short films.  As my friend Toni would say NBD!!  (NO BIG DEAL!!)

This video eCourse is gonna be so cool – here’s why

Now don’t get me wrong, I didn’t do any of this alone.  I have a great team here to help.  We had a lot of fun coming up with the concepts for each of the videos.  There will be donuts, ninjas, a musical number and of course lots of great advice on how to start and run your small business.

Those of you that are taking this class (and really there’s no good reason not to) are in luck.  I am a total movie and music snob.  These videos are gonna look and sound amazing and are gonna entertain your socks off.

Heck you may even want to take this class even if you aren’t writing a business plan.  You may decide to take this class for your love of good cinema.

All this is to say, this is gonna be unlike any video class you have ever taken.  Well really any class you have taken period.  It’s creative.  It’s fun, it’s entertaining.  And best of all, it’s all produced and written by small business owners just like you want to be.

So if you haven’t already signed up for updates…do it now.  This class is gonna be a ton of fun…you don’t want to miss it.

Pitching to investors can be quite intimidating

There’s making sure that you have all your materials, making sure your technology works, getting the appointment in the first place can be half the battle.  I’ve been on the receiving end of many presentations, some I have invested in and some I haven’t.  The pitch is really important but so is really knowing your material.  I think there are some huge myths that entrepreneurs believe in and it can be very costly to your presentation.

Steer clear of these DON’Ts in your presentation:

1. “All my assumptions and forecast are very,very conservative and we really believe we will do much better”  This sends a message that you really haven’t done your homework or you don’t know how to plan very well.  How to fix:  A better approach is to show a “sensitivity analysis”.  All that really means is show three scenarios Worst case, Expected case and Best case. This allows an investor to peg or estimate where he thinks you might end up and helps him formulate the ROI numbers that he needs to feel comfortable.
2. “We really have no competition” Most of the time this is simply not true. It probably means you haven’t been thorough in your market research or you think your product or service in targeted at such a small market that the bigger players won’t come after your space. Either way it does not give investors a great deal of comfort for you to say their is no competition.  How to fix:  You may have a truly unique idea that no one else has figure out and if so do your best to convince the investor that it’s still a safe investment. Most investors don’t invest in concepts that require them to “see around corners” so to speak. Make sure you are totally accurate if you make that statement.
3. Turn off your technology.  When make a presentation to investor (really anybody) you need to turn off your phone and do not check it in the middle of your pitch. Having any member of your team constantly checking the phone’s is distracting and irritating.  How to fix:  Hopefully this one is a no brainer.  Make sure to turn it on silent and make sure that your team is aware of how big a distraction this is.

If you can not give the investor 100% of your attention during your pitch, why should they give you their’s?

This is mainly an age related issue and it tends to be a problem with younger entrepreneurs dishonoring older investors. So my advice is to honor your audience and leave the phones turned off.  Is there really something more important than the securing of needed capital?

Investor presentations should be short and sweet, just remember…

1. Educate them on the problem you are trying to solve.  And why you are the solution.  I think the prototypes and video will go a long way.  You might not need to say much other than what your plans are for the future and how much money you need.Design your presentation to persuade not inform.
2. Practice your pitch a number of times before you go after a significant amount of money.
3. What you say and how you say it, are more important than your slides.
4. No acroynyms or jargon in your pitch.  Most people won’t know the acronyms associated with your market.  Explain everything as needed.
5. Shorter is better…don’t talk for more than 15-20 min.
6. Don’t try to educate your investor on the market, but try to relate to real-world situations that we all find ourselves in.
7. Describe the business, it revenue streams.  Define the market and its potential.
8. Use the slides as an outline…you fill in the gaps.
9. Be passionate about your ideas and don’t forget to practice practice practice.

There is more great content like this on business plans and presenting to investors in our class Business Plans for the Average Human.  To find out more sign up in the box below.

Have you ever wondered why business plans are so stinkin’ hard?  Why you need an MBA to understand some of the concepts and language?  I mean people go to school to learn this stuff right?  But did you know that you, yes YOU, can write a compelling, professional plan without fancy degrees and business know-how?  Heck, if I can do it…I know you can.

Which is why I am building my video course Business Plans for the Average Human.

So who is the Average Human?

Well for starters, its me.  I’m one version of the Average Human.  I didn’t graduate college.  I did take some business classes in college, but really I just did it to make my dad happy (sorry dad).  But somewhere along the road I married an ambitious, try-everything, kind of guy.

And once the words, “Someday I want to own a coffee shop” left my mouth, he was busy planning and researching and talking me into helping him with financial projections.

And within 6 months we had a beginner business plan, financing and owned a piece of property that looked like the remnants of the apocalypse.  What?!  Over the following 5 years we made coffee, built a staff, roasted beans, made great friends and built a successful business that we eventually sold so that we could try something new.

But something happened, I got addicted to being my own boss, it’s something that I’ve been good at since I became a big sister at 2 years old.  I was hungry to try being a business owner again.  But every time, I got stuck in the business plan stage.  I would scour the internet looking for help, but all the help I could find was the same awful language and the same dull business plan templates that left me confused and uninspired.  So I would write something half-assed and call it done.  We would open the business and hope for the best.  Some times it worked, other times it didn’t.

Now what?

I went back to school, I started doing more research on business plans since I had a business idea I wanted to pursue. And I started to unlock some of the terms and concepts that those left-brained business experts didn’t know that us right-brainers would struggle with.

I started talking to investors and what they wanted to see.  I talked to tons of business owners and started compiling my findings.  I found out that most investors don’t care about 50% of the stuff in a traditional business plan.  What they do care about is who you are and how you plan on being successful.

Fast forward to today – I found out that I was not alone in my fear of business plans.  In fact most of the people that I talked to were terrified to write one and some of my best friends were putting off opening great businesses because of the road block that is the business plan.  What?!  This is absurd!

I decided to do something about it

This is where the Business Plans for the Average Human video course comes in.  I want to help those of you who are scared, intimidated or uninformed about business plans and lay it all out in plain english!  I want you to feel empowered that you understand the concepts and can build not only a successful business plan but also a successful business.  The training in this course will take you though an entire plan over the course of 8 weeks.  It will give you a business plan template that you can use over and over for however many businesses you want to own.

So the Average Human…is someone like me.  If you are:

• A creative business owner ‑ maybe you are already in business, maybe not.  Maybe you received training for your craft.  But you never got basic business training and need to learn how to turn your talents into a real business.
• Maybe you want to grow your existing business but don’t know how because you didn’t start with a plan.
• An aspiring entrepreneur ‑ isnʹt sure where to start but you have an idea and the passion to go after it.
• Right-brained, creative types.

If you want to be successful in business, the best way to do that is with a plan.  And the best way to write that plan is to get help from someone who has been in your shoes, who understands your frustration and right-braininess.

I say “NO MORE” to intimidating plans and complicated tutorials!  Who’s with me?!!

Signups will be open soon, to make sure you don’t miss out you have to be on our mailing list.  Sign up in the orange box below.  Don’t put this off because you don’t think you can write a plan.  You can do this!

We are thrilled to announce that we are getting ready to launch our Business Plan video course in a few short weeks!

If you have read any of my other posts, I talk a lot about business plans and why they suck.  They are dry, boring and have language you need a PHD to understand.

A lot people buy books in order to learn to write a business plan which can work for some. But for others, like me, its a waste of time and money.

Reading a book to write your business plan is a lot like learning to fly a plane by reading the manual.  Sure you can get an overall view from the manual, but at some point you need help from someone that can teach you things you will need to know, like how to do 5 things at once.

You need to learn from someone with experience, who has been through what you are about to go through, and can guide you on the really tough things that you are going to run into.  How to prepare for a bird strike.  What to do if you suddenly lose fuel.  You know, stuff like that.

Which is why we created the Business Plans for Average Humans Video Course.  Not only will experienced entrepreneurs guide you through the writing process, but we will give you tips along the way on how to run a successful business.  What things you should be careful of and how planning for the future can save you a lot of time, money and headaches down the road.

To get more info on the class, when it opens for registration, how the classes work and what you will learn you have to sign up for our mailing list in the orange box below!

For many of you a difficult decision you’ll face is, should I have a business partner(s)?   For obvious reasons it’s better to ask this question before you have one.

By definition a business partner is: someone who may share the work, financial responsibility and overall management of your business. They could be a full partner, a part time partner, a passive partner or a combination of these.

Whatever the combination the real question is, should I have one or do I need a business partner?

First of all, there is no one answer or a right and  a wrong answer. The key is to be honest and realistic with yourself when assessing the need and the consequences of having a partner.

Most of you can cite a few very successful partnerships…Walt and Roy Disney, The Google Founders etc…

We could also remember the not so successful ones like the original founders of Facebook or Bill Gates and Steve Jobs.

For some of you, your partner may be your spouse, which can be a lot of fun, but also draining on your relationship.  Hopefully you are able to trust each other, but it can cut in to you spending time together as a couple.

Business partnerships gone bad.

I’ve recently been helping a startup in the book publishing business. The two main roles in this business were very different. They needed a strong editorial talent and a strong business/marketing talent.  At first it appeared that two people, each representing the needed talent should partner up and divide and conquer.

However, they really didn’t know enough about the other nor did they understand how they would behave under pressure and found out too late that they did not communicate well with each other and that they did not have a high level of trust between them.  Things started to unravel early  in the new venture and they decided after less than a year to dissolve their company. Watching their relationship deteriorate and the business be dismantled has not been fun.

The lesson on this one? Business partnerships can be a lot like marriages, easy to get into and extremely hard to get out of.

In the case of the two people starting the publishing company together, they should have slowed down and gotten to know each other better and witnessed how the other reacts and behaves in a wide variety of circumstances before launching a business together.

On the positive side some business partnerships flourish and the resulting company can be so much more successful than one person alone could have created.  Having someone beside you who can shoulder some of the responsibilities and care as much as you do can be a huge relief. Lots of great decisions are made in collaboration with others, think of John Lennon and Paul McCartney of the Beatles and the songs they wrote together.

The key to a successful partnership is to take the time to get to know the other potential partner(s) well and have a legal document called the Partnership Agreement signed and in place in case something goes wrong. This agreement should specify what will happen if it does not work out.

There are many other considerations when choosing a partner but the best advice I can give you is to SLOW DOWN until you are certain.

What about you?  Did you luck out with your business partner?  Did you decide not to have a partner?  Why? or Why not?

If you are thinking about opening a new business, you may have heard several people tell you that you need a business plan.  The mere thought of writing a business plan may have made you break out in a cold sweat and given you heart palpitations.  It seems complicated, right?  I mean people go through MBA programs to write that stuff!

Or maybe you are just going wing it.

But did you know that planning before you open your business will reduce your chances of failing?  Think of it like a test.  The more you prepare and study for the test, the better your grade.

So if your “grade” or chances of succeeding go up the more you plan, why don’t people plan?  And how can you avoid being unprepared for the test of owning a small business?

According to an article in the New York Times, people don’t write business plans for several reasons.

1. They don’t understand how beneficial a plan is.  The conclusion of many research papers on the study of entrepreneurship leads them to believe that planning in the beginning is incredibly beneficial and can greatly increase your survival rate.  The business plan is your chance to see where your deficiencies are and correct them before its too late.  Many small business failures can be blamed on the lack of a business plan
2. It takes too long.  Some folks are more doers than planners.  They want to just build it and then deal with problems as they arrise.  The problem with this method is that you can’t see the forrest through the trees.  You don’t know what to anticipate and/or how to pivot when you hit a major road bump.  I think some people that fall into this category are misinformed about what a business plan is and isn’t, maybe don’t realize that they could write something concise and quick that still covers most of the questions they need to be thinking about.
3. They don’t want to know their idea sucks.  This is called the ignorance is bliss method, or as I call it the Field of Dreams. If you build it…they will come…right? WRONG!  If your idea stinks and there is no demand for your product or service, why spend time and money building something that will fail? People that fall into this category are so married to the concept, don’t want to acknowledge that their idea might not be any good and will therefore move forward with no plan because they don’t want to face reality.
4. (I’ll add a fourth reason to the list)Business plans are confusing.  If you have ever looked at how business plans are written and how the templates are laid out, its enough to make the dentist look appealing.  The language is confusing, finding out how to get answers/research to each section can be overwhelming.  I believe that most small business owners fall into this category.  They don’t know how, so they just wing it.  But the problem here is that failing to plan, is planning to fail.

So how can you become a prepared business owner with a stellar business plan that you know backwards and forwards??

What about you?  Did you write a plan?  If not, why?  Do you think it matters?

Trust me, I’ve done it.  I’ve taken business classes in college, owned 4 businesses and written god knows how many plans.  And it really never gets any easier or any more fun.  I always hit a wall and then I usually give up and call it done.

Half-assed business plans was my modus operandi. But what does a half-assed business plan get you?  Yup, you guessed it.  A half-assed business.

No matter how passionate you are about your product or service.  If you don’t start with a plan, your chances of succeeding go waaaay down.

Think about it, you wouldn’t start to build a house without a blueprint.  If you did, you could have walls collapsing, uneven floors and leaky faucets.  I think you get my point.

So why build a business and get into massive amounts of debt with no plan? I know writing a plan sounds hard, but that’s why I’ve made it my mission to explain business planning in a way that the average human can understand and digest.  You don’t need to go back to school to get an MBA to do this.

How we re-invented the business plan

We wanted to build a better template, one that people would use, one that was current for businesses being started today.

We started with the old format of  business plans and then we started slicing and dicing!! We chopped out stupid stuff, changed the confusing language to plain english and reordered the entire plan that made sense for todays investors.

For example:  we changed confusing wording like “value proposition” to “what makes you special”.  Got rid of things like “strategy pyramids” and “distribution patterns” and refined the entire thing down to a concise, thorough plan that you can write in 10 pages or less.  

We simplified the spreadsheets (I loathe spreadsheets, so I promise these won’t be too painful) and made them a lot easier and more relevant.  I can tell you that “projections” or “making up numbers about what profit you might make in the next year” are kind of a waste of time.  They are always wrong.

Unless you have customers already, it will be hard to gauge how many sales you will have in a month, in six months etc.  So there wont’ be any of that to worry about. See how much easier that is?  I can almost hear sighs of relief.

Over the next few months, you will have access to our business plan templates and materials.  So no more being intimidated by business plans, you are gonna plan the heck out of your new business or my name ain’t Goodenough!

What has kept you from writing a business plan in the past?

Over the years I’ve been asked many times “How and when do I transition fro what I’m actually doing to spending more time on my startup”?

This is a tricky question! My answer however, is usually…it depends.

However, I think all entrepreneurs when leaving a full time or steady job have to ask the following questions:

1. How much money do I (we) need to be able to sustain a minimal lifestyle?
2. Realistically, how long will it take to get my new venture going so it produces positive cash flow?
3. Do I have any other assets to cover my living expenses during the transition?
4. Should I take other peoples’ money to live on? Will I have peace about that?
5. Am I justifying the timing of the transition because I hate what I’m currently doing?
6. Who else will be impacted by the timing?
7. Are there certain market conditions that demand I make my move immediately?

There are many other questions you could ask that might give clues to the est time to transition. You probaby already know what they are, based on your personal circumstances. I think there are three options you have once you’ve answered the questions.

Option A: Stop working at my day job immediately and start doing the new thing. This is what most of us want but it may not be feasible or realistic. Usually involves using my own assets or other peoples’ money to make the transition.

Option B: Continue to work at my day job but start building the new company part time. (After hours/weekends) This may take a considerable amount of time. Eventually, when the new concept is well developed and the demand and financial model is proven, then I will transition away from my current job.

Option C: Do both the old and the new activities on a part time basis where you intentionally wind down over time the old and wind up over time the new.

Personally, I try to get individuals, especially those with families, to choose option C.  By using this option it gives you more flexibility.

• First, it gives you time to test and to prove your concept and get some cash flowing.
• Second, it gives you time to reduce living expenses and help your family get used to a new lifestyle.
• Third, where a part time wind down can occur, you don’t burn your bridges either relationally or financially.
• The final point I’d like to make is be confident but realistic when counting the cost of transitioning. Having a good transition plan may make the difference in succeeding or not succeeding.

Think about how your new startup will affect your family

If you have a family to support, it can be really hard to make this decision as you try to factor in what you will need to keep your family afloat.  I tell a story in my book “Prosperity with Purpose”  about how important it is to be aligned with your partner or spouse.  If your partner doesn’t support your new business idea, you won’t be able to fully enjoy it or be at peace about spending money.  Make sure you are both on the same page.

I realize this is a very simple answer to a complex question but take some time to come up with what feels right.  Best advice I can give you is go with your gut.  If things are lining up for you to be able to quit your day job, then go for it.  But try doing both for a while and see how that goes…if you have enough passion for your new start up, you won’t mind the long hours.