Use a Mini Business Plan to Arouse Interest
A miniature business plan is a condensed three- to five-page version of a more traditional, longer business plan. A mini plan includes the same vital information as the longer plan, but in a more concise manner to provide a general overview of the business. You can use a mini business plan to introduce the company to prospective investors, lenders, and potential business partners. If the mini plan generates interest, you can then present the more detailed business plan.
Such a plan may include:
An abridged description of the business, focusing on the main concept An overview of your market analysis A short summation of the key products or services offered An overview of the marketing plan A chart outlining financial projections over one, two, and three years A brief biography of each of the key members of the management team
If this shortened version of the business plan is intended to raise funding, include funding information that will be needed to start the company and the sources of existing capital.
The key to creating an effective mini plan is to condense the details into a "TV Guide" version, highlighting the most important elements of each section and presenting them clearly.
If written carefully, a mini plan can prove advantageous. Today, readers are often pressed for time. With a mini plan, the reader can find what he or she wants to know and form a general idea of the worthiness of the business concept(s) more quickly. However, you should be ready with more details should they be requested. In short, a mini business plan is a tool but not a substitute for a more detailed business plan, especially if you are seeking funding.
