| Most future business owners create at least a simple | | | | groups and angel investor groups that have monthly |
| business plan as an operating guide or to help facilitate | | | | meetings. Their attendees go beyond investors |
| a small business loan. If you are going to invest the | | | | themselves. They include people with a variety of |
| time to create a plan, there are many other ways this | | | | reasons for wanting to meet future business owners. |
| work could and should be leveraged. | | | | The presentations at these meetings are usually made |
| It's true that you wouldn't want your plan showing up | | | | by would-be entrepreneurs presenting some aspect of |
| on the internet for the whole world to see. But does it | | | | their business plan. The formats vary, but typically |
| have to be labeled top secret and kept under lock and | | | | some feedback is provided to the presenters. |
| key? This article explores some ways successful | | | | Mentoring Organizations. There are many types of |
| entrepreneurs leverage their business plans to help | | | | mentoring organizations. When you've just put together |
| launch their new ventures. | | | | your business plan and are looking to take it for a test |
| For any of the ideas below, always give careful | | | | drive, look for those whose mission is to help nurture |
| consideration to who your audience will be. Next, make | | | | new businesses. Your local chamber of commerce, |
| some decisions about which sections of your plan | | | | SBA office or even your banker can probably help |
| should be revealed. Finally, think about the level of detail | | | | you identify mentoring organizations in your local area |
| you would be willing to share with your audience. | | | | that can provide insight and feedback. |
| The risks of handing out copies of your business plan | | | | Universities. Contact the business department of a |
| to a broad audience are high and easily understood. | | | | local university and find out the name of the dean of |
| (Don't do that.) However, properly managed, sharing | | | | the business department, or a department closely |
| your plans and ideas at an early stage can be | | | | aligned with your type of business. Contact them by |
| tremendously beneficial. You will suddenly find that you | | | | phone or email. Let them know that you've developed |
| start to meet new prospective partners, investors, | | | | a business plan and you're looking for qualified experts |
| advisors and potential key employees. Let's not leave | | | | who might review it. Many MBA programs look for |
| out customers. Any time you're talking about your | | | | individuals to present their plans to their classes. Still |
| business, you're marketing it to future customers. | | | | others assign a group of MBA students to work |
| Here are four ideas that are available to just about | | | | directly with the business owner over a period of |
| anyone at little or no cost. Review the list of ideas | | | | several weeks. There is usually no cost for this type |
| below and see which ones are right for you. | | | | of assistance. |
| Business Plan Competitions. Many organizations host | | | | Making it Happen. These are just four ways you can |
| competitions for future business owners and their | | | | leverage the work you've invested to write your plan. |
| business plans. The guidelines vary on which aspects | | | | Once you start thinking about the value of promoting |
| of your plan must be submitted. A few minutes spent | | | | yourself and your plan, other opportunities will show up |
| on Google will help you find local and national business | | | | on your radar as well. Even if you are still at the stage |
| plan competitions. Many even offer significant cash | | | | and do not have your plan ready to take outside, take |
| prizes to the winners. Rather than simply submit your | | | | a look at how and when these ideas will be right for |
| plan, use the opportunity to get to know the | | | | you. |
| organization hosting the competition, the judging panel | | | | By carefully and selectively looking for opportunities to |
| and anyone associated with the event. | | | | present your ideas to others, you'll meet new people, |
| Venture Forums and Angel Investor Group. Most | | | | forge new relationships and fine-tune your ideas in |
| medium and large cities have one or more venture | | | | ways that will help you succeed. |