The answer is simple. It works. Look back in history and see that the most successful entrepreneurs have had a solid business plan. This is essential not only in the content strategy, but in all of the operations.
Goal setting is an explicit part of productivity and should be the rule rather than the exception in the business plan. When objectives have been outlined, make sure you keep the company accountable, providing additional training if targets aren’t hit. In addition to missed sales targets, creative thinking is needed to think of ALL of the possible obstacles that may be encountered in the business activities.
Research is crucial to find out the target market and feasibility of the content or product, as well as what the competition is doing so you can not only copy what is working, but use innovative strategies to level the playing ground.
Your plan isn’t complete until you have answered all of the following questions:
- Who is the target market?
- Age? Location? Interests? etc?
- What are their wants and needs?
- How are these needs being met?
- What can we do better?
- When is the best time to enter the market?
- How are we going to take action?
- Why is this going to work?
When you have fine-tuned your business plan, the next step is to present to investors. Professional attire and presentation skills are important, but the business plan is what venture capitalists and angel investors will really look at. It doesn’t matter if you drive a Ferrari and wear a hundred-thousand dollar business suit. In the end, investors are really looking for low risk, high profit ideas to fund.