DollarDiva™ Business Plan Competition Tips

Here are some questions to help you get started as you begin to put together your Plan using the Template provided here. (Get template)

Executive Summary

With just a one-page summary, this is your chance to wow your reader (hopefully a potential investor or maybe a business partner) with your idea and analysis.

Who are you and what’s your idea?

1. What is it you want to sell or make? Is it really needed? What makes you think the time is right for your product or service?
2. What are your short and long term goals?
3. What are the benefits of buying your product or service? Does it do any harm to people or the environment? Does it do good things? Is it beneficial in some way?
4. How will you get the word out?
5. Where will your Company operate and will it be profitable? When?

Management

Don’t be shy! Investors need to know their money’s in good hands.

1. Who are you? What's your background? Are you a reliable person? What did you do before you got this idea?
2. Why are you the best person to make this idea work? What else have you done successfully?
3. Do you have experience that is relevant? 

Marketing

You may not know it, but pretty soon you'll need what I'm selling.

1. Who needs your product or service? Why do they need it? How do you know?
2. How will you attract customers? Will you use posters? Your sister’s megaphone mouth?  TV or radio advertising?  Direct mail?  The net?
3. Who, besides you, will be out there selling the product or service?
4. How much will this marketing stuff cost? Is it money well spent?
5. What will you charge for your product or service? How did you come up with those numbers?
6. Why will people buy from you instead of your competition? What makes your product or service better?

Operations

How to pull rabbits out of your hat day after day, year after year!

1. Where will you work? Your bedroom? At the local Girl’s Club? In your Aunt’s store? At an office or a factory?
2. What permits or licenses will you need to operate your business? Will you have to let the city or state know what you are doing?
3. What exactly will you need to get started? Where will you get the things you need?
4. Will you make your products or perform services yourself or will someone else be directly involved in your business? What other sort of help will you need?
5. How will the business fit into your schedule, so that you can meet your customersí’ needs and still get your homework done?
6. Will transportation or shipping be a part of your business? How will you handle these?
7. How will you make sure that the product or service is as good as you dreamed it would be?
8. What kinds of problems might come up and what might you do to avoid them?

Finances

Now that I own Park Place, how much does it cost to build a hotel?

1. What will it cost to start your business?
2. What special equipment will you need to get your business running, and how much will this equipment cost?
3. How much will it cost to run your business the first year? How much will you pay yourself? How much will you pay others? In other words, what is your budget?
4. How will your budget change for the second year? Over the first five years?
5. Where will you get the money to start your business? Your savings? A bank loan? An investment from a relative? Income from another job or business?
6. What about profit? How will you make a profit? How much profit will you earn? (Remember, even a non-profit company has to make $$$ to keep going!)
7. When will you repay any loans taken or provide any return on investment?

Success

I knew I could, I knew I could, I knew I could!

1. How long will it take to get your business running? How will it change over time?
2. How will you know that your business is successful? What does success mean to you? Fame? Hundreds of employees? Cash? Early retirement? Independence? Lots of travel? Possessions?
3. Will your success make a difference? How will it change your community? Your state? The environment? Society? The world?

Remember: These questions are not the only questions entrepreneurs must ask themselves, but the questions the judges will have about your business idea. Consider them all carefully.