Growing a Successful Business Plan

The advice given by professionals such as Bobby Flay and Oprah Winfrey that I wrote about in my last post has proven to be extremely helpful in the creation of my own business plan. Some of the ideas I had a few months ago I have learned aren’t exactly the best for the type of business I want to start. Although what they are advising me to do today may not make much sense, I believe down the road their advice could be what helps me win over investors.

With regards to my own business plan, I have chosen to reevaluate some of the components that it entails in order to increase my chances of success.  Among these are my company’s name and its logo. Although the name of my restaurant is concise and reflects the concept behind my restaurant, I do not feel as though it is unique and catchy enough to stand out from my competitors. I also changed my slogan because I felt it didn’t reflect the type of image I wanted to create for my restaurant.  It also did not tie in very well with my restaurant name and logo, which is something Bobby Flay and Steve Ells stressed as an essential part of any restaurant idea.

When I first started writing my business plan, I really didn’t have a firm idea as to what type of restaurant I wanted to create.  One week I thought I wanted to focus on just serving fresh food from any supplier I could get it from, then the next week I wasn’t sure if I wanted to be a fast food restaurant or a more formal dining place. However, I now understand how important it is to really know what my plan is for my restaurant.  This will allow me effectively convey my idea to investors.

It is essential for anyone trying to start a business to attract investors. Without capital, it is impossible to start a company.  That is why I feel the most important part of any business plan is the financials.  You may have an idea that investors may not like, but if you can show that it is profitable, they will be more inclined to invest. 

Through all of the research I have done, and after reading articles and watching videos composed by industry experts, I found that they all stress the importance of a good business plan. Whether you want to open a restaurant, or a PR firm that specializes on working with celebrities, it is important to listen and learn from others.  This is one of the main things I have taken away from everything I have learned. So firm up your business plan, because much like a celebrities’ bodies, investors will be looking for a flaw in your idea any where they can find one.


Sources:
http://bpexpertviews.blogspot.com/