My Crossroads

In my previous post, I blogged about two “sharks” from ABC’s hit television show, Shark Tank. Lori Greiner and Daymond John.  I mentioned what they believed to be the key and critical components that investors look for in a business plan.

Based on my own research on these two experts that were highlighted in my post, there was one thing that stood out to me. I also plan to implement this advice in my own business plan. Lori Greiner made mention in an interview with Soledad O’Brien, “Will the product be successful?” I thought about that statement long and hard. I thought about the advice that I received from numerous instructors, and even heard that same advice coming from Tyler Perry in a video. That was to focus on one thing. My business idea was way to broad. For my production company, I wanted to focus on numerous things, such as, plays, film, television, fashion as well as children’s books. In order for my business to be successful I had to narrow it down and really focus in on one thing. It was not until I heard those words that Greiner mentioned that I seriously asked myself  “Was my business going to be successful?” I had to revamp everything that I worked on for the past ten and a half months, in order to ensure the success of my business. How did I do that? My target market is for young families and women. Having multiple children can oftentimes mean that going to the movies is way too expensive. Until I realized that there was a market for web series. I decided that in order for my business to be successful, I needed to go where my target audience was, and create web series’, catered to the entire family.

When an investor is reviewing my business plan, the section that I believe will be the most important is the management portion. This will allow the investor to know how our company will operate. What are the different roles people will play within your company, and how will money be made? I believe this section is important, so that the investor will know the “how” behind them receiving a Return On Investment.