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May 2, 2007

Why Getting Your Business Plan Reviewed is Important

Mary Schmidt, a "business developer and marketing troubleshooter' (a.k.a. consultant), recently wrote an article where she described some fatal mistakes in a business plan a few University of New Mexico MBA students had helped develop. The mistakes included a poorly developed marketing strategy and a misunderstanding on what venture captialists are looking for in an investment - two common mistakes in business plans. Her comments reminded me of how important it is to have your business plan reviewed by a third party before distributing it to investors.

After you write you business plan (hopefully with Business Plan Success!), show the plan to a few people you trust who are experienced with starting and funding businesses. There are also companies that perform this service for free or for a nominal fee. In any case, having your plan reviewed before sending it out to potential investors is likely to save you a lot of time, money, and headache.

BONUS: On her website, Mary has a One Hour Business Plan" worksheet that you can use to start brainstorming your business plan. It is similar to some of the advice that we include in the User's Guide for Business Plan Success and a great place to start if you're thinking about writing a business plan.

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May 1, 2007

Search for Sample Business Plans

If you're looking for a sample business plan to help you get started on your own, you should check out the Sample Business Plan Search Engine. This is a new website from Business Plan Success that lets users search for sample business plans on webpages all over the internet. It is also a completely free service.

Check it out when you get a chance - www.businessplansearch.com

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