Wondering how a crowdsourced business plan might come together? Frankly there is no set standard, at least not yet, for this relatively new phenomenon, but the "crowdsourcing" movement does have its fingers in a wide range of industries and business planning is no exception. You can get your initial proposal written by a team instead of an individual, for example, or turn to a large base of users on the web to garner opinions about what sort of strategy (management, marketing, etc) will be best for your specific company and its vision. The adage that the knowledge of the masses is better than the knowledge of one holds true for this concept. But no matter how you get your plan produced, ensure that it answers:
• What is the product or service your business plans to deliver?
• What marketing will you perform to get it recognized?
• Who do you expect will be the main buyers?
• What competing business models must you contend with?
• How much capital do you need for the company?
A crowdsourced business plan might get most complex on the issue of financials, as "too many cooks in the kitchen" can be a real phenomenon when it comes to projection modeling. The business plan will need to have a pro forma financial model that illustrates how you plan to spend your seed capital and what the timeline is either for loan repayment or an exit for your investors. Showing a revenue forecast, break-even point, profit and loss table, cash flow, and balance sheet for each year you model out (at least three, for a loan) is vital. Do you need help with the pro forma in the plan or the market research for your new company? Call the business planning experts at MasterPlans toll-free at 877-453-2011.
