Previously, I blogged about a few different perspectives on business plans provided from successful businessmen. In developing my own business plan I have and will further incorporate their advice.
Mark Cuban, owner of the recent NBA World Champion Dallas Mavericks, had two big points that stuck with me for business plans. First, Cuban says that the business plan must demonstrate that the product sells for more than it costs to produce (2009). This is not an easy thing to illustrate in a sports agency business plan. Not only are returns on investments always in question, but they also can vary considerably per athlete-client. The best way to represent this in my business plan will be through statistics and averages--showing the expected amount of clients and the average return from contracts, marketing and endorsements combined per client. This information would show potential investors that my agency has a solid grasp on the amount of clients it needs to attain to be successful, as well as how many athletes must be solicited to be able to sign the needed amount of clients.
The other point Cuban makes is that the service or product has to be something people need, and that your business plan must show it (2009). For my agency these needs include contract negotiation, marketing, social media management, career counseling and our niche in personal development. The best way for us to represent these needs is through both statistics and industry insight. Statistics include showing how many athletes retain agents as well as the market for endorsements. Industry insight explains the need on a more intellectual level. For example, the plan will explain how social media management will not only create endorsement opportunities, but also a strong brand presence leading to post- career opportunities.
The other expert that provided a good point was Tim Berry, President of Palo Alto Software. In a nutshell, Tim said not to get caught up in the formality and structure of a business plan, but at the same time to make sure it is thorough and covers the important information (2007). As I have been creating my business plan, I have kept Tim’s point in mind. As I see templates, I make sure not to make my plan look like other templates, with all the same topics and headings, but rather that it covers the same areas and my own structure.
Lastly, the most important section of my business plan is the Executive Summary. MasterPlans.com agrees, and says “The important thing to understand is the business plan executive summary is an overall business description, thus it should briefly touch on every core element of the business.” For my agency, this section will be key to grabbing the interest of the reader, and briefly but effectively let them know what I do, how I do it, and why I will be successful at it. This is especially important for such a competitive industry. It will be key throughout the business plan to highlight what makes my agency unique, and how that will contribute to its success.
Berry, Tim (2007) - http://timberry.bplans.com/2007/06/use_a_wordpress.html
Cuban, Mark (2009) - http://blogmaverick.com/2009/02/09/the-mark-cuban-stimulus-plan-open-source-funding/
MasterPlans - http://www.masterplans.com/help/business-plan-section-executive-summary.php
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