Business Plan Paralysis

HoPeSHoPeS Posts: 1subscriber
edited October 2007 in Business Planning
Hi everyone!
I`m halfway through my business plan and I have suddenly gotten paralyzed. Please give me advice on how to handle these.Should I have the financials (cash flow, forecasting, etc.) reviewed by an accountant or would my personal computations be enough?I`ve developed an affiliate program that I believe is unique. Is it necessary for me to get a patent or a trademark? Who do I ask advice for the details of this?My business is currently a sole proprietorship. I have been advised by a lot of people to change my business structure into a corporation. I would really want to have it incorporated but I can`t seem to get people to become business partners. Someone advised me to get "dummy" incorporators just so that I can have a corporate business structure. However, my readings (from your site and others), along with my gut, tells me to get people who can really help in the growth of the company. I`ve invested a lot of time and money in it already and I`m afraid that when I try to get "incorporators" I would lose control of the business and my vision for it won`t be achieved. I don`t have any plans of selling it in the future for quick cash. Could you shed some light on how to move on to a corporate structure correctly?Should I have a lawyer draft the articles of incorporation, by-laws, etc? Or should I be the one to draft it and just have it checked by them?I would like to show my business plan to angel investors. But I feel boxed in because all angel investors are from outside my country (My business is based in the Philippines). Is it ok to present my business plan to them?I have mentors who have guided me throughout the whole process of my business development. Would it be ok to ask them to become investors also? Or is it better to make them part of an advisory board?
Thanks a lot for a great website for startups!

Comments

  • angolaangola Posts: 2subscriber
    1) I`m new at this as well but, from what I`ve read, for someone seeking $500k or less, the answer would be "No". It is extravagant - a luxury. Find someone who knows business and you should be able to get them to vett it. 3) If you will accept investment, most people are comfortable w/ S/C corps. As for the dummy corps/etc, my thoughts are that, the more complex your legal situation is, the less interest you`re going to receive. People know C/S corps... No surprises...5) For less than $500k, you are going to have a tough time raising money from outside driving distance from your home IMO... at least that`s how it would work in the US. 6) My thoughts on this are that, if you`ve shown them the business plan and they didn`t ask you about investing, they don`t want to! "Hey John, I`ve just finishing my business plan and I need someone to look it over - do you think you could help me out?" If they don`t respond w/ either, "I`d like to talk more about it" or "I have a friend I`d like to introduce you to", you need to revisit your plan. As for the advisory board, sub-$500k, your investors are your advisory board for your first round. Lots of people talk about how you have to build your advisory board to get funding - not so for sub-$500k investment. You`re always looking out for sharp people but really, until you get some decent numbers, an advisory board isn`t really necessary for sub-$500k investment.This is just my opinion and, like I said, I`m no expert.
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  • HoPeSHoPeS Posts: 1subscriber
    Thanks a lot for the advice and the time for replying to my question.
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