Monday, April 15, 2013

3 Elements of Every Successful Business Plan

Casual-meeting-istockphotoLauren Hockenson2013-04-15 15:37:30 UTC

So you have a great product, platform or business that you’re stoked to start up. It can be an exciting and thrilling opportunity to get your own company up and running, but it’s also filled with stress and anxiety — that road can be full of obstacles and a lot of confusion.

Well, first things first: Have you done your business plan yet?

It sounds trite, but the business plan is really the roadmap to success. When done correctly and thoroughly, that document can not only put you on track to proper growth and healthy strategies, but it can also be the perfect way to introduce your company to potential investors.

Here’s a list of guidelines that will help you craft the right business plan for your organization. Keep in mind: All businesses are unique and have their own specific challenges that must be met. But, if you stick with these characteristics, you will already be miles ahead from where you started.

What’s your business plan must-have? Let us know in the comments.

Many people consider a business plan to be the novelization of their ideal path to creating a company, jamming all hopes, dreams and projected profits into a pages-long document that, frankly, no one is interested in reading. A business plan doesn’t have to be filled with everything you’ve ever wanted in your business — it just needs to be straightforward.

“People think that a business plan needs to be a multi-page document that’s poetic in nature, and that’s not the case

“People think that a business plan needs to be a multi-page document that’s poetic in nature, and that’s not the case," says Barbara Findlay Schenck, author of Business Plans Kit For Dummies. “What you need to have is a piece of paper that details the main things that will keep your business on course.”

Schenck says the myth of the business plan as a lengthy document doesn’t match reality. In fact, just writing down the basics of your business is enough to think about your company’s pathway clearly, and how exactly you or your team will move forward.

Business plan specialist Greg Goodman agrees that excessive detail in a business plan, including month over month statistics or intense data projections, can not only be a burden on the company but also set unrealistic expectations for investors. An even worse mistake can be a business plan that includes a restrictive NDA.

“There’s a great grey area, and most VCs I’ve encountered will not sign one,” Goodman says. “They’re not going to sign it because they have the same liability issues as a company looking at an outside product. What if they’re already looking at developing it internally? Do they want to get sued by someone from Pennsylvania who thinks they have the greatest thing since sliced bread, but in fact they’re duplicative of something they’re already working on? It’s not worth it to them.”

Simple doesn’t mean sparse — the best business plan will be diligent in outlining the characteristics of the company that are most important. Hammering down the basics of your business, everything from a personnel onboarding plan to securing the proper name rights and trademarks, will ensure no important detail is left unchecked.

In her book, Schenck says that there are must-do tasks to make the business plan a useful document:

Describe the business.

Describe the product or service.

Describe the competitive environment of the product.

Describe how the business will make money through a business model.

Describe how to market the business.

Describe how you’re going to produce the product.

Describe the business team, whether it’s you or a small team.

Describe the financial projection, including how much money you need and how much money you will profit.

These tentpole concepts may seem obvious to some, but Schenck says she is surprised at how often these characteristics are missing from business plans of all kinds.

“It’s amazing how many businesses start without that knowledge and fail without that knowledge,” Schenck says.

Goodman says that even though it’s trite, the “roadmap” analogy is the most accurate way to approach the development of a business plan. By outlining all of the major points and remaining stringent about your details, you can have a solid pathway without the need for unnecessary details — and perhaps learn more about your own business in the process.

“You always should have a business plan just so that you guide your own steps,” Goodman explains. “The reality is that it has a certain value — it’s not just plotting out Step A to Step B to Step C. Once you start putting details on paper, you see stuff you wouldn’t have seen otherwise.”

No two businesses are alike, so business plans are not one-size-fits-all. Although it may be tempting to rip off a boilerplate business plan or to copy the plan from a successful business, that denies you the ability to address the unique challenges of your particular company. Worse, an untailored business plan is an easy way to set yourself up for failure.

“The business plan needs to mirror the proposed business endeavor

“The business plan needs to mirror the proposed business endeavor,” Goodman explains. “So, what goes into it is everything that is necessary to depict that particular proposition, whether it’s a candy store or some high-tech venture.”

Goodman says that when writing a business plan, it’s important to write to your particular audience. If the business plan is a strictly internal document meant to keep the performance and growth of your company on track, then it should emphasize internal information that will help that (such as hiring order or important partnerships). If the business plan is an external document, then it’s all about writing about your business as attractively as possible to get investors intrigued.

“Even seasoned people don’t necessarily get that you need to think about who is reading your document,” Goodman says. “Your audience is different, and your audience can only be judged in relationship to yourself. If you’re Joe or Susie Smith and nobody knows your background, you need to write differently and make a different pitch for venture firms.”

Schenck says understanding the nature of the business is key to producing a great business plan. It’s important for founders to think about the purpose of the business, what they’re selling, who their audience is, and how it will make money. Those are questions that need to be answered right on paper, although Schenck asserts many businesses can’t answer them right away.

“These questions can be answered on the back of a napkin for all I care, but when you’ve answered them, you’re in business.” Schenck says. “Those questions answer what you’re doing, who you’re doing it for, how you’re doing it and how you’re going to make money doing it.”

Remember, your business is unique and deserves special care when crafting a plan for success. Making a fair assessment of your needs and planning accordingly will ensure that your plan is stable enough to get you off the ground.

Image via istockphoto, fotostorm

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Rising Seas Swallow 8 Cities in These Climate Change GIFs

Jefferson-thumbLorenzo Franceschi-Bicchierai2013-04-05 20:26:30 UTC

Climate change and global warming may cause sea levels to rise and flood coastal cities across the world. Over the past century, the Global Mean Sea Level has risen by 4 to 8 inches. And according to estimates by the National Oceanic and Atmospheric Administration (PDF), it will keep rising between 8 inches and 6.6 feet by 2100.

How will the world look if that happens? In November of 2012, The New York Times published interactive maps displaying the effects of the sea level rising, in a series titled "What Could Disappear?" The maps show how much land the sea will claim in the future, if it rises by 5, 12, and 25 feet.

Nickolay Lamm, a 24-year-old researcher and artist saw the interactive maps and wondered: "What would this actually look like in real life?" Lamm told Mashable in an email interview that "the only imagery I had of sea level rise came from Hollywood." So he decided to put his skills to work.

"I felt that if I could bring these maps to life, it would force people to look at sea level rise in a new way," he said.

On February 8 he got in touch with Remik Ziemlinski, from Climate Central, who had helped the Times create the maps and he received the high-resolution maps from him. Lamm then chose different U.S. landmarks to illustrate the potential floods and found stock photos of the landmarks (he initially wanted to use screenshots of Apple 3D Maps but couldn't get permission from Apple to use them). He decided to use the same levels the Times had. To "figure out the depth of flooding for each sea level rise," he used Google Earth and topography maps.

Once he had all that figured out, all he needed was to work with Photoshop. Lamm told Mashable that it took approximately between 5 and 15 hours for each scene to be illustrated. This week, he finished working on them and he now has sets of four images, showing eight different locations in the United States and how they might look if the sea level keeps rising. His project was commissioned by StorageFront.com.

We made GIFs of the scenes he created. Take a look at them below.

Miami's Ocean Drive

Miami's South Beach

Statue of Liberty

Washington Monument

Jefferson Memorial

Harvard University Campus

Boston Harbor Hotel

Boston Back Bay

All images courtesy of Nickolay Lamm, StorageFront.com

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Facebook Home Ad Encourages Phone Use During Family Dinners

Seth Fiegerman2013-04-15 15:00:45 UTC

Facebook Home can make spending time in your real home a little less boring — at least that's the suggestion in a new ad for the product.

Facebook's latest video for Home shows a young woman checking her friends' status updates on her phone to escape the "dull" conversation her family is having at the dinner table. Each update she sees on the phone comes to life around her — one friend pounds away at the drums in the corner of the room, another group of friends have a snowball fight around the table — drowning out the real-world conversation in the process.

The social network has used this formula in several ads now to promote Home, an Android launcher that centers the smartphone experience around friends rather than apps. In one video, an airline passenger checks Home to entertain himself while waiting for takeoff; in another video, a Facebook employee turns to Home to drown out the sound of his boss Mark Zuckerberg talking.

While the videos are clearly intended to be a bit tongue-in-cheek, some have started to question whether Facebook should be encouraging people to use their phones in situations where it would be considered inappropriate, like during an office meeting or a family dinner. The dinner ad in particular received some harsh words from a writer at Forbes. "This ad simply showed someone blowing off her real-world relatives for her more exciting friends doing more exciting things," he said. "In other words, Facebook Home makes it a whole lot easier to be rude to your family and in-the-flesh friends."

Do you think Facebook is setting a bad example with these ads, or are people just making a fuss about nothing? Share in the comments.

Image courtesy of YouTube, theofficialfacebook

Screen-shot-2013-04-04-at-1-05-42-pm Screen-shot-2013-04-04-at-1-05-49-pm Screen-shot-2013-04-04-at-1-06-57-pm Screen-shot-2013-04-04-at-1-09-12-pm Screen-shot-2013-04-04-at-1-10-44-pm Screen-shot-2013-04-04-at-1-12-09-pm Screen-shot-2013-04-04-at-1-13-10-pm Screen-shot-2013-04-04-at-1-26-59-pm Screen-shot-2013-04-04-at-1-27-22-pm Screen-shot-2013-04-04-at-1-28-31-pm Screen-shot-2013-04-04-at-1-29-15-pm Screen-shot-2013-04-04-at-1-39-09-pm Screen-shot-2013-04-04-at-1-30-55-pm Screen-shot-2013-04-04-at-1-33-53-pm Screen-shot-2013-04-04-at-1-43-00-pm Topics: Advertising, Business, commercials, Facebook Home, Facebook, Marketing if(window.pageChanged) window.omni({"channel":"business","content_type":"article","top_channel":"business","content_source_type":"Internal - Editorial Series","content_source_name":"Edit-Facebook-home","author_name":"Seth Fiegerman","age":"0","pub_day":15,"pub_month":4,"pub_year":2013,"pub_date":"04/15/2013","isPostView":true,"post_lead_type":"YouTube Video Lead"}); metaData = {"link":[["canonical","http://mashable.com/2013/04/15/facebook-home-dinner-commercial/"],["image_src","http://rack.2.mshcdn.com/media/ZgkyMDEzLzA0LzE1L2NkL0ZhY2Vib29rSG9tLjc4M2E2LmpwZwpwCXRodW1iCTcyMHg3MjAjCmUJanBn/c06f3c3d/55e/Facebook-Home-ad.jpg"]],"meta_property":[["og:url","http://mashable.com/2013/04/15/facebook-home-dinner-commercial/"],["og:title","Facebook Home Ad Encourages Phone Use During Family Dinners"],["og:type","article"],["og:site_name","Mashable"],["og:image","http://rack.2.mshcdn.com/media/ZgkyMDEzLzA0LzE1L2NkL0ZhY2Vib29rSG9tLjc4M2E2LmpwZwpwCXRodW1iCTcyMHg3MjAjCmUJanBn/c06f3c3d/55e/Facebook-Home-ad.jpg"],["og:article:published_time","2013-04-15T15:00:45Z"],["og:article:modified_time","2013-04-15T15:00:57Z"]],"meta_name":[["description","Facebook Home can make spending time in your real home a little less boring \u2014 at least that's the suggestion in a new ad for the product. Facebook's latest video for Home shows ..."],["keywords",["facebook","commercials","uncategorized","business","advertising","marketing","youtube-video-lead","facebook-home","edit-facebook-home"]],["twitter:title","Facebook Home Ad Encourages Phone Use During Family Dinners"],["twitter:description","Facebook Home can make spending time in your real home a little less boring -- at least that's the suggestion in a new ad for the product. Facebook's latest video for Home shows a young woman checking..."],["twitter:image","http://rack.3.mshcdn.com/media/ZgkyMDEzLzA0LzE1L2NkL0ZhY2Vib29rSG9tLjc4M2E2LmpwZwpwCXRodW1iCTU2MHg3NTAKZQlqcGc/8f42d5e3/55e/Facebook-Home-ad.jpg"],["twitter:site","@mashable"],["twitter:url","http://mashable.com/2013/04/15/facebook-home-dinner-commercial/"],["twitter:creator","@mashable"],["twitter:card","player"],["twitter:player","https://www.youtube.com/embed/voWvqBsyYbE"],["twitter:player:width","435"],["twitter:player:height","245"]],"short_url":[["short_url","http://on.mash.to/15fHRm8"]]};

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Posted by Chris Holman at 7:58 AM 0 comments
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Ad Suggests Kim Jong-un Should Get 'Great Bod' to Reduce Stress

Kim-jong-unSamantha Murphy2013-04-15 16:50:44 UTC

Everyone knows that a workout can wash away daily stresses and aggregation, so if you ask gym franchise company New York Sports Clubs, all Kim Jong-un needs is a good jog.

NYSC in New York City ran an advertisement in Monday's Metro newspaper suggesting North Korean leader Jong-un should invest in whipping his body into shape to better the world as a whole.

Kim Jong-un Ad

"Kim Jong-un, with a great bod, you don't need a big missile," the ad says. "Exercise reduces aggression and makes you more attractive to others. Join today."

The ad comes following news reports that North Korea is readying nuclear weapons small enough to be delivered on a ballistic missile.

What do you think of the messaging? Funny or a stretch? Let us know in the comments.

Image via Ed Jones/AFP/GettyImages, and ad image via Lyna Nyna Nguyen

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#BackIn7thGrade Brings Up Crushes, Braces and Awkward Dances

Braces.jpgEric Larson2013-04-05 19:41:26 UTC

Trending topics hit Twitter every day. In this recurring series, "Behind the Hashtag," we take a look at the most intriguing ones — of any nature — being tweeted across the web.

One of today's most popular hashtags, #BackIn7thGrade, is all about nostalgia. For some, myself included, 7th grade was the time when kids from different schools from across the city merged into one, stress-inducing jail cell called "middle school." It was a nerve-wracking, make-the-wrong-move-and-you're-socially-dead kind of pressure that a full set of braces and paralyzing fear of the opposite sex only made worse.

The insecurity, the dances, the growth spurts and the hormones ... oh, God, the hormones.

Thankfully, the Twitterverse is as familiar with 7th grade-phobia as I am. The #BackIn7thGrade hashtag, first used early Friday by parody account SheRatchet, was retweeted more than 6,300 times.

Tweeters across the board used it to reminisce, reflect and rehash the best and worst parts about being 13. Check out some of our favorites below. (And, if you're currently in 7th grade, keep your head up — it gets better.)

What topics did you see circulating on Friday?

Image via iStockphoto, elgol

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Revolights Illuminate Your Bike With Built-In LEDs

Vignesh Ramachandran2013-04-15 19:11:16 UTC

If you bike at nighttime, you're probably all too familiar with the challenges of keeping visible on the road. Reflectors and standard bike lights often help, but a Northern California startup has a unique solution that incorporates LED lighting directly on bike wheels.

If you're a cycling enthusiast, you may have seen or heard of Revolights in the past. The company rolled out its original LED bike lighting system after its first Kickstarter project was a huge success in 2011. But the original product was not an easy installation process and involved mounting the light ring with clips to your existing wheels. So the team listened to feedback and they've now designed "Revolights City v2.0," which are bike wheels with the LED lights directly built into them.

It's the perfect combination: stylish and safe.

"Our goal is to treat bikes like vehicles," Revolights co-founder and CEO Kent Frankovich told Mashable at Stanford University's Cool Product Expo on Wednesday.

That's why the company's Revolights Wheels incorporate taillights and brake lights, just like a car. The lights increase your visibility as you ride, making it easier for you to see your own path and allowing motorists to more clearly spot you.

It's telling when you see it yourself: Watch the above video to see Revolights in action.

The wheels come with batteries that can be removed and charged via USB. They generally last for four hours of lighting, Frankovich said.

The fundamental premise of Revolights is really about safety, according to Frankovich: “We really want commuters to be safe riding to and from work." According to the National Highway Traffic Safety Administration, in 2010, 618 pedalcyclists died and 52,000 were injured from traffic crashes with motor vehicles.

Revolights is raising funds on Kickstarter for this second generation model. With still 32 days left to go in this new Kickstarter campaign, they've already surpassed their $14,500 goal: Backers had pledged more than $25,000, as of Friday afternoon. Backers can get a front wheel for $217, a rear wheel for $229 or a complete set for $399. For backers pledging well over a grand, they've also partnered with San Francisco's Mission Bicycle Company to offer new bikes with Revolights Wheels already incorporated. Shipping is expected to begin this summer.

If you're a cyclist, what kind of bike lights do you use? What do you think of these built-in bike wheel lights? Share your thoughts in the comments.

Thumbnail and above image courtesy of Revolights by Glen McKenna. Image below by Vignesh Ramachandran/Mashable. Video editing by Bianca Consunji/Mashable. Additional b-roll video courtesy of Revolights.

Topics: bike, biking, cycling, Gadgets, Health & Fitness, kickstarter, LED lights, Tech if(window.pageChanged) window.omni({"channel":"tech","content_type":"article","top_channel":"tech","content_source_type":"Internal","content_source_name":"Internal","author_name":"Vignesh Ramachandran","age":"0","pub_day":15,"pub_month":4,"pub_year":2013,"pub_date":"04/15/2013","isPostView":true,"post_lead_type":"YouTube Video Lead"}); metaData = {"link":[["canonical","http://mashable.com/2013/04/15/revolights-bike-wheel-lights/"],["image_src","http://rack.2.mshcdn.com/media/ZgkyMDEzLzA0LzE1L2VkL09mZmljaWFsUmV2LjhmMzBkLmpwZwpwCXRodW1iCTcyMHg3MjAjCmUJanBn/89fbc70c/219/Official-Revolights-photo-at-night.jpg"]],"meta_property":[["og:url","http://mashable.com/2013/04/15/revolights-bike-wheel-lights/"],["og:title","Revolights Illuminate Your Bike With Built-In LEDs"],["og:type","article"],["og:site_name","Mashable"],["og:image","http://rack.2.mshcdn.com/media/ZgkyMDEzLzA0LzE1L2VkL09mZmljaWFsUmV2LjhmMzBkLmpwZwpwCXRodW1iCTcyMHg3MjAjCmUJanBn/89fbc70c/219/Official-Revolights-photo-at-night.jpg"],["og:article:published_time","2013-04-15T19:11:16Z"],["og:article:modified_time","2013-04-15T19:11:28Z"]],"meta_name":[["description","Bay Area startup Revolights' second-generation product provides built-in bike wheel lights that give cyclists visibility at night."],["keywords",["bike","cycling","biking","kickstarter","uncategorized","tech","gadgets","health-fitness","led-lights","youtube-video-lead"]],["twitter:title","Revolights Illuminate Your Bike With Built-In LEDs"],["twitter:description","If you bike at nighttime, you're probably all too familiar with the challenges of keeping visible on the road. Reflectors and standard bike lights often help, but a Northern California startup has a u..."],["twitter:image","http://rack.2.mshcdn.com/media/ZgkyMDEzLzA0LzE1L2VkL09mZmljaWFsUmV2LjhmMzBkLmpwZwpwCXRodW1iCTU2MHg3NTAKZQlqcGc/e32fa8f7/219/Official-Revolights-photo-at-night.jpg"],["twitter:site","@mashable"],["twitter:url","http://mashable.com/2013/04/15/revolights-bike-wheel-lights/"],["twitter:creator","@mashable"],["twitter:card","player"],["twitter:player","https://www.youtube.com/embed/nuTBPMKtH3M"],["twitter:player:width","435"],["twitter:player:height","245"]],"short_url":[["short_url","http://on.mash.to/14qextQ"]]};

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Swiss Army-Style Key Organizer Eliminates Jingling

Annie Colbert2013-04-06 03:59:48 UTC

BladeKey aims to silence the jingle-jangle of your keychain.

The organization tool tucks away keys Swiss Army knife-style, eliminating the need for a keyring and saving your leg from painful pokes. BladeKey is currently collecting funds on Kickstarter with a campaign that has exceeded its initial goal more than six times over with four days left.

Prototyping for the product was done on a 3D printer and BladeKey has made the source code for the original design available on Thingiverse.

Amanda-palmer-kickstarter Ardusat Brooklyn-castle Double-fine-adventure Pebble Lowline Continuum Untitled-2 Elevation-dock Penny-arcade

Image via iStockphoto, Guillermo Perales

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Posted by Chris Holman at 2:08 AM 0 comments
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