In this chapter, you’ll learn how to write a business plan for a coworking space. You’ll learn what to include and what not to include in your business plan, as well as how to present your plan to potential investors.
## What’s in a Business Plan?
A business plan is a written document that outlines the vision, mission, and goals of your coworking business. A business plan should include the following:
– Executive Summary: The executive summary is a one- or two-page overview of your business. It should include a brief description of your company, your vision, your mission, your goals, and your product or service.
Your executive summary should be no longer than one page. If you have more than two pages, consider breaking it up into two or more executive summaries. For example, if you have a three-page executive summary, you can break it into two one-page summaries, or you can create a two-and-a-half-page summary and break it down into two separate summaries of one and a half pages each.
The executive summary isn’t a place to go into great detail about your company. It’s meant to give potential investors a quick overview of what your company is about and why they should invest in it. You don’t want to overwhelm potential investors with information they don’t need to know. Instead, keep your executive summary short and sweet. The more information you include, the longer it will take to read and the more likely it is that potential investors will lose interest and move on to the next business plan they’re reading.
Note: If you’re planning to raise money from angel investors or venture capitalists, you may want to include more information about your business in the executive summary than you would if you were planning on raising money from a bank or other lending institution.
Don’t make the mistake of thinking that you need to include every single piece of information that you can think of. If a potential investor asks you for more information, don’t be afraid to say, “I’m sorry, but I don’t have that information at this time. I’ll be sure to get it to you as soon as I can.”
If you do have a lot of information to share, consider creating a separate document that contains the information you want to share with investors. You can then include a link to that document in the body of the business plan you’re presenting to investors. This way, potential investors can read the information they need without having to wade through the entire business plan.
Don’t forget to include your company’s address, phone number, and e-mail address. If potential investors don’t know where to find you, they won’t be able to get in touch with you if they have questions or need more information. If they can’t reach you by phone, they may not be able or willing to invest in your company if they need to talk to you in person.
If you don’t include your contact information in your plan, investors may assume that you’re not interested in working with them. They may decide not to contact you, and you may never hear from them again. If this happens, you could lose out on a great opportunity to work with a company that could be a great fit for your company and for your customers. If your company doesn’t have a website, you should include your website address in the plan so that investors can find out more about you. You should also include your social media accounts, such as Twitter, Facebook, LinkedIn, and Google+.
Tip: Don’t assume that investors are going to read every single word of your plan. Include only the information that is absolutely necessary for investors to know in order to make an informed decision about whether or not they’re interested in investing in you and your company or working with you in some other way. If an investor needs more information to make a decision, he or she will ask you for it. Don’t be surprised if you’re asked for additional information, and don’t hesitate to ask for the investor’s contact information so you can follow up with him or her.
## Choosing a Name for Your Business
Your business name is one of the first things that potential customers will see when they visit your website or log on to your Facebook page or Twitter account. If the name you choose for your business is a good one, it will help your business stand out from the crowd and make it easier for customers to remember your business’s name. If, on the other hand, you choose a name that’s difficult for people to remember, your business may not get off the ground, and potential customers may not know who you are or what you do.
## Getting to Know You
1. The Importance of a Good Business Name
2. How to Choose a Business Name That’s Easy to Remember
3. Business Name Checklist
4. Finding the Perfect Name for You and Your Company
5. Using Social Media to Find Your Perfect Name
## THE IMPORTANCE OF A GOOD BUSINESS NAME
When you’re looking for a business name, it’s important to think about what you want your business to stand for and how you want people to feel when they think about your name. In this chapter, we talk about the importance of a good business name and how to choose one that’s easy to remember. We also give you a list of questions you can ask yourself to help you find the perfect business name for you and the type of business you’re starting. Finally, we show you how to use social media to find your perfect name and make sure that your name isn’t already being used by someone else.