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Challenge:
Gift Card Company sought to raise five million dollars for their initial
gift card service launch.
When Gift Card Company's CEO first
contacted Scott Andrews at AspireNow, he did not have his business plan
written. He did have the beginning of a team, a loosely-defined concept,
and a desire to make a lot of money.
Gift Card Company lacked a strongly defined
business vision. Without a plan, he was shooting in the dark and an
undefined target. He had a concept, but no contacts to directly raise the
funding he needed. In short, he was in trouble!
They contacted AspireNow for assistance in how to raise the
initial funding required to launch their new service in this exciting
industry.
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Solution(s):
Gift Card Company's challenge broke down as follows: first, their CEO
needed a strong and clearly defined vision for what the company would be
and what it was trying to do. Second, he needed a business plan to
demonstrate that he had studied his marketplace, knew what the competitive
challenges would be, and could bring a team of experienced experts to the
table. Third, he had to demonstrate a plan for revenue generation, with a
financial model for profitability. Fourth, he had to raise enough capital
to launch the company.
AspireNow
focused first on corporate vision. Without vision, a company has little
hope. Our consulting enabled Gift Card Company to determine their plan of
action to become prepared to write a business plan. Months
later, Gift Card Company again contacted AspireNow to review their
business plan. The plan had many holes and would have been considered
inadequate to most of the investors we know. We suggested ways to improve
the plan.
The
plan is currently being revised and AspireNow is helping Gift Card Company
select potential investors to target their request for initial investing.
This solution is an on-going work-in-progress. Keep in touch to learn more
as their success unfolds.
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