Entrepreneur Plus - Short White
For Subscribers

Build a Better Business Plan Bypass some of the most common mistakes made by startup entrepreneurs, and you'll zero in on a better business plan.

By Mark Henricks

Opinions expressed by Entrepreneur contributors are their own.

Jessica D. Herrin's first experience presenting a business plan to investors taught her many lessons, including a hard-knocks course in humility. During the dotcom boom, Herrin's plan for an online wedding gift registry called for selling products directly to consumers and also through retailers. Herrin, a business school student at the time, lacked wedding industry experience, so she didn't know retailers would never support a startup that competed with them. "When we presented the plan, people looked at us like we were crazy," Herrin recalls.

But the 34-year-old Burlingame, California, entrepreneur turned out to be crazy like a fox. She revamped the plan to employ a retailer-only distribution system and eventually got funding for her gift business. And before she even began to solicit investors for her latest business, a custom jewelry maker, she spent time with a retailer partner who showed her the industry ropes. As a result, Herrin was able to quickly raise the $350,000 in seed money Luxe Jewels needed to get off the ground in 2004. Today, Luxe has $1.2 million in sales, 10 employees and a CEO with a strong appreciation for the power of avoiding deal-breaking mistakes in a business plan.

Continue reading this article — and all of our other premium content with Entrepreneur+

Join the internet’s leading entrepreneur community! With your subscription you’ll get:

  • Access to all of our premium content and an ad-free experience
  • A complimentary subscription to Entrepreneur Magazine
  • Four free e-books a year and 20% off everything from our bookstore
  • Exclusive events with business celebrities and successful entrepreneurs

Editor's Pick

'Catastrophic': Here's What You Should Know About the Debt Ceiling Crisis — And How a Default Could Impact Your Business
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Business News

'All Hell Is Going to Break Loose': Barbara Corcoran Issues Warning About Real Estate Market, Interest Rates

The "Shark Tank" star appeared on FOX Business' "The Claman Countdown" this week.

Money & Finance

3 Ways to Create Multiple (Big) Streams of Income

Here are three ways to create multiple streams of income. These strategies require effort and resources but offer significant financial potential.


This Apple Watch Alternative Is on Sale for Only $37.99

This feature-packed watch can be used to make calls, check notifications, and more.

Business News

Talk About A Long Movie — The 'Oppenheimer' Film Is Literally 11 Miles Long And Weighs 600 Pounds

The WWII film about the invention of the atomic bomb is set to be the next big hit from filmmaker Christopher Nolan.


The Real Reason Why The Return to Office Movement is Failing is Revealed in New Study

There is a vivid sign of the disconnect between employees and their workplace, a glaring indication that companies need to revise their scripts to improve their hybrid and remote work policies.

Business News

Airbnb Is Suing New York City Over Short-Term Rental Restrictions: 'Extreme and Oppressive'

The home-sharing and vacation rental marketplace is taking action against New York City's Local Law 18 which imposes restrictions on short-term rentals.