The business plan is meant to attract investment for starting a new business or expanding an existing one. It is normal for 9 out of 10 business plans to be rejected because VC or Angels find them unattractive or unreliable. So what does it take to create a business plan that can deliver results? Here are some points.
A. Talk to people who ‘Been there and done it gives you a fresh perspective on venture capital businesses. Teachers at Cell, Entrepreneurs, and Venture Capitalists can also share great ideas to keep you moving.
B. Another important factor before you proceed is to understand that the business idea is viable. You may have traveled great distances and built a great business plan just to realize that there are flaws in your own ideas. Customize your idea and business model before taking notes.
C. If you are sure to write a great map yourself, do it yourself. However, if quotes like financial marketing or strategy don’t ring the bell, hire a great business plan writer. However, you need to clearly take note of all your objectives and share them with the professional who wrote them for you.
D. The plan’s gist should be a summary for managers, market potential, marketing strategies, competition, and finance.
E. Venture Capitalists and Angels are interested in numbers. They want to see how the business is going in 3 years (essentially the time frame they want to leave). You have to do your homework to protect the numbers you put in the plan. If it is an already established business, you can forecast your current income. However, if it is a new venture, you need to back it up with good market analysis and research.
F. If you are unsure about financial projections and breakeven analysis, get help from a business plan professional. They will help you build finances based on your business model.
Don’t forget about the ‘appearance’ factor of the business plan. Every venture capitalist wants to see a well-designed plan that looks good.