July 17, 2012
Starting up a new business is exciting. For most folks though, writing up a business plan is not. Just the idea of scraping together a dry document filled with business jargon is enough to make most folks shrivel inside. Yet here you are, dredging the depths of your brain for a plan that will get you the funding youâ€™re looking for.
But guess what? Business plans can be just as exciting as the rest of your new company! A business plan should be a document that lives and breathes and crackles with the life of your big ideas. Yes, you need something sensible that will get funded. Yes, itâ€™ll need to be a detailed, logical plan. But boring? I think not.
Letâ€™s discuss some points that will help you put together a business plan that will knock the socks off your investors.
Tailor your plan to your business
Your plan should be as unique as your business. A business plan template can save you loads of time, but donâ€™t stop there. Start with a great template, and then tweak it so that it reflects the life and character of your company.
Do your research
A haphazard, poorly-informed plan will never get funding. Before you even sit down to write, study up on the field youâ€™re breaking into. Know your competitors, know the market, and most of all, know what banks or investors are looking for before approaching them for funding.
Sell your strengths
What makes you different from the rest? What sets your business head-and-shoulders above the pack? No one wants to invest in one more business in an over-saturated field; however even if the competition is fierce, there are ways that you are different from all the others. You bring something unique to the table, so sell those strengths.
Share your passion
What made you start this business? Thereâ€™s likely a great story and a lot of passion behind it, and that sells. Include your dream and startup story in your business plan. It shows why youâ€™re doing what youâ€™re doing and proves your commitment to success.
Show sound logic
Remember though, that all the passion and dreams in the world wonâ€™t convince financers that you are a sound investment. As you do your research, collect solid facts and findings. Take note of numbers and statistics that can be backed by solid research. While you absolutely do want a business plan that is full of life, it is vital to prove that you know what youâ€™re doing by providing sound logic to back your goals.
Writing a business plan can be a lot of work, but all that initial work will pay out big-time when the funding comes in. You can proceed confidently, knowing that you are working from a sound, solid plan that you (and your investors) believe in.
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