Are you still unsure whether a business plan is worth the time and investment? Can`t you just jump right into starting and running your business? You could, but you`ll be missing out on some key benefits that a business plan provides.
Provide a brief overview of your team and a short explanation of why you and your team are the right people to take your idea to market. Investors put an enormous amount of weight on the team—even more than on the idea—because even a great idea needs great execution in order to become a reality.
Don`t bother to include terms of a potential investment, as that will always be negotiated later. Instead, just include a short statement indicating how much money you need to raise.
Did you know that the vast majority of business owners and entrepreneurs aren`t business experts? They don`t have MBAs or accounting degrees. They`re learning as they go and finding tools and resources to help them.
Writing a business plan is about establishing a foundation for your business. You`re not predicting the future, you`re working through the core strategy of your business that will help you grow. This initial document isn`t meant to be perfect but is designed to be reviewed and adjusted to help you identify and reach your goals.
It`s trendy to say investors don`t read business plans, but what actually happens is they only read business plans of the businesses they are interested in. They reject businesses from intro and pitch, without reading the business plan.