Cortney Liana August 5, 2021 Business Plan
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.
To understand your competitors and the industry, you`ll need to do market research. Invest time and effort and do market research correctly. A business can`t succeed if the owners don`t understand their industry, target customers, or the competition.
The investment decision is about the content – the team, the market, the differentiators, the scalability, traction so far, validators, growth potential – not the presentation or formatting of the plan.
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.