Whether you are in the beginning stages of starting your own business or planning on taking it to the next level, you will need a clear and informative business plan. `What is a business plan?` you may ask. In short, it is a comprehensive guide wherein answers to the questions and problems you will face in each stage of growth are laid out in detail.
First, you want your business plan to be read. No one is going to read a 100-page or even 40-page business plan. Sure, you may need supporting documentation for specific sections but you can include those elements in your Appendix.
This can be as simple as having a mentor or partner review elements of your plan, or conducting market research and speaking directly to your potential customer base.
If you say your management team is experienced and qualified to help the business succeed, you have to support that claim with resumes that demonstrate that experience. It`s easy to lose credibility – and investors – if you`re making claims you can`t fully support.
When writing a business plan, have an end goal in mind. You need to ask yourself, Where do I want it to go? What will my business look like? Stated differently, how do you want your business functioning in the next five to ten years? This is your vision.
The pitch is a summary of the plan, organized according to highlights for investors, ideally a way to present your business in a structured way. The business plan is the bones of the pitch, like the screenplay, setting strategy, tactics, milestones, market, and essential numbers.