Later, as the investment process proceeds (if it does), the latest regularly-revised plan will serve as a companion piece to the pitch and a key document for due diligence.
You should know what you want to get out of your business upfront. Are you wanting to turn a side hustle into a full-time business? Trying to expand your team or launch an additional location? Knowing what you`re trying to accomplish, and having questions like these in mind, can help you develop your business plan specifically to reach these goals.
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.
Investors and loan providers need to know that you have a solid understanding of the trajectory of your business. You need to prove that there is an attainable and sustainable need for your solution, that you have a strong business strategy, and that your business can be financially stable.
If you are writing a business plan to get a bank loan or because you`re asking angel investors or venture capitalists for funding, you must include the details of what you need in the executive summary.
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.