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One absolute necessity if you’re trying to raise capital for your business is a well written business plan. One thing that a lot of entrepreneurs ask is how long their business plan should be. While there are no hard and fast rules about this, a business plan should be no longer than it has to be to get prospective investors interested. At the same time, it also needs to be no shorter than it needs to be to lay out …
A solid business plan takes more than a great idea; it needs solid data to convince investors. This may not be what you want to hear as a creative entrepreneur. However, as a businessperson, you should also have the ability to do the research you need to back up your ideas and show investors that yours is a business which is well worth backing.
Click here to learn how to write great business plan!
There are three major points which …
Do not allow the task of creating a business plan for your venture drag you down. This task can be completed relatively fast and with a high level of quality with the proper frame of mind. Just follow the steps below.
1. Create an Outline
Start by writing down the titles of the 10 divisions of a proper business plan in outline form: Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, Management Team, Financial …
One of the most important sections of your business plan is your Competitive Analysis. In this section, you’ll discuss your competition and evaluate their strengths and weaknesses. Most importantly, this is where you’ll explain how you plan to outperform your rivals.
A lot of entrepreneurs make the mistake of thinking that they have no competition; they assume that their product or service is so unique that they will have their target market entirely to themselves. There is always competition; and …
If you’re in search of investors for your business, potential investors need to see you as credible, a competent businessperson and above all, that you have the smarts to succeed. Your business plan will tell readers if you do or do not have these qualities; and potential investors will figure this out depending on what you write in your plan. You probably know not to say that you have no competition or that your management team is literally the best …
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