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Get ready. Get set. Just don’t start putting ink on your business plan just yet. Since your business plan is so important in securing funding and moving your business forward for substantial success, you don’t want to rush into the writing process.
Take the time to prepare by doing the following:
Understand the basic format of a business plan and why this format is so important
Solidify your business concept and make sure you know what you want to do…
So you have a great idea for a new business, and maybe you’ve already started working on your business plan, but lately it’s been pushed aside because you are intimidated, tired, not sure how to finish it or just too busy. Overcoming procrastination is one of the biggest problem entrepreneurs face in the process of defining their ideas and officially putting them down on paper. Working on a new business plan is time-consuming and challenging, so it’s no surprise that …
You put hours of sweat and tears into your business plan, and when it is finally laid out perfectly you don’t want to touch it again. You want to put it in the hands of investors and wait eagerly for their reactions. You have done your homework and gotten feedback from professionals you trust, and now you are finished with the planning phase of your business, right?
As much as you want to just be done with business planning, you …
Every entrepreneur needs to have a business plan, especially when it comes to securing additional funding. A solid business plan not only makes it easier to stay on track with development, it can convince investors that your business is worth their support. If the concept of creating a detailed business plan from scratch seems intimidating and overwhelming, it’s a good idea to start with an outline that you can fill in later when you have all the required information. Breaking …
When you’re trying to raise capital from investors, you’ll need to address and answer three important questions in your business plan.
How much capital is necessary?
Never resort to tossing out a random figure. Instead, your business plan should specify precise, realistic dollar amounts. Plan ahead for altering your business operations if necessary, depending on how much funding you actually raise. A lot of potential investors will want to know your plans if you receive less capital than you’re requesting. …
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