You need to modify your business plan depending on the nature of your business and who is going to read it.
These challenges shouldn’t stop you from making a business plan.
It’s a great way to think your company through, identify weaknesses in your business concept, and discover new opportunities that you didn’t see before.
A good business plan will put you on the path to success and help you create contingency plans to deal with speed bumps.
Don’t make the mistake of talking about how amazing your product or technology is, while forgetting that it's all about the customer.
The solution you are providing the customer must not only be good, it must be important--addressing a problem that the customer has an urgent need to solve, right now.The business plan can be compared to a marketing brochure.Your goal is to get the investors as excited as you are about the future prospects for your venture. It’s an expression of your vision for future success. Investors want to back companies that can achieve considerable size in a three- to five-year period.Approach this by showing what you will do to ensure your product or service offering is so superior that your customers would have little incentive to buy from anyone else. Build credibility with investors by showing past successes your team members have had that will translate into success in your new venture.Show what types of skills and experience are required to succeed in this type of business--and how you have gone about assembling your team with these specific requirements in mind.To attract investment capital for your venture, you have to think like an investor as you write your business plan.Both venture capitalists and angel investors have the difficult task of balancing risk versus reward in their decisions.Demonstrate you can sustain your competitive advantage.The most difficult part of writing a business plan is articulating what you will do to maintain your position in the market as time goes by and new competitive threats appear--which they invariably will.Business plans can be anywhere from a single page to 30, 40, or even 100 pages depending on the complexity.Contrary to what you might think, you don’t need to start your business plan from scratch.