Startup Venture Capital Essentials: Business Plan Writing
There are some entrepreneurs that think that just because they have a great idea it would be sufficient enough. Unfortunately, that is not the case. If you show up with a bright idea but an incomplete business plan, then chances are your business plan gets dismissed.
Here are some tips for writing a good and solid business plan which would reflect your solid business idea:
A vision-mission is important. Going straight to the business plan during the meeting is insufficient. What you need is something that would make venture capital firms and whoever would read your business plan what kind of values your business is built on. You would need to make them understand both the long-term and the short-term goals of your business.
Indicate what your market or your target customer base want. You do not launch a business because you think that this kind of business would be ideal for the market. You are building a business centered on your preferences, not on what the customer wants. Include them in the plan by showing the market pulse, by showing them numbers that customers really need your product or services.
Do not underestimate competition in your business plan. Address the fact that you have competition and devise a plan that would enable you to work ahead of your competitors.
Leave some space in your business plan for additional information or changes.
Include in your business plan why your business would beat competitors, point out what makes you unique.
You would also have to make sure that your business plan has all the complete elements.
There is a format for a business plan and you should follow it. Here is the format:
Title page and table of contents.
Executive summary. This gives the VCs or the banks a general idea what your business is about, what kind of industry and a short description. You can also put it in the last part of the plan.
Management team and key personnel. People who are involved in making decisions in the company should be stated here.
Description of the product or service.
Market research and analysis of the product or service. This would be where you will show how profitable and hot your product is.
Marketing plan. Marketing, sales projects and promotion plan or strategies should be included here.
Manufacturing schedule and production plan.
Financial plan. This is one is very important. Financial strategies and everything related to financial matters should be stated here.
Risk analysis. You will describe what situations or occurrences can break your company in this part.
SWOT analysis. An analysis about the strengths, weaknesses, opportunities and threats.
Purpose or use of loan proceeds.
Summary. This summary would focus on the potential income that your business is expected to generate from.
Appendix or supporting documents.
A credible business plan would show venture capital firms, how serious you are to raise your capital. And they would not doubt you and your future business ventures success and credibility.
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