Business plans are a challenging startup step for many small business owners who are pitching their business ideas to investors or credit institutions for funding. Because of the vastness of information, business plans can be one of the most overwhelming parts of starting a business. However, it's an important part of starting a business that you should not skip. One survey found that people who created a business plan were twice as likely to successfully grow their business and attract lenders or investors than those who don't. Business plans come in many shapes and sizes; your goal is to convince individuals to buy into your vision, and there's no one-size-fits-all approach to that.
Why Don’t All Entrepreneurs Write Business Plans?
When Should Entrepreneurs Write Their Business Plans?
Businessman talking about work plan photo credit: Getty. Other reasons to start varied from being not ready to retire to dramatic life events such as divorce or death. A bit more than half of all startups actually survive to their fourth year. If we read between the statistics, there is room for hope. Statistics indicate that experience plays a role in the success of a business enterprise. However, successful entrepreneurs are increasingly encouraging new generations to start a business as soon as possible.
Writing a Business Plan? Do These 5 Things First
Is the traditional business plan the right choice? We are all told that we need a business plan, but do we? Is this corporate-world tool still relevant to entrepreneurs wanting to exploit their opportunity in the 21st century? Entrepreneurial educators the world over, including me, have built their courses on the premise we do and there is no shortage of books and consultants prepared to take our money in order to deliver one. Business planning is essential but is the Traditional Business Plan the right tool or is it actually counter productive?
In this edited excerpt, the authors explain how to present your plan to investors or other individuals after you've completed it. It doesn't matter how compelling your business plan is if the reader starts with a negative impression. A shopworn plan reeks of failure from the get-go. Make sure the cosmetics are right: Clean paper, crisp font, clear pictures and a professional noncolloquial presentation go a long way toward securing a fair reading or hearing of your business plan.