How to Create a Business Plan That Gets Noticed
Avoid Business Plan Pitfalls
Beyond the initial presentation of the plan with the cover sheet, by avoiding the many potential pitfalls within business plans you will ensure that you present few obstacles to acceptance by funders. For example, if you do not explain your financial assumptions, or if try to convince readers that you have no competition in the market you are pursuing, you will have trouble.
Find a Large Market With an Need
The most attractive plan to an investor shows a large potential market for the business's products or services and that there is a need that the business is particularly poised to satisfy. However, this is a situation that is hard to find. Generally, if there is a large market with an unsatisfied need, competitors are already attempting to take advantage of it. In those cases you must show that you can create a competitive advantage against these other businesses.
Barriers to Imitation
Ideally, your plan must demonstrate that you can erect barriers to imitation to protect your competitive advantage over time. Barriers to imitation could be that competitors lack information that you have, you and your team has experience that most competitors do not, or you have created intellectual property, such as a patented product/process or a trade secret.
A convincing plan will use, when necessary, information from case studies on the success of other businesses with a similar business model, distribution, marketing, or exit strategy. Knowing that success through the methods you are suggesting to use is possible can go a long way towards showing readers that you have found a good investment opportunity.
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OR, We Can Develop Your Plan For You
Our professional business plan consultants can create your entire business plan for you. We will make sure your business plan is sound and ready for investors so you can continue to focus on running your business.
To speak with a Growthink business plan consultant, call 800-506- 5728 or complete the form below.
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