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Top 3 Startup Business Plan Mistakes to Avoid
Would-be entrepreneurs get business plans turned down by funders every day. These are some of the key mistakes which set off alarm bells in the minds of funders.
"We Have No Competition" Writing that your business has no current competition sounds like the description of an ideal situation, but once you consider what this means you can understand why funders don't want to hear this. If there are no current competitors for a product or service you have designed, it is generally because there is no market to satisfy the customer need you are focused on. If there is a market and a demonstrated need, then funders expect that there are competitors you have simply not identified yet, or that you are are trying to fool them into ignoring the competition. Savvy funders will find who these competitors are during their due diligence, so don't even try to trick them this way. "We'll Make a Killing In the First Year..." Focusing on the immediate returns that a business can earn from a new product before direct competitors enter the market can be a mistake if not coupled with a description of how these short-term profits can be used to transform the company into a going concern. Investors are interested in putting their money in companies which have value down the road to either be sold or to keep operating and growing going forward. Lenders, who will generally be more conservative in their outlooks, will be wary of any "get rick quick" claims. They will always prefer a business that shows slow and steady growth, backed up by reasonable projections. "(XYZ Huge Company) Will Want to Buy Us." The claim that your company will be well positioned for a strategic sale may be attractive to investors, but only if there is evidence to support this claim. Evidence should include cases of other similar purchases by that specific company, including details of how the situations are parallel. You should be able to make the case as to why it will be less expensive and quicker for XYZ Huge Company to purchase your business than to develop the same capabilities, brand, or products in-house. If claims of this type are not backed up with facts, investors will have a much dimmer view of your planning and claims throughout your plan. Finish Your Plan Today With Our Business Plan Template!If you want to create your own business plan quickly and easily, we now offer an business plan template that allows you to develop a professional business plan in hours or days, not weeks or months.Visit this link to learn more: http://www.growthink.com/products/business-plan-template OR, We Can Develop Your Plan For YouOur professional business plan writers 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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Thank you very much for all of your hard work. We are very pleased with the final result of
the business plan and the PowerPoint - say congratulations on a job well done and that you can
use us a reference for any future clients. We will definitely look to utilize Growthink's
services in the future as we build our company.
