“It is difficult, but not impossible, to conduct honest business.”
~ Mahatma Gandhi
A common business plan mistake is to not adequately prove your case.
Just like a lawyer has to prove his or her case, your business plan should prove the case as to why an investor or lender should fund you. There are two key ways to do this.
First, show why you are uniquely qualified to succeed in your business. For example, maybe you and/or your management team have unique expertise and experience. Or you have a unique and patented product. Or maybe you are first to market. Or maybe you have already secured critical strategic partnerships. Identify these key reasons and include them in your plan.
Second, include market research that proves your ability to succeed. For example, show how big your market is. Show how market trends support (or at least don’t hurt) your business’ success prospects. Detail who your customers are and their needs. And show you understand who your competitors are and their strengths and weaknesses.
Do this, and you can develop a successful business plan and a thriving business.
Writing a business plan? Use this template…
Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.
Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.
And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.
Today’s Question: Amazon.com is currently America’s largest online retailer. Which company dealing with office supplies is the runner up?
Previous Question: What are the street lights in Hershey, Pennsylvania designed to look like?
Answer: Foil-wrapped Hershey’s chocolate kisses.
People come to Hershey just for the chocolate and to see what the city has done to help promote the business. There are many ways to remind people what you do with the help of the local community.
Join our Tip of the Day
To get Growthink’s Tip of the Day delivered to your email inbox, enter your information below: