What Makes a Good Business Plan?
In the following series of articles we will give you a comprehensive overview of how business plans are composed, the different aspects that need to be taken into consideration depending on the type of business you are trying to get funding for, and why you need to get an expert to do this with you.
Let’s answer the last question first, since it really is the simplest one, after which we will have much ground to cover. So, here are the four main reasons why you should work with a business plan expert.
- Business plans take time. It takes a beginning entrepreneur approximately 300-350 hours to compose a solid business plan. One of the reasons for this, is that it simply just takes time. The other is that it takes knowledge and experience. More than half of this time will have to go into research. Research that we have already done.
- Research takes research. About half your research time will go into browsing documents you don’t really need and sources that will not help you much at all. And even in the end of it, you will have hard time to know for sure if this or that knowledge will actually help you advance your business, because this takes experience. We know what really works.
- Enthusiasm versus the dry old language of Facts. An entrepreneur that describes his own business is prone to base the business plan on his ambitions and vision. This is the right approach, in general, because we need to be driven by ambition, but when a financial institution is reviewing your business plan, they are not driven by emotion, only by numbers. Their primary concern is whether it will work or not. A third party can take your enthusiasm and translate it into a language that they can, and will, understand.
- You get only one chance to impress. Unlike many things in life when you do get a second chance, this is not the case. This is basically what all of the aforementioned reasons boil down to. You want it to work. You want to get the funds to start your business, and get on to forging your way to success. No one goes to court without an attorney, and no one should have to be on their own when making a business plan. We are your wingman. We cover all the bases, get you the funding, and let you focus on the actual running on the business and leading it to success.
- Now since there is still lots of work to be done and lots of important decisions make, we will now continue with covering the many important aspects of business plan writing. This will help you compose a good business plan if you decide to do it yourself, or will prepare and focus you for the work that is ahead when we do it together.
The blog is written in a Q&A style and tries to cover all the important topics. Remember – we are here for you, so if there is a question not mentioned in the articles, feel free to shoot us an email and we will answer it promptly.