Creating a business plan can be confusing and challenging. Business plans are very time-consuming, detail-orientated documents that need to be meticulously created to meet funders’ requirements, as well as adhere to their rules and regulations. We highly recommend you do not rush the process as it needs to be clear, highlight all the important information and most importantly show financiers that it is viable!
A business plan for both start-up and expanding businesses is like a large puzzle. You need to ensure all the “pieces” fit together and make sense, as everything in your new or expanding business is linked. In the webinar, Dagmar Breiling, the funding strategist highlighted the biggest and most common mistakes people are making when they create a business plan and do not think things through.
What do Financiers want to see in a business plan?
- An executive summary: We recommend writing this part at the end, Give the reader an overview of who you are, what you want to achieve and what you require.
- Include quotes for the exact things you need to start or grow your business
- Highlight who is the applicant, who are the shareholders and their qualifications.
- Product or service description! You need to explain what you are supplying and the different products and services you want to offer.
- Be clear about your unit costs, prices and assumptions for the amount you will sell monthly
- Location, where will you operate from, if you are starting a business, we highly recommend leasing a property.
- Market Research: who is your target market? You need to have a great product or service that meets your customers’ needs and is of good quality. You also need to be aware of your competitors and what are there competitive, unique selling points.
- Staff, how many staff do you require, are they qualified, and how much are you going to pay them?
- Financial forecast, the numbers you have in the business plan, need to reflect in your business plan.
Funding Connection can happily assist you in creating a professional, bankable business plan! For more information and pricing about their business plans, please click here. Their business plans include everything a financier or investor will need and includes a detailed 20-page financial forecast.
