We’re starting our new 4-part Best Business Plan series!
In this series we’ll be talking about the importance of developing a great and impactful Business Plan that will attract investors and help you get the funding you need for your project, and most importantly – what are the critical elements you need to implement into your Business Plan to make it impactful.
So let’s get started.
You’ve got a great business idea— and you’re ready to secure project funding to help get it off the ground. Your number one tool in making your business dream a reality is putting together a solid business plan.
Here’s how to write a business plan that will help you get the critical financing you need.
Follow the Rules
There are myriad business plan templates you can download to help you get started. These templates are useful because they help you ensure that you’re not missing an important component – and the templates often include guiding questions to help you think deeper about your business. Look at a few first and get a feel for how to generally structure your business plan. Or click here.
Also, if you’re hoping to get financing from a specific investor, look at the steps they require and the information they need to make a funding decision.
Do the Legwork
Much of your business plan is going to require both primary and secondary research.
Although most business plan templates include many sections, make sure you are focusing your research on the ones that are most important in securing project funding —market analysis, marketing plan, and financial projections.
If you have access to people who buy in this market or who have worked in your specific market, try asking them questions and getting their opinions on your idea(s) to make sure you are providing what the market truly wants and absolutely needs.
Make sure you don’t gloss over insider information that someone not involved in the industry would know. Define jargon and be clear. And if you’re going after international project funding in a country where your business won’t be located, make sure you conduct competitive analyses and provide the market information that a non-resident wouldn’t know off-hand.
Make It Sparkle
After you have completed all of the required sections of your business plan, go over it again with a critical eye to find missing information and errors. Set it aside for at least a day — a weekend is preferred — and read it as if you’re a potential investor who is looking for projects to fund. Try to divorce yourself from the idea so you can be as objective as possible.
Consider hiring a professional to help. A freelance writer who specializes in business plans and securing project funding can help you polish the text and address any potential questions. A business counselor or project funding professional can help assess your plan for flaws that you need to address before launching.
Finally, make sure your plan harnesses your passion for this business. No one loves your idea more than you, and a good business plan that will attract investment should show how much you love it.
When you’re looking for project funding, be sure to start here, with the pros at Capital Corp Merchant Banking.