5 Business plan tips to help secure your first round of funding

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When you start writing your business plan, it is natural to have certain thoughts crossing your mind, such as: “I’m not going to follow this document”, “what a waste of time”, “who wants to know about this”. However, if you spend time writing your business plan now, your future self will thank you.

A complete business plan will help you get a better understanding of the industry, your competitors, and your market opportunities. It will also make you reflect on your unique selling proposition and will keep everyone on the same page. As you go into business, your company’s structure, direction, and even your business model may see some modifications. But this doesn’t mean you don’t need a business plan.

The moment of truth will come when you try to secure external funding for your switzerland phone number list business. That’s when you will realize how important it is having all the ideas clear in a solid business plan. According to this complete guide on how to write a business plan, a survey conducted by Palo Alto companies found that “business owners with a completed business plan are nearly twice as likely to be successful when securing funding and growing their business”.

However, when you are pitching your idea to an investor, you shouldn’t present a twenty-page business plan. Investors have very limited time so you should put together a ‘one pager’ to create a good first impression and leave your business plan for future meetings when you need to get into more detail.

So, how can entrepreneurs write a strong business plan and reflect it on their one pager? These five tips will help new business owners secure their first round of funding.