Write Your Business Plan

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As a starting point you can use this or that free business plan template.

This means you’ll have to be very specific about your business model, because investors get hundreds of business plans every month, so make sure your business plan stands out from the crowd.

It is totally fine to have a first business plan covering the key business model drivers and milestones you want to achieve on 3-5 pages.

Once you learn what customers really want and how to profit then you increase the detail of your business plan (e.g.

Make sure you describe why your product or service solves the problem in a more effective or efficient way, so you will have a value proposition over competitors.

Your business plan should also specify the customer benefits of your product (making something faster, cheaper, more reliable, more effective, more beautiful).COMPETITORS Lastly, what competitors are out there and how do they tackle this problem?A lost of people think, they don’t have competitors. Either you have competitors that offer a similar product or at least you will competitors who try to solve the customer problem in another way.start with rough marketing assumptions and later distinguish between marketing channels, customer segments, products and regions).Now, you might need some funding because you are not profitable yet or because you want to finance a larger expansion (more products, more countries).For this, you will need to write a very detailed business plan which will be the basis for investors to make their decision to invest in your business or not.This fully fledged business plan is what we are talking about in this article.INTERNAL REASONS Most people start working on a rough business plan too late.We recommend that you write a business plan when you have a good business idea.The external purpose of the business plan is mainly to receive funding (equity or debt), thus the potential addressees of the business plan can be: It is important to frame the information in the business plan to the needs and investment profile of the investors.For pitching equity investors you should focus on the disruptive factors and upside potential of your business while for debt investors you should clearly state the risks and position yourself as a risk minimizer (I mean, your business has no risk it cannot handle, hasn’t it 🙂 ).

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