In order to give your business the best chance to succeed, and to secure funding, you’ll need to create a business plan. However, not all plans are created equal. You’ll need to know how to structure a plan that will attract funding, and ensure that your business is protected from the vagaries of the market.
Trim It Down
Look at any elite business plan and you’ll find one thing to be true – there is no unnecessary content. Trim it down. Be concise, and remove the fluff.
It can be easy to get carried away with your vision, but it is important that you stay realistic in terms of your business plan. Factual, realistic demand, growth and competition figures are far more likely to sway lenders than obviously inflated figures are.
Conservative Is Good
Lenders want to minimize risk. They cannot do that by lending to business owners who take lots of chances. You need to ensure that your business plan shows just how conservative you will be to allay the lender’s fears.
More Than Text
Sure, a business plan can be plain text, but that’s boring. You can bet that anyone you’re approaching with that plan will be nodding off while reading it. Add some excitement and fun to it by adding visuals like charts, images, graphs and the like.
Whatever your great business idea is, you can bet that someone’s done it before. You cannot afford to have lenders see you as “just another” whatever it is that you’re doing. Add creative elements to your plan so that you can stand out. Emphasize what makes your business unique.
Struggling to find business capital to get your idea off the ground? Get in touch with us at Black Wolf Capital Group to learn how we can help.