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3 of the Worst Business Plan Mistakes You Can Make

A business plan is the blueprint of your new company. It tells funders how you’ll raise money, what your strategy will be to make your business grow, and how you see your chances against the competition. As you write your business plan, you want to make it the very best that it can be by avoiding lots of mistakes that could end up sinking your plan for good. When you present your plan, you only have one shot to make it count. Here are 3 of the worst business plan mistakes you can make.

Inflating Your Market

Inflating the market is one of the worst business plan mistakes because you’ll be seen as unrealistic. At worst, you may even be seen as attempting to deceive your potential funders with excessively rosy predictions. As you refer to your total market value in your plan, you have to be realistic as well as skeptical. It’s also a good idea to make assumptions to reduce any big market numbers down to size.

==> Download your business plan template now!

Excessive Focus on the Big Picture

A business plan frequently is preoccupied with just global strategies, demonstrating only the big picture. This can be a bad mistake to make since a plan must also deal with the so-called economics of the single unit. This is a reference to the process from production to channels to, finally, the end user. You must demonstrate what you obtain, what it costs you and what the purchaser will pay. Remember: Too much big picture focus is bad.

Being Unrealistic About Selling Channels

A huge plan mistake is failing to comprehend how your retail channels operate. The worst presumption is that the retailers have a desire to purchase your product right from you. Much of the time, they instead have a bias in favor of going through the distributors. If your aim is to sell through any channels and then take home greater than 50 percent of what your end consumer pays, you’re not familiar at all with your channels.

These are 3 of the worst business plan mistakes that you could make. Whatever you do when coming up with your plan, avoid these aforementioned ones at all costs. They will sink your business plan like a stone, and you can kiss your business dreams goodbye. Remember that your potential funders are seasoned investors, so they know how to tell apart a good plan from a failing one!

==> Download your business plan template now!

Peter

Five Steps for Composing a Business Plan

Below are 5 steps for composing a successful business plan.

1. Make an Outline

Start with a standard template for a business plan. There should be 10 parts to this plan in this exact order: A. Executive Summary, B. Company Analysis, C. Industry Analysis, D. Customer Analysis, E. Competitive Analysis, F. Marketing Plan, G. Operations Plan, H. Management Team, I. Financial Plan and J. Appendix. Take what you know about each category and write it in the appropriate area. Never veer from this standard template for a business plan. Investors that way will know exactly where to read to find out the information they need.

Click here to learn how to write great business plan!

2. Perform Research

The majority of research that you should do will include the Customer Analysis, Competitive Analysis and Industry Analysis parts of the plan. Continue Reading…

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