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Tips for Writing a Business Plan to Draw Investors to Your Startup

A good business plan is your businesses’ blueprint and it’s essential to have one if you want to draw investors to your startup. To get your business off the ground, you need a good group of investors. While you may have a great idea, without a good business plan that looks attractive to investors, you’ll have a tougher time getting the investors that you need.

==> Download your business plan template now!

Reasons You Need to Write a Business Plan

If you’re not sure you need a good business plan, here are just a few of the big reasons you need to write one.

  • Reason #1 – Increase Your Chance of Success – When you’re writing your business plan, you’ll be paying attention to the financial and operational objectives of the startup, not to mention all the details. When you work through the business plan, you’ll be able to ensure a smoother startup and you’ll have fewer problems to deal with as well.
  • Reason #2 – Secure Funding – Writing your business plan also helps you to secure funding for your business. A good business plan can help you when working to get bank loans and other types of funding.
  • Reason #3 – Attract Investors – Last, a good business plan helps you attract investors, one of the main reasons to write one. Most investors want a well-written plan that they can carefully study before deciding to invest in the startup.

Helpful Tips to Attract Investors

Now that you understand how important your business plan is, you may be wondering how to write a good one that will attract investors to your startup. Here are a few tips that can help you create a quality business plan.

  • Tip #1 – Include a Statement of Purpose – When writing your business plan, make sure you have a statement of purpose for the business. This should be one paragraph that concisely shows the goal of your business, which will help draw investors to your startup.
  • Tip #2 – Offer Biographical Information – Your business plan also needs to offer biographical information on members of the business ownership team. A unique team often helps attract investors that are drawn in by good company dynamics.
  • Tip #3 – Include Projected Inventory Needed – Your business will probably need some equipment to get started. Within the business plan, include the projected inventory, including a description for each piece of equipment, how it will be used and the price it costs.
  • Tip #4 – Calculate Available Funds – As you work to attract investors, ensure your business plan calculates the available funds you have, such as property, savings accounts and any other assets. This can help show investors that you do have the financial ability to get a business started.
  • Tip #5 – Estimate Projected Profits – Showing projected profits for the first year of your company should also be included in a good business plan. This helps to show investors a good look at the company scale and will also serve as a good goal for everyone in the business’ first year.

==> Download your business plan template now!

Writing a quality business plan is important for so many reasons, including attracting investors. Keep these helpful tips in mind and create a quality plan that will convince investors to investor their money in your startup.

Peter

Make Your Business Plan Stand Out

If you’re starting a business, it’s safe to assume that you’re passionate about what you’re doing. While passion will get you started, it unfortunately won’t get you far. As drab and passion-sapping as a business plan might seem initially, the work of putting pen to paper can actually clarify and solidify those passions and turn them into something truly successful.

==> Click here to learn how to write great business plan!

That starts by asking yourself some key questions. For example, are you marketing your product or service to the right market? Are the benefits of your business obvious – and more importantly, do those benefits meet the needs of your customers? A business plan should help you clarify just what it is that your business has to offer and identify the appropriate market for it.

Before you start on financial projections or market analysis take a moment to think about your goals. Three questions will get you started on the right path:

1. What do you offer?
Dig deep here. If you’re opening a hair salon, obviously you’re offering haircuts. But beyond that, what are you selling? What sets you apart from the dozens of other salons in town who also essentially sell haircuts? Which need or specific clientele are you catering to?

Maybe some of those businesses offer more of a barbershop experience catered to a male crowd, while others are geared specifically to women. Perhaps some are particularly geared to kids, while others might cater primarily to a select style or ethnic group. All these businesses sell haircuts, but each sells to a unique and targeted clientele that is looking for a certain product, ambiance, and experience.

So what are you offering that makes you stand out? Are you one more run-of-the-mill, cookie-cutter business? Or do you offer special benefits and unique services that fill a client need.

2. What have you mastered?
While it might seem sensible to aim for a broad range of services, all this does is make you a jack of all trades, but master of none. As a startup business, figure out what you do really well – what you do better than most (or all) in your field. When you start small with a sharp focus on a specialized service or product, you’ll be extremely attractive to that specific group of buyers or customers.

3. What is your niche?
Perhaps you have a few areas where you really shine – so how do you carve out a niche? Perhaps you can identify a niche or market need through your own experience in the business; however, it can also be very helpful to do a little market survey with existing or potential customers. Dig around a little and see if you can uncover some untapped needs in the market.

==> Click here to learn how to write great business plan!

Nix the areas where your competitors are already firmly established and focus on areas that have been largely ignored. Perhaps one of your strengths can be tapped to fill the gap, making you the go-to business for that particular service or product.

Peter

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