“There is a very strong correlation between the amount of research data that you have to support your projections and the likelihood of success in securing funding. This doesn’t necessarily mean that you need to spend months and thousands of dollars on focus groups, surveys and market research. What it does mean, however, is that you should have and be able to provide convincing rationale for how your projections were put together.”
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The Internet is loaded with rich information and various models for writing business plans. Check out the following sites as a start:
“As I wrote the plan for VCCM [Venture’s Capital Club Monthly], all the areas that I thought I could ‘fudge’ became so apparent that the plan started to become farcical. At that point, I knew the only way the plan would get funded was for me to stop writing a plan and start planning a business. After that realization, the hard work really began, as I had no choice but to answer the questions I knew others would ask. Sure enough, readers asked questions about exactly what I knew was weak in the plan. The process of writing itself benefits the business plan. Through the process of writing, the business becomes defined, its weaknesses become evident and demand to be rectified.”
Steven Marshall Cohen
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“If you think only Type A personalities compose business plans, you’re wrong. Talk to a random sample of successful business owners, and you’ll be amazed at how even the most laid-back took the time to put their business plans into writing. If you’re truly determined to succeed, you’ll follow their example. Why? Because without a plan, you’re leaving far too many things to chance. Just as a blueprint is used to ensure that a building will be structurally sound, a business plan will help you see whether your business will be financially able to stay afloat.“
From Nolo.com Small Business Center
“A good business plan should be concise, complete, and easy to understand. It should introduce a company and its objectives in a positive way that makes investors want to learn more about it. The content of the plan should show that management knows what it is doing. It should show that the company’s management has the experience and talent necessary to make the company succeed.”
Clinton Richardson
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