What are the steps to make your business plan standout?
Business plans are an essential part of launching any startup business. If you are going to put in the time and effort, you might as well create one that stands out, is effective, and really works for you. One that delivers great returns on what you put into it.
Unfortunately, most entrepreneurs don’t use their business plan well. They don’t use this time well at all. Some spend months and even years on trying to perfect a business plan. It ends up a useless and out of date document that no one ever looks at again. No one wants to read it. Especially the founder who created it. All while the best opportunities and timing may have slipped on by. It’s an incredibly tragic waste.
Then there are those who get to it quickly. In a fraction of the time they create an amazing living document that really gets use and results and stand out. A powerful tool for creating and propelling their success. One that brings in pivotal stakeholders and capital and much more.
So, how do you create this type of a business plan that will really stand out and be valuable?
Tailor It To The Situation
If this business plan is just for your own personal use and you don’t plan to ever raise funding, get a loan with it, or use it to bring in founding partners or executive hires, then personalize it. Make it in a format that works just for you, and cut out the formalities that you are just going to gloss over anyway.
If you will be using this business plan to apply for bank financing or licenses from regulators, then tailor it to their language and uses. This is critical when looking to address steps to make your business plan standout.
Or if it is for startup angel investors and venture capital firms, use their language and style. Include the types of metrics and facts and flow of information they desire.
Make Your Problem Standout
If you want to enroll the help of others and compel them to participate, then have a truly stand out problem.
Move them with your problem. If you can’t do it purely emotionally from the impact perspective, then do it from the emotional financial perspective for them.
Show them you have a big problem. An urgent problem that your prospective customers are desperate to solve and are looking for and willing to pay money to solve.
Tell the personal story of how you stumbled on this problem, validated it and gained clarity on it.
Keep in mind that in fundraising storytelling is everything. In this regard for a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.
Wow Them With The Research You’ve Done
One of the most common reasons that the vast majority of new business attempts fail is that the founders just didn’t do their research. Some don’t even seem to take to Google for five minutes to check if there is an identical idea already in play by a successful business.
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