Whether you want to shop your business to venture capitalists or attract angel investors, you need to have a solid business plan.A presentation may pique their interest, but they'll need a well-written document they can take away and study before they'll be prepared to make any investment commitment.Be prepared for your business plan to be scrutinized; both venture capitalists and angel investors will want to conduct extensive background checks and competitive analysis to be certain that what's written in your business plan is indeed the case.
Writing a business plan is time-consuming, but it's essential if you want to have a successful business that's going to survive the startup phase.
If your business doesn't have one, maybe it's time to start working on one.
A business plan is essential if you're thinking of starting a business, but it's also an important tool for established businesses.
Viable businesses are dynamic; they change and grow.
Even your friends and family, or the most aggressive angel investors.
Things have changed., a business plan is still a must for some scenarios and some reasons.
Business plans have long been a critical document for new businesses. If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts?
A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away.
But in actuality, the business plan for any business will change over time as the business develops, and any particular business may have multiple business plans as its objectives change.
In the growth phase an updated business plan is useful for forecasting or raising additional capital for expansion, and if you decide to sell or close the business the business plan can include strategies and timelines for the transfer to new ownership or dissolution of the company.