Now, you might need some funding because you are not profitable yet or because you want to finance a larger expansion (more products, more countries).
For this, you will need to write a very detailed business plan which will be the basis for investors to make their decision to invest in your business or not.
This means you’ll have to be very specific about your business model, because investors get hundreds of business plans every month, so make sure your business plan stands out from the crowd.
We recommend, you ask your friends and family for input on how to improve your business plan.
Here you describe how your product or service solves the problem.
Make sure you describe why your product or service solves the problem in a more effective or efficient way, so you will have a value proposition over competitors.MARKET Then, you need to estimate the current and future market size for solving this problem either via market research reports or a back on the envelope calculation.COMPETITORS Lastly, what competitors are out there and how do they tackle this problem?A lost of people think, they don’t have competitors. Either you have competitors that offer a similar product or at least you will competitors who try to solve the customer problem in another way.Show the investors in your business plan how you will position your business in comparison to the competition.A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.Read about the finance options available for businesses on the Business Finance Guide website.It can also help to convince customers, suppliers and potential employees to support you.In this article I’ll show you (1) what a business plan is, (2) why, when and for whom to write the business plan, and (3) the elements of a good business plan.There are several reasons why with some business models you should only write an abbreviated version of a business plan (we will cover this in another post).INTERNAL REASONS Most people start working on a rough business plan too late.