- A business plan is nothing more than your own communication to a person not sitting in front of you—an imaginary person who will read it. Try to answer every possible question that that person could raise.
- Writing a business plan is a MUST, it will crystallize your thoughts to communicate your ideas with somebody else.
- Business plan is all about showing your momentum.
- Having a business plan for big scope, having complete vision distributed on several phases shows your strong vision for the idea and its growth.
- Business plan should tell:
- What the company is going to do?
- What problem it is going to solve?
- How big the market is?
- What the sources of revenue for the company are?
- What your exit strategy is for your investors?
- What amount of money is required?
- How you are going to market it?
- What kind of people you need?
- What the technology risks, marketing risks, execution risks?
- Funding in business plan, it is always better to prepare the figures before you present your idea, and you should be having multiple numbers in mind, i.e.:
- Required x, for completing the whole idea.
- Required y, for handling … number of customers.
- Required z, for making a POC to show your idea can actually work to VC.
- Required w, for covering specific region.