It does not matter if you are looking for investors for your project or not, it is crucial to craft a business plan before getting to the project implementation stage. The way your future company will work, your marketing strategies, and possible revenues are just a few things that depend on the plan you create. A few pieces of text will determine what kind of resources you need, and how you will turn this resources into an income.

The business plan is your chance to assess own idea and understand whether it is as good as you imagined it to be. When you have everything written down, it becomes easier to see which parts will not work, which will certainly do, and what changes you need to make to bring the idea to successful execution. Even though business plan writing will not come easy, you will thank yourself when you are done. Also, it will surely not be that hard with the tips we have prepared.

1. Study the market. Be ready to include the names of the competitors and big players in the field, and state what makes you special. Do not say anything bad about the rivals, and only indicate what makes you better.

2. Know who will read the plan. If you know you have to show the business plan to a few different groups of people, like companies that you are going to join forces with, lenders, investors, etc., it is important to prepare a few business plans for every occasion that would address the right questions.

3. Be trustworthy. You cannot come out and say that you will reach the market’s top 10 by the end of the year or get $100k revenue in the next month without backing this claims up with the credible data. If you state something, think what can make the readers believe you are not lying, and be sure to put that info down.

4. Be careful and realistic with finances. It is unlikely you will predict the financial situation of your company in a month or a year correctly. However, you can make the necessary calculations, consider as many aspects that can influence the results as possible, and make certain claims about finances, revenues, and expenses based on this data.

5. No dreaming. Optimism is surely great, but not in the business. Even if you have necessary resources, and everything to turn them into the revenue, do not expect that you will instantly become successful after bringing the idea to life. Keep in mind that you cannot consider all factors that can stand in your way, and do not feed your readers with unrealistic expectations.

6. Ensure the professionalism of the implementation team. One of the most important elements that will determine the future of the project is the team that will work on it. You need to make sure that each member of the group has the necessary skills and expertise to execute the plan. Also, it is crucial to show the audience how good each person is, and what exactly would the role of this person be. If you find that you do not have enough people, or you lack experts in the sphere, start looking for the specialists who will agree to work with you.

7. Justify the reasons you will succeed. Show every evidence you can to prove that your idea is worthy. Use examples of other entrepreneurs, provide necessary supportive data for the claims, etc. Just do everything you can to make everyone believe in the vitality of your project.

8. Show where you will work, what equipment you will use, and how you will reach the customers. These are the essentials you cannot drop, so include the necessary details where needed.

9. Address the desires of investors. People who are willingly putting money in your project are surely not doing it for charity (unless you are a non-profit). Some of them want to take part in the working process, and others just want to stay away. Mention the options they have, and tell when they will have an opportunity to get their money back (+ info on the profits).