5 things that any Start-up may never do with its Business Plan
For any Start-up, its business plan is like a spring board for helping you to jump up to the next level. If the spring board is weak, you may not be able to get enough elevation for your next jump.
You may come across pitching it to different types of potential investors to present your business plan.
The Ones, who may look at what all has been included in the business plan & also what all has been missed in it.
And the second ones may go even more deep into it to examine what you should not have done with your business plan.
The top 5 things that you must watch out, as you present a strong business case to develop early interest of your investors & always avoid these mistakes in your business plan.
- Too Long: Most of your pitching sessions may only last for few minutes. So, never have your business plan deck for more than 10 Slides to just keep it crispy enough and confidently pitch it.
- Unrealistic Assumptions: Before pitching, ensure that your business plan does not include any unrealistic assumptions. Make sure that all assumptions are properly backed-up with appropriate underlying facts.
- Direct Pitch: Avoid presenting your plan straight to your potential investors. It is always good to make some mock sessions with your mentors, advisors or trusted friends. It will help you to get prepared with all the expected or unexpected questions, as well as criticisms that your potential investors may bounce at you.
- Untied Financials: Ambiguous financial numbers in your plan may even cost you your business to shut down even before it may start. So just ensure that all strings to the business plan tie up completely with the projected financials without any ambiguity in it.
- Incomplete Back-up Workings: Always prepare & carry a second deck of business plan with complete back-up workings. You never know you may land up in a situation which may need a back-up data on any working in your plan. So always carry it with you & smilingly hand over it to potential investor showing your confidence in your idea.
Constructing a business plan isn’t something that should be taken lightly. Crucial is that your business plan should reflect your commitment in your idea & you should be able to comfortably & confidently present it in your normal style. The key is to have your full proof business plan and if you think there are any limitations at your end to have your idea put it in a certain shape, do not shy to get a professional help.