“Common Business Plan Mistakes for Startups”
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There are many factors that make up a good business plan.
It takes time and many revisions to get it right.
Unfortunately, too many business plans are sent to potential investors before they are ready to be read.
Below are a few of the key mistakes commonly found in business plans for startup companies.
• Unrealistic Financial Projections: Investors expect to see a business plan that paints a realistic financial picture of the anticipated growth of the company. If the plan is overly aggressive and not consistent with growth in the industry, it can cause the plan to be shelved. It is best to be realistic with your financial projections. You need to be prepared to defend and explain all important assumptions concerning your projections.
• Not Having a Defined Target Audience: No business will appeal to "everyone." The market must be clearly defined and you must present a clear picture of who will buy your product and why they need it.
• Over-Hype: Too much hype and the overuse of superlatives can be the downfall of an otherwise sound business plan. Wow them with the business idea, not hype or buzz words.
• Poor Research: In an effort to get a business plan together hastily, many business owners do not double-check and substantiate their claims. Make sure your research is accurate and up-to-date.
• No Focus On Your Competition: Some business plans state that there will be "no competition," while others indicate only what the competition has done wrong. Investors reading a business plan expect to see such competition and how you plan to compete in the market. You cannot ignore competition or paint an inaccurate picture.
Other common errors include: dry writing, inconsistencies from section to section, and making the plan way too long.
It is very important to take time to carefully review each section of your business plan.
When you finish, have several other sets of eyes read it before sending it to investors.
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