How can you make a business plan that gets financing?

Business plan and idea should be able to sell its self,That means with or without.The completed document can be submitted on its own merits for approval or sale

Business plans need to be basic and achievable, but not too easy w/ plenty of challenges to overcome. The true bottom line is have a plan!! if you do not have a plan, you plan to fail.

"Craft a solid plan that captures attention even before making your first sale—this can be the key to securing financing at the pre-revenue stage.

A business plan is a document that describes your business idea, goals, strategies, market analysis, financial projections and potential risks. It is a tool to communicate your vision and convince potential investors, partners, customers and employees that your business is worth supporting.

A business plan is like a tour guide, it gives you the hints, and maps and take you through the entrepreneurial journey. It is a document which enable you as an entrepreneur to state out clearly what your business stands to offer (mission) and your long-term outlook (vision), which enable you to set a strategic goals and objectives to deliver your value proposition. A business plan should start with you conducting a study to understand your intended market, their preferences, interest, life style, custom, and what might affect the buying habit, and then plot out or identify their unmet needs/want, and then plan your products to satisfy those unmet needs/wants. A carefully curated Marketing and operational planning should be developed.

In business plans that we prepare for clients we focus on financial fundamentals versus marketing hype, forecasts should be conservative and clients can feel free to overachieve - Our belief is that aggressive ' hockey stick' type sales projections are a turn-off for lenders.

It depends on which type of financier the business plan is prepared for. If the business plan, a road map for the business, is prepared for banks it should have a conservative tone, on the other hand, if it's drawn up for a private financier, it should have a calculated-risk growth tone provided it demonstrates the power of each category of the business plan.

You can tailor the business plan based on the kind of investor or bank you are planning to approach, however, your research about the business idea should be backed by a strong database of numbers, facts and resources in context to your target audience, the competitors, market size, the current market state and a well thought and conducted SWOT or PESTLE analysis which will not only give you clear insights into the road map but also the finances to achieve the short and long term goals. A thorough study of your target customer and market is very important before you act on any business idea.

In my experience, a well researched business plan stands out and sells itself. When l prepare a business plan, I usually use a researcher to research about the topic and companies in the market and to get a full overview of the market to demonstrate my financial projections.

Investing the time and resources into comprehensive market research, industry analysis, and competitor assessment is non-negotiable for anyone serious about launching a sustainable business idea or product. Solid research does more than just impress lenders or investors; it helps you save time, energy, and money while avoiding the frustrations that come with basing a business on assumptions rather than facts. By validating your business idea through research, you not only fortify your business plan but also identify your unique selling proposition and market viability. So, skipping on research is essentially gambling with the future of your business.

A business plan must be to the point and help the reader understand what one is trying to convey. Yes, spelling check is a must but not the end of the business plan. A well structured business plan is lot better than one with no spelling mistakes.

A business plan reveals a lot about your company. You want to make sure that the lender or the underwriter understands your business structure and how it operates. The easier you make it for them to understand, the higher the chances are that you may get funded.

Plans get attention when they take a reader on a journey, including e.g. how USP, authors' backgrounds and forward market view. Readers are looking for a compelling reason to believe. Keeping language simple helps.

- Make sure you outline your Unique Value proposition and demonstrate how and why you are different from similar businesses. -Financiers assess the risk, so show them your risk assessment and what you will do to mitigate them. At the end of the day, they need to make sure their money is safe

The executive summary is probably the most important part of the plan. It should be prepared on the basis that the Reader may not read any other part of the plan.

Make sure you focus on the strengths of what you're doing best, while highlighting the other parts of the business. An executive summary is essential, as are marketing and sales strategies, and cash distribution.

A good business plan should be like a realistic roadmap. It needs two important things: lessons from past experiences and a feel for what people want now. The stuff we've learned from running businesses before helps us make smart choices. But we also need to look at what people like and what's trendy. Using accurate info and being realistic makes the plan trustworthy. It's like making sure our goals match what we can actually do. When we mix all these things together, we get a plan that can change with the times and still lead us to success.

A business plan that is not based on realistic facts and projections will not be effective and shall not help the business achieve the end result, whatever it is that the business is trying to achieve.

Do yourself a favor and don't overshoot for unreal sales; feel confident but stay realistic. Lenders have access to a lot of data and likely know more than you think. It's in your best interest to present a plan they can trust in order to secure funding.

When making a business plan, it is wise to add some extra buffer on the funds required. No matter how accurate u think ur proposal is, there are always unexpected headwinds coming from market and even from the company itself (coz there are limitations on the due diligence u can do from outside). I think extra 20% wouldn’t hurt but it gives you peace of mind and more room to maneuver in tackling market to meet your numbers. At the end of the day, that is all that matters.

To get an expert opinion on your business plan, U.S.- based entrepreneurs can access SCORE, the U.S. Small Business Administration's volunteer mentorship program. SCORE.org has tons of free business planning resources as well as links to your local SCORE chapter. You can sign up to get paired with a mentor or to attend workshops about business plans, local lenders and other relevant sources of funding. SCORE mentors provide their services at no charge.

No business idea is good or bad, it is the team that drives the idea to reality and growth. Even if you fail, know that there is always another day to start fresh.

Creating a business model involves designing a new story that offers more value to customers or changes the existing way of doing things. The concept applies to all businesses, whether new ventures or established companies. A successful business model often introduces a better approach than the alternatives available, generating incremental demand and contributing to market transformation.

Know your product! Know your numbers!!! Be ready to answer all questions. One of the biggest mistakes that people make when preparing a business plan is that they allow other people to do the work. Investors want to see that you've done your homework and you have a solid grasp of the market landscape. You need to be able to clearly explain your product, key features, the problem it solves, who your target customers are & why your solution is better than competitors. You need to have clear projections on market size, costs, pricing, sales margins, etc. What is your go-to-market strategy & distribution plan? You need to have detailed financial statements or a pro forma with breakdown assumptions behind all of the numbers.