Every business needs a good business plan. A business plan shouldn’t be too long, and should summarise your idea and clearly describe the ways in which you think it’ll make money. Here is a list of the documents you’ll need in order to sell your idea to potential partners:
What you’ll need
1. Your business plan: Your business plan should explain your idea, the market opportunities, how you plan to turn the idea into a reality, how you intend to make a profit from your business and background on you, the entrepreneur.
2. Your “Elevator Pitch”: This is a 30-second description of your business – what it does and its potential as a business – which you can use if you have a very short amount of time to talk to a potential partner (for example, imagine you’re in an elevator together).
3. Your actual business presentation: You need to create a business presentation that you can show to potential investors. Keep it short and visual, and remember to change the details to apply to each individual investor.
Tips on making a business plan
• Make sure your business plan clearly summarises your business idea. How would you describe it in an SMS?
• Keep it short but detailed. Not many investors will read a 30-page document, but they will search for the key info. For example, what’s the idea, how big is the market opportunity, how will the business make money, and how are you going to make it happen?
• Keep updating your business plan as you think of new ideas.
For more info on making a business plan, check out: