How To Write A Business Plan That Will Attract Investors

Do business plans still work? Cos it looks like many have written business plans for their new idea or business, and it has not gone beyond that stage.


On the other way round, many had started small businesses without ever knowing what business plan is, or attempting to have one, and their business is doing fine and fetching wow results.

While ruminating on that, I realized why it don't work, and how it can work.

Business plans can help you get funding or bring on new business partners. Every investor want to feel confident they’ll see a return on their investment. And your business plan is the tool you’ll use to convince people to invest in your plan.

A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business.


WHY YOU SHOULD WRITE A BUSINESS PLAN/PROPOSAL?

It's gives Your idea or business a structure. It gives you a proper definition of your business, and helps you to stay within your scope and be specific in the Value you give.

For instance, if you produce bags, or you produce music, having a business plan makes you to know what you are doing, why you are doing it, how you are doing it, where you Are doing it, when you are doing it.

It also helps you to measure your progress. As a music artiste for instance, your business plan will at least include what you will achieve in the first 6months of Your career, what you will achieve in the first 1year, 2years, 5years, etc.

It will also include the methods and strategies you will use to achieve your desired result. If you intend to drop an album once in every 6months, then you are planning on dropping at least 10 albums in 5years time.

This will move you to think bigger than you ever thought, but more importantly, it creates A structure for you to follow, that will enable you to achieve your desired goal. Third, it teaches you to count your cost.

No business plan goes without a budget for all proposed expenditures including Miscellaneous. And with counting your cost comes the instinct to plan towards generating capital for the budget. As a business proposal, it helps you to have an idea of what you are to present to your potential sponsors as the budget to be financed.


And in case you don't know, there are enough people out there who are willing to finance your project/business/idea especially when they see how serious and well prepared you are.

And at 90% of time, your preparedness is measured by the content of your business plan.


Your business plan tells them if you have made your researches well, or if you are just another lazy, unserious youth looking for opportunities to prodigalize. Yep, in case you are interested in your ideas being sponsored, you can try AYEEN. Its a trusted sponsoring body that helps young entrepreneurs throughout Africa. I once watched them on TV and they are credible and impressive. You should check out some of their 'project defense shows' online, and you will be jolted into the reality of being serious with your plans.


Other 'whys' to writing a business plan include the following:

You learn about your competitors, and your suggest how to stand out among them. You learn your Strengths/Weaknesses/Opportunities/Threats. These helps you to know where you are strong, and where you need to be strong. Simply put.


Now, many don't write business plan for the following reasons:


1) No one around them is writing it.


2) No one around them seems to be talking about it or laying emphasis on it.


3) People are scared of the cost of writing it, especially when they give professionals to write it for them. (But they are not scared of the cost of a slowly developing, or dying business/idea).


3). People feel they can do without it because they see others 'making it' without necessarily writing a business plan.


4). Some are not even aware something like 'business plan' exists.


5). Many don't know the disadvantages of not having a business plan. And that's what I'll be sharing with you as I round off.

Disadvantages of not having a business plan

First, you will lose thousands of opportunities when they show. Because the only proof you have to show that you are worth the opportunity presented to you is your business plan.


A saying goes thus: luck is when opportunity meets preparation. But how can you be lucky when Tony Elumelo Foundation sends you a mail informing you that they want to sponsor 50 people's ideas with 5million naira each, and the first and best 50 businesses plans to be submitted between the next 24 hours will be picked?

Opportunity must meet preparation for 'luck' to happen. your business plan. A saying goes thus: luck is when opportunity meets preparation. But how can you be lucky when Tony Elumelo Foundation sends you a mail informing you that they want to sponsor 50 people's ideas with 5million naira each, and the first and best 50 businesses plans to be submitted between the next 24 hours will be picked? Opportunity must meet preparation for 'luck' to happen.


Second, like I earlier mentioned, your idea/business might not have a good structure like that of one who has a business plan and lives by it.

Thirdly, focus Will hardly be as high as some who has his/hers written down.

Fourthly, productivity will hardly be as much as if it were written. Lastly, lack of writing down plans in general is usually one of the main reasons we have jack of all trades moving from one idea or business to another without stability.

A clearly written plan that includes a well defined concept of your idea/business, SWOT Analysis, Competitors Analysis, Budgets, Structure of organization, Future Plans and deadlines for various projects, etc, will no doubt have a smoother journey in bringing one's goal to reality.

If you ever feel you need help with your business plan/proposal, you can always contact me on +2347080225737 and get your business plan ready in no time.