A common business plan mistake is to not adequately prove your case.
Just like a lawyer has to prove his or her case, your business plan should prove the case as to why an investor or lender should fund you. There are two key ways to do this.
First, show why you are uniquely qualified to succeed in your business. For example, maybe you and/or your management team have unique expertise and experience. Or you have a unique and patented product. Or maybe you are the first to market. Or maybe you have already secured critical strategic partnerships. Identify these key reasons and include them in your plan.
Second, include market research that proves your ability to succeed. For example, show how big your market is. Show how market trends support (or at least don’t hurt) your business’ success prospects. Detail who your customers are and their needs. And show that you understand who your competitors are and what their strengths and weaknesses are.
Do this, and you can develop a successful business plan and a thriving business.
