9 Business Plan tips for Entrepreneurs

If you believe you need to write a business plan for your new startup, consider these tips from 9 entrepreneurs. What information should you focus on in your plan, what tools should you use to write a plan (I love LivePlan), or more importantly, do you really need a business plan?

Today, investors are looking more at proofs of concept and the entrepreneur’s ability to actually build/produce/sell the product they are pitching. If you have a new mobile app idea, you need to build it more than you need a business plan. If you have a new fashion line, you need to sell it more than you need a business plan.

The 9 Things

If you want to skip the link, here are the 9 suggestions other entrepreneurs suggest.

  1. Your business plan is always subject to change.
  2. Competitive product, sales/marketing plan, financials.
  3. First and foremost, your plan is for yourself.
  4. You may not even need one. (Mine)
  5. Data is crucial.
  6. Use the ‘Do-Magic’ Approach.
  7. Your plan can double as your website.
  8. Your plan should reflect your passion.
  9. Your plan should include an exit strategy.

Business Planning vs. An Actual Plan

Although business plans may seem to be the norm, they aren’t as widely used today as you might think. Several entrepreneurs have made it through to funding just by using pitch decks and highlighting the key elements of their businesses. For you, these elements may include an overview of your company, the key stakeholders, your product, your competitive advantage, and your sales projections.

Today, investors are looking more at proofs of concept and the entrepreneur’s ability to actually build/produce/sell the product they are pitching. If you have a new mobile app idea, you need to build it more than you need a business plan. If you have a new fashion line, you need to sell it more than you need a plan.

A plan is designed to help you evaluate your ideas, finances and markets. It should be a living document, that changes as your company evolves. However, nothing in your business plan will matter if you can’t actually sell your product. For example, a Los Angeles based fashion startup, Jewel Toned, received funding simply by selling their products on Instagram as their proof of concept. Spend your time and energy doing what you love, and unless you love writing plans, your valuable time is better used building your company and products.

Do you agree? Read the full article and share your business plan tips. Business Plans: 9 Things Entrepreneurs Should Know