If you want to start a small business, you should know by now how important it is to write a professional business plan. Here are mistakes that will sink your chances of securing small business financing needed to launch your company:
1. Poor Appearance
Things like grammar, spelling, and presentation seem so basic, but you’d be surprised by how many entrepreneurs make mistakes when writing a business plan. Sloppiness will reflect on your character. Keep this in mind, and remember that a good first impression lasts the longest and truly does make a difference.
2. Lack of Specificity
Be specific about the goals of your venture. The small business loan officer shouldn’t have a lot of follow-up questions after reading your plan. Lack of specificity makes it seem like you aren’t confident in your idea.
3. No Target Market
Know your market. If you display lack of knowledge about your target market, this will reflect very poorly on you and your entrepreneurial skills. Be aware of changes in technology or in the field that may alter your market or market size.
4. Missing Information
Financial projections, knowledge about the competition, information about the target market, specific amount of money needed—these are all crucial to any strong business plan. Cover all your bases!
Biz2Credit can help you figure out the best path to take. Visit https://www.biz2credit.com/ or call (877) 861-2210 to get the process going.