A business plan can have the ability to make or break a start-up company, especially in its infant stages. While an effectively written plan can attract investors and be the roadmap to success, a poorly written plan can scare off potential lenders and investors
1. 5 Things NOT To Include In Your Startup Business PlanA business plan can have the ability to make or break a start-up company, especially in its infantstages. While an effectively written plan can attract investors and be the roadmap to success, apoorly written plan can scare off potential lenders and investors. There is, of course, no magicrecipe for a business plan , but there are certain elements that all effective business plansshare, and other elements that could sabotage your start-up. Read on to find out what NOT toinclude in your business plan, and how you can cut through the jargon and deliver a businessplan that is clear, concise, and sure to impress.1. Vague or Irrelevant InformationAnyone reading your business plan probably does not have time to sift through ambiguous,sweeping statements in order to find your key points. They will want specific facts and figuresabout prices, strategies, solutions, and other elements of your company. Irrelevant informationwill only exhaust your reader, so leave out anything that might be perceived as fluffy ormeaningless.2. "Game-Changing Technology"Every company likes to think that their product is game-changing, but saying this in yourbusiness plan sounds boastful, and its an empty promise because its difficult to guarantee sucha thing. Even if you believe your product is going to change the world, dont state that outrightin your business plan. Instead, focus on more concrete things, like a comprehensive descriptionof your product and its many benefits.3. Inaccurate FiguresFor your financial projections, be conservative in your estimation of revenue. Dontunderestimate your expenses; it would be problematic if you received funding and then ran out.Moreover, if you miscalculate your costs, lenders are unlikely to lend you more money. Soproject the maximum expenses you might pay, and then add some extra cushioning to accountfor the possibility of unforeseen circumstances.4. ClichsOverused terms like "win-win," "low-hanging fruit," and "end-to-end" are unclear and 2. misleading and do not necessarily convey a clear picture of your company and its goals. Leaveout the fancy-sounding lingo and catchphrases, and just stick to plain and proper English.Remember that your reader has no knowledge of your business, and jargon wont help him orher understand your plan.5. Spelling or Grammatical ErrorsThis one seems like a no-brainer, but you might be surprised. Such errors point to a lack ofprofessionalism and detail orientation, and they will reflect poorly upon you and your business.Be meticulous and always proofread.