Your business plan has many purposes: helping you start your business, attracting talent to help you run and lead the business, hitting milestones along the way. But one of the most important uses comes before you even start any of those tasks: securing funding from investors and financial institutions. When going into meetings with investors or lenders, you need to be prepared. This document can help you feel more prepared and have something to leave behind to help remind them of you and your idea as they contemplate their decision.
Investors or lenders are very busy people, just like you. So that’s why you need to be prepared and have a quick pitch and business plan ready to go.
Tell your story — who you are, what your business does and how it will help your target audience. Explain why you are different than your competitors. This should be a succinct version of what you hope to accomplish, and the investor or lender may have further questions you should be prepared to answer.
Know your projections. The person you are meeting with for investments or loans want to know how you plan to make the money back, and when you plan to see a return on their investment. Be sure to have an idea of your projections that are included in the business plan, because you will probably be expected to answer questions about them.
Discuss your needs. How much are you asking for? What will it be used for? These are exactly what you need to communicate in your meeting. Also be sure to know whether this will be a one-time ask or if you will need another round of financing in the future.
These are the three main items you need to discuss, but depending on how your meeting goes, you may want to (or need to) talk about other items. If you know your business plan, you can be ready to answer just about anything that may be brought up. And having your business plan with you can be something to leave behind with them for review, or a handy item to point to when you want to show off your charts, graphs or photos of your products.
The business plan experts at Bargain Business Plan are ready to help you craft a business plan to secure funding from angel investors and capital ventures. We have written thousands of plans for entrepreneurs just like you, preparing you for business success. Get a free consultation to start the process of crafting an effective business plan today.