Formulating a money-making idea or product is arguably the most important part of ensuring the success of your business. An innovative idea or product firms the foundation for your potential company. A comprehensive business plan is, however, a vital part of the startup. To ensure that your business will be profitable, it is important to have a carefully constructed plan that is easy to read and informative about your business. With a detailed business plan, you can lay out the future of your business and devise ideas for attainable goals for the betterment of your company.

Acquiring investments, then, depends largely on the clear and logical format of your business plan. Without the capital from these investors, your company is more than likely to face tough times, if not fail altogether. In order to succeed in your efforts to attract investors, it is vital that you follow these steps:

1. Assess your company and its current operations and resources. Use your resources to your advantage, and show investors how your startup will grow!
2. In your plan, include:
   1. A mission statement, descriptions of your products and services and how they compare to other companies.
   2. Ways you plan to promote and advertise your company.
   3. Market analysis and financial information.
3. Like your product or service, think of your plan as something you need to sell.
4. Ask other investors, personal friends, business associates or financial professionals for referrals that can be given to potential investors to showcase your talents to attract more funding.
5. Hire employees who are experts in their respective industries.

The most important thing you can do as an entrepreneur is to plan effectively. Your business plan makes up a large portion of this preparation, but it is also crucial to plan for a variety of outcomes as your business grows. You need to expect the best, but plan for the worst, so to speak. A positive attitude goes a long way, but in the end, success rests on thorough planning and detailed research. An organized and carefully researched plan, along with careful preparation can help you get the investment you’ve been waiting for.

For more information on creating a business plan and receiving funding contact our Emerging and Start-Up Companies Group.