Mistakes people make while Writing a business plan

[Holicent]

1. Not Knowing the Target Market

People are not willing to invest their money in a business that doesn't have a target market. This is one of the most important things you should do while writing a business plan. You will have to decide what kind of industry or market you want to enter and then find out if there is any competition in that industry or market. If there isn't, then you have nothing to worry about. But if there is, then you need to make sure that you can compete with them at least as well as they do.

2. Making Mistakes with Business Plan Formatting

Business plans seem like they should be easy to write but they aren't. One thing that's easy is formatting them so they look nice and professional on paper and on the internet, but it's another thing entirely when it comes to actually writing the content of your plan itself! If you don't know how to write a business plan properly, then chances are that no one else will either -- meaning your business plan will never get read by anyone who could help grow your company or make it profitable!

 

[Etini]

One of the typical mistakes people make when writing business plans is interesting the financial forecasting sections. And mistakes in this section always make a business plan unworkable. The first mistake is always inconsistencies in values. They would use several base prices to estimate leading to discrepancies here and there.

Another mistake they make is in estimation. Most people use emotions to do financial forecasting and they might end up under- estimating or over-: estimating which would render the business plan not to be practical. An investor wants to see a business plan that shows you know in totality the business you are proposing.