Writing a good business plan is a must for every starting entrepreneur. If you are going to apply for external financing from a bank or investors, a business plan is even a mandatory part. You often only get one chance to convince these parties of the opportunities, feasibility, and potential of your business idea. Therefore, your plan must be right from the start and correct from A to Z. Unfortunately, we see in practice that starting entrepreneurs make many of the same mistakes when writing a business plan. Which ones are? You can read that here so you no longer have to make these most common mistakes in a business plan.

Start with the why

A good business plan focuses on the problem you will solve for your customers or the need you will meet. The tip is to get straight to the point and explain to the reader the main reason for starting your business. Reason here from the customer’s point of view and describe what added value you will offer with your company. Added value can be, for example, an app that makes it easier for users to register business costs, offering a product in your webshop that is in high demand, or providing better service for services provided. This message forms the ‘why’ of your company and is not only central to your business plan but also, for example, to your marketing and positioning.

Underestimating the competition

An important part of your business plan is mapping out your main competitors. A good analysis of their strengths and weaknesses is essential for determining opportunities in the market. A common mistake is not fully identifying your main competitors, so you do not have a clear picture of how you actually differ from these competitors. For example, ask yourself why a customer would choose you over one of your competitors. This distinctiveness is an important part of your plan.

Predicting too optimistically

The sky is not always the limit. A healthy dose of optimism is, of course, important, but don’t overdo it. Our advice is to stay realistic when forecasting. The start-up of a company is often more difficult than expected, so consider some setbacks. Try to substantiate your prediction based on history or benchmark as much as possible in your forecast. This greatly increases the chance of a realistic prognosis. As a result, you and your financiers know better where they stand in the future.

Working with assumptions instead of facts

A common mistake is to think you have a good idea of ​​​​the needs of your target group without knowing this for sure. It is important to test your assumptions with your target group by frequently talking to potential customers, conducting research, and testing them in practice. This is the only way to know what your customers want. By talking to potential customers in advance, you prevent a lot of time from adjusting your business afterward. Therefore, describe the most important research results in your plan.

Taking too little time for a good business plan

Writing a good plan does not happen overnight. It is a process you go through from drafting, testing, and fine-tuning. In this way, you will ultimately arrive at a business plan that aligns with your target group, has been proven to work, and is ready for the future. Unfortunately, many starting entrepreneurs do not take the time to go through these steps. With a hastily drawn-up business plan, there is a good chance that you will have to make changes later or, in the worst case, start all over again. In addition, careless preparation increases the chance that your financing application will be rejected. You prevent a lot of misery by writing your plan in time.

The business plan is incomplete.

Financiers only get a complete picture of their future company if the business plan is complete. If your plan is missing parts and incomplete, the chances of investor rejection are high. An incomplete marketing plan and a poorly substantiated financial plan are the most important parts that starting entrepreneurs do not elaborate on enough. Suppose you have written your business plan yourself. In that case, it, therefore, pays to have a professional party carry out the final check to ensure that everything is complete before you present the plan to financiers.

Increase the chance of financing? A professional company will write your business plan.

Fortunately, you don’t have to make these most common mistakes in a business plan. But, as you know, a convincing business plan is very valuable for starting a successful business. That is why Maven business plans is happy to help you by writing the complete plan for you.